If the idea of buying real estate in a foreign country sounds intimidating to you, you haven’t seen what it’s like to buy a property in Belize. A combination of the country’s unique history, sensible practices designed to draw in new residents, and a form of real estate law that will be familiar to the average American means that buying a home is surprisingly easy. But that doesn’t mean that you should come unprepared. Here’s everything you need to know about buying property in Belize as a foreigner.
The Cost of Real Estate
Prospective real estate investors will be happy to know that the financial overhead for buying a property in Belize is practically nil. The government stamp transfer tax is usually around 5% of the purchase price, and new properties come with a general sales tax of 12.5%. You should always perform a title search, but that should only cost you around $250.
What You Need Upfront
Real estate transactions in Belize are generally straightforward. You’ll usually be expected to pay 10% of the property’s total cost as a deposit to take it off the market. While you can find loans from banks in Belize, you can also get loans from your own local institutions. The latter is generally going to be preferable for most investors.
Who You Should Hire
Belize real estate law is straightforward — and since it’s a former British colony, the laws should be familiar to American, Canadian, and British residents looking to buy a home in Belize. Even understanding that, you should be sure to hire both a real estate attorney and a real estate agent. Agents can be found affordably, and attorneys will typically charge you between one and two percent of the selling price.
The Benefits of Belize Real Estate
The biggest benefit of buying a home in Belize is how inexpensive it is. Not only are houses in this country cheap when compared to North America or Western Europe, it’s also cheap compared to a number of Central American neighbors. On top of that, Belize is particularly friendly to new immigrants. If you can meet the criteria for the Qualified Retired Persons Program Residencies program, you might not have to pay any customs and could potentially reduce your taxes at the same time.
Where to Look
Having the right specialists at your side is critical if you’re trying to find your dream home in Belize, and there are no specialists more qualified for the task than Hesed Realty. We can help you find your paradise dream home without having to spend a fortune.