Property Buying in Belize Top Tips

Unlike other nations in central America which at first glance appear to be amazing and liberal and to be exciting property hotspots as well where it’s claimed you as a foreign buyer will be treated the same way as a local buyer - until it comes time to getting a mortgage or getting your residency permissions that is - Belize is actually an affordable, attractive, welcoming and fairly free nation in which to buy property, live, invest, retire or just spend some time.

Here are some property buying in Belize top tips – we’ll touch on practicality versus reality and a few little known buying process twists and turns that are worth bearing in mind.

First things first – as a non-resident or a foreign buyer you are allowed to buy and own property in Belize - you don’t need special permission, you don’t have to pay any extra taxes, in fact it’s worth noting that there are no capital gains taxes in Belize and also that property taxes are very low.  More incentives to invest in property in Belize if they were needed!

Because English is the official language in Belize, the currency is pegged 2 to 1 to the US dollar and the legal system is based on the British - Belize still operates as a member of the British Commonwealth you see – it makes it incredibly easy for Brits, Americans, Irish and Canadians to get to grips with everything from property ownership to getting residency for example, and it also makes it very simple for those from English speaking nations to set up home in Belize.

Another positive factor relating to the currency being pegged to the dollar, other than the fiscal and economic stability that it gives the nation, is the fact that right at the moment for anyone buying in a currency other than the dollar, property prices in Belize are incredibly attractive – and what’s more, the cost of living has suddenly become not just affordable but ridiculously cheap!

Good news for anyone over the age of 45 who might like to take advantage of the Belize retired Person’s Incentive Program which is among the best in the world in terms of tax advantageous, financially attractive programs to lure in affluent early retirees to invest directly into the nation whilst taking nothing from it in terms of jobs or social security.

You don’t have to be in the Belize Retired Person’s Incentive Program to buy property though – but some small quirks of the property buying process that you should bear in mind include the fact as a buyer you have to pay your 5% transfer tax, (also known as stamp duty), on each property purchase before the sale can be closed and always, always get a good lawyer involved in the buying process.  This is not so much to ensure you have a watertight purchase contract – although that is a consideration of course – it’s mainly to ensure that any property you’re looking at has clean and clear title.

If you do decide to go ahead and buy Belizean real estate be careful when you choose an estate agent to assist you because they aren’t licensed or even qualified in any way and finally, our last top tip for the day is this - if you decide you want to custom build your dream home in Belize you need to be living in the country first, you need to be able to be on site every single day and project manage the process and you need to be very patient indeed!

It will be worth the time and effort in the end – after all where else could you buy such affordable and well located plots of land and get labour and materials so cheaply as in Belize – but the process will not be a painless one.