If it is time to buy a property, be it an investment property, or a privately owned property in Belize, there are now many ways to find one.
Why Buy or Invest in Property in Belize?
Belize is an English speaking country, which is also its official language, which means making legal, financial, and daily transactions more straightforward for most international investors and buyers.
The currency used in Belize is the Dollar (BZD), which is pegged to the US Dollar at a stable rate (2 BZD = 1 USD), and US dollars are widely accepted throughout the country.
For investors and buyers in Belize real estate, the annual property taxes are it is noted is low, even for high-end properties, which can be ideal to generate the most income from rentals, plus there is the advantage of no capital gains tax in Belize, which again benefits real estate investors.
Belize benefits from a growing tourism sector, particularly in the eco-friendly and and marine based tourism sectors, which can result in higher vacation rental income for luxury beachfront and jungle properties.
Belize offers a Qualified Retired Persons Program (QRP) that provides tax exemptions and residency benefits to retirees who meet simple criteria, as well as no inheritance tax, estate tax, or capital gains tax.
Belize is a world-famous location for its natural beauty and eco-friendly reputation, has the second-largest barrier reef in the world, lush jungles, Mayan ruins, and abundant marine life.
To obtain a title to a property in Belize it is typically done via a fee simple, similar to the U.S., Canada, and the UK. A 'fee simple' refers to the most secure and common form of property ownership, granting the owner full and absolute rights to the land and any structures on it. This means you own the property outright, with the ability to use, sell, lease, or transfer it as you see fit, similar to ownership in the US and Canada.
Buying Belize Properties
Learn how to buy a property in Belize listed by owner or by an agent, using cost-effective methods that fit the needs of the seller and meets buyers expectations.
How to find and buy a property located Belize Property
Buying a property in Belize, that is listed via a agent or one that is for sale by owner (FSBO), there are some things to consider when buying a property in Belize.
Owners or agents can advertise their properties locally, or on "for sale websites", especially international property listing sites that provide selling options. By advertising locally, nationally, and internationally the owner or agent of the property or properties will increase their opportunities.
How to buy out a property located Belize Property
These are very basic details on how to buy a property in Belize, via an Estate Agent, an agent who specializes in overseas property, or if buying a property privately using for sale by owner.
It is always wise when looking to buy property in Belize to do something on your own which is due diligence. Do your homework. Get the local Land Registry to verify the property's legal status. This includes checking that the property is free of debts, charges, or embargoes, and that the seller has the legal right to sell.
Find a property in Belize that meets your needs. This can be done through locally based Estate Agents or the best place to start is only through a property listings portal.
Opening bank account in Belize is key to setting up your fanancial status in Belize and allows you to transfer money to cover the property purchase and to set up regular monthly payments if required.
A pre-contractual document is to be signed, something a lawyer can assist with, then wait for a cooling-off period, often 10-days. During this time, you can clear up any doubts with the local public notary or lawyer.
Finalize the sale with a notary or lawyer, and do any mortgage or loan paperwork as guided by the legal advisors you should be using.
In recapping you can use real estate agents or sell by yourself through a websites, but using a lawyer is a must.
The process of buying property can be complicated, and it's recommended to work with a reputable agent who understands the market and legal requirements.
Real estate agent - you can use a real estate agent or broker to help you find a buyer, negotiate, and get the best price for your property. Agents typically take a commission of 3% or more of the purchase price but negotiate is a must.
Marketing - you can use an international website, social media, and third-party listing portals to find your property.
You can work with a team of attorneys, accountants, and real estate agents during the purchase, or a mix of those professions depending on how you wish to buy your property.
Note this information is purely a guide to how to buy property in Belize, and if Buying or renting in Belize, we advise you to seek professional help as relates to your specific needs.
Popular areas of Belize with International Buyers:
