On August 3, 2017, Forbes magazine published an article describing nine countries outside of the United States with an attractive market for real estate investors.
According to the article, Belize is one of the nine countries because of its structural stability, stable exchange rate, English-language legal system, and red hot economy that is growing at 20% per annum.
One of the factors driving the real estate boom in Belize is the growing number of tourists. Belize has racked up impressive year-on-year gains in overnight visitors as well as cruise ship calls in the country, making Belize one of the fastest growing vacation markets for tourists from the United States and Canada.
Airlines, in particular, have been quick to respond to the growing demand for travel to Belize. All four of the biggest airlines in the United States now offer non-stop flights to Belize from major cities across the country, and Southwest Airlines has added three non-stop flights to Belize in the last year alone.
Not to be outdone, Air Canada, the world’s eighth-largest airline, has announced that it will begin flying non-stop to Belize from Toronto beginning in December 2017. Air Canada will join rival WestJet which has been flying to Belize from Toronto since late 2016 and recently announced that it will begin offering non-stop service from Calgary starting in November 2017.
Despite the phenomenal growth, Belize is often described as Nature’s Best-Kept Secret. More than half of the country is set aside as a protected nature reserve, wildlife sanctuary, or national park, and Belize is the least populated country in Central America.
Other key factors driving the real estate market in Belize include the fact that it is the only country in Central America where English is the official language, meaning investors do not need to rely on translators or phone apps to understand signs, speak to locals, or read documents.
Furthermore, the government of Belize has very attractive residency programs that allow qualifying individuals age 45 and older and their families to import personal goods (including vehicles) duty-free while imposing zero taxes on income earned outside the country. And property taxes are levied at just 1.5% of the unimproved value of the land, making property ownership a great way to protect personal assets.
The government of Belize has also invested millions of dollars in critical infrastructure, including a network of paved highways that connect all the biggest urban areas in the country.
Contact Cerros Sands to learn more about buying real estate in Belize.
Cerros Sands is a great place to live, retire and invest.