Now more accessible than ever thanks to six of the largest airlines in North America offering non-stop flights from major cities across the United States and Canada, Belize is rapidly becoming one of the hottest property markets in the region.
Whether you’ve ever dreamed of retiring in the Caribbean or you’re looking for a place to build a dream vacation property, Belize real estate is, incredibly, still available at very affordable prices. A small country in Central America with both offshore Caribbean islands and a lush interior brimming with colorful birds and exotic wildlife, Belize is truly the best of both worlds.
If you’ve ever considered buying Belize real estate, here are a few facts you should know:
Anyone Can Buy and Sell Property
Since 2001, foreigners in Belize have the same rights as locals to buy, sell, or rent property. Add in the fact that there are no complicated realtor licenses needed to sell property, that the government of Belize imposes no capital gains taxes, and the fact that you can easily establish an offshore company to manage property, and it’s easy to see why Belize is such a great place to protect hard-earned assets.
Furthermore, Belize allows real estate documents to be signed and transmitted by fax machine, meaning you don’t have to be in the country to buy or sell property.
In Belize, the official language is English, meaning you’ll never have to rely on a translator to understand contracts, deeds, and other documents. Belize has also inherited their judicial system from the British, meaning English Common Law and not Napoleonic Civil Law prevails. In Belize, there are no squatter’s rights.
The government of Belize imposes just a 1-1.5% property tax as assessed by the undeveloped value of the land, meaning property taxes in Belize are incredibly low. For instance, a home valued at $300,000 may be assessed just $1,000 or less per year.
In Belize, there is no title insurance available. In order to avoid disputes relating to property boundaries and unclear ownership history, it is highly recommended that you hire a Belizean law firm that specializes in real estate. They will do all the due diligence necessary and help you obtain a free and clear certificate of title on the land, a process that usually takes about six months.