If you’ve ever thought about what it would be like to retire in Belize, the Financial Times newspaper recently published an article on the subject. According to the FT, Belize real estate is experiencing a tremendous boom thanks to sustained increases in the tourism sector.
Once considered an exotic outpost for divers, survivalists, and drifters, Belize is rapidly becoming a tony address for the up and coming. Hollywood legends like Leonardo DiCaprio and Francis Ford Coppola already own real estate in the country, and a surge of American retirees is also hungry to buy properties in Belize. Some homes in premium locations in Belize are even selling for $1 million and above, and the Four Seasons Hotel group has just taken over an entire island (Caye Chapel).
The good news is that there are zero restrictions on foreigners buying property in Belize. In fact, it’s easy to set up an offshore company in order to handle property management, including collecting valuable rental income from vacationing tourists. Property taxes in Belize are also extremely low, and very few homeowners pay more than $200 a year as taxes are assessed at just 1.5% of the undeveloped value of the land. And there are no capital gains taxes in Belize.
Belize’s QRP program makes it simple for people age 45 and older, along with their families, to easily gain residency status in Belize. The QRP program also allows participants to import personal goods into Belize completely duty-free, including cars, trucks, boats, and light aircraft. Foreigners residing in Belize pay no taxes on income earned outside the country, making it very simple for retirees on fixed incomes to enjoy a new lease on life in Belize.
If you’ve ever wondered where to retire in Belize, the good news is that Corozal District in the north is a popular choice. Located just across the water from Ambergris Caye, the popular tourist island in the process of upgrading its airport to receive international flights, Corozal is the perfect blend of modern comfort and small-town friendliness.
Corozal is located right on the coast, enjoying cool breezes and a much more temperate climate than the rest of Belize. Corozal is also home to some of the most untouched, pristine sections of nature in Belize, including birding areas and wildlife corridors. Residents can enjoy activities like boating, swimming, hiking, and horseback riding all within a short distance. Corozal also has several churches, a public library, and a lively expat scene with plenty of social activities to enjoy.
If you’d like to learn more about buying real estate in Belize, contact Cerros Sands today.