What's So Interesting about Belize Properties
Investment property hunters and retirees looking for real estate in the sun are targeting Belize in earnest and it’s not hard to figure out why. Belize has 300 miles of stunning palm fringed coastline which is caressed by the clear and clean waters of the warm Caribbean Sea and as a result this Central American country embraces both the best of the Caribbean and the best of Central America. Its attractions and general appeal are great.
The economy and political climate in Belize are stable. The Belizean currency is linked to the American dollar and the legal system is based on the British legal framework. What's more, Belize is still an independent member of the British Commonwealth. The country’s official language is English.
The offshore financial services industry in Belize is relatively highly regarded and well regulated. It is also quite advanced and supported by the government. In addition to this fact, the taxation framework in Belize is encouraging international business and investment into the nation because there are no capital gains or inheritance taxes.
Belize has the strongest tourism industry in the region. Belize has seen tourism numbers rise every single year for the past 10 years.
The abundance of property in Belize offers an investors choice. You can choose from properties in the most popular Cayes that rent year round or from developments where you can buy in off plan or in bulk and benefit from capital growth upon resale. The choice of Belize property for sale is great and not overly expensive.
In conclusion, Belize has a fascinating real estate market, it is a stunning nation full of potential and as a result it is certainly one worthy of a closer inspection.
Buying Belize Real Estate for Sale
Real estate investors considering making a Belize land or property purchase in Belize are afforded the same legal rights as Belizean citizens when it comes to freehold property ownership.
There are few restrictions applied to international purchasers and because the legal system in Belize is based on British common law the entire property buying process is relatively transparent and easy to navigate.
Nowadays the only restrictions that apply to non-Belizeans wishing to purchase are a government approval requirement via the Ministry of Natural Resources if anyone wants to purchase an island and in some of the cayes approval by the local council has to be sought by overseas buyers.
As with many emerging property markets worldwide you will find in Belize that there are two prices for everything from Belize property and Belize land to cars and groceries - a local price and a rich foreigner price - therefore the more time you spend in Belize getting to know people the less you will pay for your real estate investments in real terms.
In terms of fees and costs associated with the property buying process in Belize it’s wise to budget for an additional 20% which will cover the land title transfer fee or stamp duty which has recently increased to 15% for foreigners, lawyers’ costs and property taxes. Those who require finance to purchase property in Belize should secure a mortgage outside of the country as non-Belizean residents find it very difficult to get a mortgage from a bank locally in Belize.
Reasons for Moving to Belize
The climate in Belize is tropical meaning that the natural landscape is a stunning mix of heavy and dense forests and coastal plains. The rainy season in the country lasts from May to November and it ensures Belize remains green and lush. The waters of the Caribbean offer fantastic sailing and diving opportunities and Belize beaches are some of the most stunning and unspoilt in the whole world.
One of the most significant policies they have implemented is the Belize Retired Person’s Incentive Program which allows qualifying individuals from around the world to apply to Belize for long term residency and if accepted to live in the country completely tax free for life.
The cost of living is incredibly low - a fraction of what US or UK citizens are used to for example. Waterfront properties are in abundance and are restriction free to purchase, large plots of open land are available for purchase and development and gradually some of the larger worldwide property developers are turning their attentions to this fascinating country and planning the development of retirement communities, gated communities and extensive holiday resorts.