Belize Real Estate is becoming increasingly popular among investors, thanks to a few key benefits. One of the biggest is that foreigners get to enjoy the same rights as locals in terms of property ownership.
Once you have found a property, you will need to agree on a price. It is important to negotiate as much as possible to save money and avoid getting ripped off.
No Capital Gains Tax
The perks of owning Belize real estate aren’t limited to land, the country also offers great tax incentives. When it comes to selling a property, there’s no capital gains tax and inheritance taxes are also non-existent.
One of the most significant benefits is that a foreigner has the same rights to own property in Belize as a local does, something that’s rare in much of the world. You can even purchase a property in an IBC (International Business Company) or trust for greater asset protection.
The cost of living in Belize is very affordable, meaning that investment income and retirement checks go a lot further here. The cost of primary medical care, household staff, food and insurance are all much lower than what you might expect. This makes Belize one of the best places in the world to retire.
No Residency Requirement
Those looking to buy property in Belize needn’t worry about residency requirements as they do in some other countries. That said, it’s a good idea to have a licensed and ethical Belize real estate agent on your side, especially one who specializes in the area of your interest. They can ensure that your purchase is free and clear of liens, judgments, and other encumbrances by conducting a thorough Title Search.
Another advantage of purchasing real estate in Belize is that it’s a safe market for foreign investment. Its close relationship with the US, its use of English as a national language and the fact that it’s just a 2-3 hour plane ride from most major North American airports make it an attractive market to invest in. Plus, its laws on property ownership are based on strata principles and are very similar to those of first-world jurisdictions. So whether you’re shopping for a condo on the beach or land in the countryside, you can find it in Belize and feel confident that you’ll be protected by the country’s robust legal system.
No Property Taxes
Belize is fast becoming one of the region’s best-known tropical paradises for its ancient Maya cities, lush jungles, gorgeous beaches and second-largest barrier reef. The government has made a number of attractive incentive programs for residents and tourists alike, including tax advantages for property ownership.
For example, property taxes on land outside of towns and cities are based on undeveloped land value rather than developed value to encourage development. And, for homeowners who want to become QRPs (Qualified Retired Persons) or simply spend more than 183 days a year in Belize, income taxes can be avoided altogether by transferring assets into a Belize international business corporation. Dividends to the owner are not taxable.
As with any real estate purchase, it’s important to work with reputable professionals and established law firms when purchasing property in Belize. Also, it’s crucial to avoid Belize real estate scams. While these are relatively rare, they’re out there and can be costly.
Many people dream of moving to Belize for its beautiful beaches, lush rainforests and rich cultural heritage. But few realize that the country also has a vibrant real estate market for outside investors.
Compared to other Caribbean nations, property prices in Belize are significantly cheaper. This is a great opportunity for outside investors to invest in the country without blowing their budget.
Outside buyers can purchase a condo on the beach, a home in a planned community or a piece of land in rural Belize. However, it is important to consider what the buyer’s goals are for investing in the country. For example, are they looking for short-term appreciation or a long-term retirement destination?
In addition, it is important for foreign investors to find a trusted advisor in Belize. While there are lenders who will finance the purchase of land in Belize for foreigners, it is best to work with established professionals that know the local area well.