When you own property in Belize, you own your absolute property, which means that with title the property owner can own, stay or rent the property as they wish. Belize unlike other countries in the region that use a dual ownership system or Napoleonic civil law that includes a structure in which foreigners have different property laws than local ones. If you are looking for a holiday destination where you can escape the demands of modern life, there is no better option than Belize. But those same reasons make it an excellent reason to permanently escape the rat race. There are several good places to invest in real estate in Belize. Popular tourist destinations such as Ambergris Caye and Placencia offer good potential for rental income and appreciation.
Most real estate transactions do NOT have TITLE INSURANCE. A good real estate agent understands the title and checks BEFORE you hang up. Title insurance IS available in the United States, but it takes forever and most sellers won’t wait months. Most transfers are handled by lawyers on the island and the cost is usually two percent of the selling price. The buyer’s lawyer DOES the title search to ensure that the SELLER’s title is clean and handles the transfer to you.
You don’t need to convert a currency, as the U.S. dollar is just as widely accepted as the Belize dollar. Even keeping track of the Belizean dollar is very simple, as it is a fixed rate from 2 Belize dollars to one US dollar. It is not necessary to use converters in the sockets. Enjoy this free report when you sign up for the best real estate opportunities around the world in our free once-a-week publication: Overseas Property Alert. In addition, they were able to enjoy a different experience before retirement. For example, if Debbie was shopping in Medellin, they could go any time of the year and enjoy the same 80-degree weather.
Foreigners have the same rights as locals to buy and own property. There are no specific licenses, permits or conditions for foreigners to invest and own real estate in Belize. The annual property tax in Belize averages $1,000 and there are no capital gains or inheritance taxes. What we discovered from Junior is that the Belizean government has learned lessons from the wonderful real estate markets that developed for them.
Here we look at the main reasons to buy a property in Belize and invest in this beautiful Central American country of lush jungles, mighty rivers and long white sandy beaches. The local economy has benefited from this increase in tourism and the peninsula has developed businesses aimed at these visitors and new residents. More award-winning restaurants, professional dive centers, many grocery stores, a new microbrewery and a golf course are also in the works. That, in turn, offers great investment opportunities.
Property taxes are based on the undeveloped value of your land, which means it doesn’t take into account the size or value of the home. In addition, the property tax rate is only 1.5 percent of the value of that undeveloped land, which is incredibly affordable. However, many buyers are also interested in buying property as a way to make a profit. If you want to turn your property into a revenue generator, it’s helpful to choose a destination where tourism is a thriving industry. If you ever want to get the title of the device, you can “buy” it from the developer for a dollar.
No, we’re not making this up: eight US dollars a year. This is one of the few countries in the world where foreigners enjoy the same right as land-owned and owned nationals, and land rights on the beach are not difficult to obtain. The heartbeat of any good tourism Mahogany Bay Property industry is the ease of traveling in and out of the country. With tourist demand and international flights increasing to Belize each year, Belize City International Airport is underway with an expected expansion and renovation of 130,000 square feet.
We sold the property for 170K and made a respectable profit of 45K (41.62%) after all closing fees and expenses. And because everything was done on a deferred tax account, we didn’t have to pay taxes! You can view specific financial information about the property here.
On the island of Ambergris Caye there are a large number of vacant properties and land plots that are ready to be developed. On the island of Ambergris Caye, there is more than enough real estate diversity to meet your budget, with financing options available. Whether you are looking for a dream vacation, land investment, oceanfront apartment or commercial real estate, contact Belize’s real estate professionals at REMAX Belize Secret Beach. What if we told you that there is a way to invest in your future while enjoying a luxury vacation? Belize has long been a top destination for travelers who want to escape the cold weather and enjoy the sun. But in recent years, it has also become increasingly popular among investors.