Belize is an ideal investment opportunity in real estate. There’s no tax on capital gains and the prices of property are increasing every year. If you’re thinking of buying a piece of land or even a home in the beautiful country of Belize, there are some hoops that you must jump through, and certain rules and fees are important to know about. The process is relatively straightforward.
These are the major aspects of buying real property in Belize you should take into consideration.
How much does property cost in Belize?
Prices for properties in Belize differ. Modern apartments are typically higher than comparable homes located in the States. However, purchasing land parcels can be bargain. Properties on the water and in areas that are frequented by tourists make the best investment, and will be rented out quickly if you decide to go that option.
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Where can I find a property in Belize
It’s easy to become caught in the excitement of finding a property. However, be sure to verify the credentials of your real estate agent. While they may appear legitimate, it’s better to be secure than sorry. There are scammers out there.
These are the best ways to locate the perfect property:
– Check with an agent who is reputable in the real estate industry about the properties they have currently available.
Utilize online property sites.
Ask people around – Word of mouth is a fantastic way to inform people out about homes that are available.
While you don’t need be in Belize to sign a contract on an investment property, it is recommended that you view it at least once before buying.
What are the legal requirements when purchasing property in Belize
There’s plenty of great information about purchasing property in Belize Here are some of the reasons Belize properties are so popular with ex-pats.
– You can own property in Belize as a foreigner.
It’s as easy as purchasing real estate in the States.
All documents will be in English as it is Belize’s official language.
Taxes on land are just 1-1.5 percent of the value of the property and are a bargain when compared with many other countries.
You should ensure that, before you purchase any property,:
Budget for the Government Land Transfer tax from 5% to 8.8 percent of the property’s worth
Make sure that the person selling the property is the legitimate owner. This could lead to major problems in the future.
You must verify the regulations for the development of the land you are thinking of buying. Belize has strict environmental laws.
To make sure there aren’t any legal disputes connected to your property you can pay for the title search. It shouldn’t cost more than $250 USD.
If you’re buying an apartment, it will be subject to strata titling principles. Each unit is granted an untitled title, which can be purchased by the condominium.
It is not more expensive to use an attorney or real estate agent to handle your transaction. They’ll be able to check that all documentation is legal.
How long will it take to purchase the property you want in Belize?
Once you’ve found your property and appointed an attorney and a an agent to sell the property, the buying process shouldn’t take long. Typically 30-90 days is a good ballpark estimate.
And then – the job is done – you are now a property owner in Belize!