Belize is a great place to invest in real estate. It offers many advantages over other destinations in the Caribbean including low taxes, asset protection, and ease of residency.
You can buy property in Belize with a fee simple title, one of the strongest forms of property ownership in the world. This is a major reason why many people from the USA, Canada and Europe are investing in Belize Real Estate.
Land
Belize is a land-rich Caribbean nation that is becoming an attractive choice for vacation and retirement real estate investment. Its affordable prices and close proximity to North America are attracting savvy investors.
When purchasing a piece of Belize land, it is essential to understand the local regulations. A good real estate agent/broker will be able to answer any questions you may have.
Buying land in Belize is relatively easy, and the process is generally fast and straightforward. However, there are certain fees that you must pay for a land transfer in Belize and these can be costly.
Typically, you will need to use a lawyer to complete the transaction and these charges are normally 2% of the selling price, plus a few other fees. You may also need to hire a closing company to complete the transaction. Closing fees usually range from 1% to 2% and they are not included in the sale price of the property.
Condominiums
Condominiums are a popular choice in Belize and are a great way to enjoy the beach and all that the island has to offer. They can be a good choice for vacationers who want to own a home but do not have the time or budget to build their own.
In Belize, the Strata Titles Registration Act allows developers to construct condominium projects and to issue freehold titles to each unit created in those developments. These condo titles are commonly referred to as “Strata Titles”.
Typically, condo developments in Belize are two or three story buildings that can be up to four stories high. They are rarely high-rises, as building restrictions set by the Central Building Authority limit height. These structures are used primarily by vacationers and foreign residents.
Share Certificates
When it comes to purchasing a home or land in Belize, one of the main advantages of this country is that foreigners can own property outright with a fee simple title. This is unlike other Central and South American countries where land ownership is often restricted to only a leasehold contract.
Share certificates are a common way for developers to title condos that don’t have true strata title status. These co-ops usually have restrictive clauses that limit resales, limiting the liquidity of the development.
There are many international investors who choose to form an International Business Company (IBC) in Belize and enjoy tax exemptions on all income, dividends paid to persons outside Belize, interest, rent, royalties and compensation paid by an IBC, capital gains realized on shares or debt obligations of an IBC held by non-residents and minimal compliance requirements. However, they cannot carry on a local business in Belize and therefore do not have full real estate rights.
Building your own
If you are ready to own your own home, Belize has many options for you to consider. You can choose from a variety of land and building options, including pre-construction builds and ready-to-build re-sales.
The cost of building a house in Belize is very reasonable, compared to other countries. It ranges from around US$30 per square foot to $150, not including the cost of land.
It is possible to build your own home in Belize on a budget, but it takes time and research to find the right architect and contractor. Talking with expats and locals who have successfully built their homes in Belize will help you to find the right people to work with.
There are some scammers in the real estate market, so it is important to find reputable local experts. They will be able to protect you and your investment. The laws in Belize are based on common law, and the language is English, so you should be able to easily understand the paperwork.
