Belize Real Estate is a great investment option for those looking to retire or relocate abroad. However, this market is not without its risks so it is best to work with established professionals.
Foreigners enjoy the same rights to property ownership as nationals. Contracts are also written in English, making them more familiar to North American buyers.
1. Low Taxes
The Belizeans are fiercely independent, and they’re not in favor of excessive government regulation or taxes. As a result, it’s easier for expats to own property in Belize than it is in other Caribbean countries.
The country has no income tax on foreign-derived earnings, and there are no capital gains or inheritance taxes either. Residents pay a flat rate of just 1.5% on property outside cities, which is based on land value to encourage development.
Another thing that makes Belize especially appealing to retirees and investors is that it’s far cheaper to build a home or vacation rental in the country than in many other places. However, not all builders are equal, so it’s important to do your homework before choosing a contractor. And remember, zoning doesn’t exist in Belize so don’t be surprised if your neighbor decides to build a disco next door.
2. Easy Residency
Belize makes it easy for new residents to become permanent residents. The country’s official language is English, and many of its citizens speak it fluently. This makes communication incredibly easy and mitigates the need for a translator.
Foreigners also enjoy the same property ownership rights as Belizean nationals. This is something that’s rare in most developing countries.
To obtain residency in Belize, you must show that you can financially support yourself while living there. This typically means demonstrating that you have sufficient bank accounts to cover your expenses. The government also requires that you have valid health insurance. Once you have established residency, the next step is obtaining citizenship. This comes with a number of benefits, including visa-free travel to over 90 countries.
3. Beautiful Beaches
With calm Caribbean waters protected by the world’s second-largest barrier reef, warm weather that practically begs you to dip in, and a wide range of coastal villages each with their own beaches, Belize is a beach lover’s paradise.
The best beaches in Belize are found on islands, called Cayes. Each Caye features its own gorgeous beaches, but some are more impressive than others.
For instance, the Silk Cayes are located in the southern portion of the Belize Barrier Reef and feature some of the most pristine beaches in the country.
Another popular destination for snorkelers is Laughingbird Caye. This island is a true tropical paradise, free of hotels and structures, so you can enjoy the natural beauty of its sandy beaches. It’s a must-visit if you’re a snorkeler!
4. Diverse Culture
With its tropical breezes, miles of pristine beaches and large swaths of impenetrable jungle, Belize is a true Caribbean paradise. The country is English-speaking and Creole dominated but that doesn’t mean it’s a bland place to live.
In fact, it has a unique and vibrant culture that can be experienced everywhere you go in the country. The Mestizo people are descended from a mix of Spanish and Mayan genetics and still retain elements of both cultures.
The Mennonites are another cultural group that is relatively new to Belize arriving in the 1950s and live in secluded communities. They contribute to the local economy with hand-crafted furniture and dairy products. Belize is also one of the few countries in Latin America where foreigners enjoy equal property ownership rights with nationals – even for condominiums.
5. Great Climate
Buying real estate in Belize can be a great investment, especially on Ambergris Caye. The tourism industry here is well established and thriving which makes this an ideal location to invest in property with the view of renting out when you’re not using it yourself.
Whether you are looking for beachfront property, a condo on the island or a home in a local town, REMAX can help you find what you’re after. Belize has modern legislation in place to handle these kinds of purchases and there is no capital gains tax on land sales.
As with any real estate transaction it is always important to seek out recommendations and do a thorough background check before you commit any money. Crooked attorneys and real estate brokers do exist in Belize, but with the right guidance you can avoid being ripped off.
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