With the one-year anniversary of the pandemic around the corner and many schools still conducting remote-only learning, this may be the time to re-visit your dreams of living in the Caribbean. Well-off buyers and renters are eyeing homes in Caribbean destinations like Belize with warm weather, privacy, and even relatively low rates of COVID-19. And in spite of shifting travel restrictions and assorted international red tape, buyers and renters looking for a Caribbean retreat (or a new investment asset) may be wise to make moves sooner than expected, while inventory is available and there are still deals to be found.
According to statistics, people are looking to buy property not only as a vacation home, but also as a future place of refuge should there be a second wave [of the coronavirus] or something else catastrophic in the world that makes them want to retreat elsewhere. Another reason the Caribbean has become a draw is due to the low Covid-19 infection rates in the region; there is high compliance on face masks in addition to other government guidelines.
I understand that people are cautious and wary of investing in a different country. Although, I hope I can provide help for people who are interested.
Mention the word “Caribbean” and naturally, most people think of places like Aruba, the Turks and Caicos, the Bahamas. Or really, any other tourist-rich dollops of sand. But then there’s Belize, and more people are discovering its Southern coast for an easy pace of life.
Finding the Right Fit For Right Now, and Later Too
Essentially, a Lifestyle Investment is the purchase of a second home and using it part-time; for the rest of time, you essentially rent it out for the remainder of the year. While it’s not in personal use, renting your home is a great way to help offset expenses to pay for your investment. “We have many international homeowners that secure their properties in-between visits, and that’s ok too,” says RE/MAX 1st Choice Belize. Not to mention, there are many tax advantages of owning a second home, which is where consulting with a local CPA comes in handy; this way, you can see exactly what those are based on your home country and tax code.