If you’re thinking about joining the growing number of retirees and expatriates who are buying property and settling in Belize, then there are a few things you need to know before taking the plunge.
Can Foreigners Buy and Own Property In Belize?
One of the reasons why it’s easy to become a property-owner in Belize is that there aren’t any big restrictions on buying and owning property in Belize for foreigners. You don’t need special permissions or waivers. You can hold a property title in Belize with the name of a U.S. company, your name or a trust.
Are There Tax Breaks?
If you’re age 45 or older, then you might be able to get into the Qualified Retired Persons incentive program if you also enjoy a steady income. The QRP program offers investment incentives and tax incentives for those who wish to buy in Belize. The program was made specifically to attract retirees and expatriates who have financial stability and can contribute to the Belize economy.
Is It Easy To Buy Property In Belize?
Belize is probably one of the easiest foreign countries to buy property in for residents of North America and the U.K. One reason is that the official language is English, so conducting real estate business does not have a language barrier. Another reason is that the Belize legal system is based on English law, which is due to its status as a former British colony. Real estate closing time is usually between 30 and 45 days and can be easily handled outside of Belize via bank wires and parcel delivery services.
Is It Necessary To Get Professional Help?
Despite the relative ease of buying property in Belize, it’s still important to get professional help through lawyers and real estate agents. A lawyer can help you navigate any legal issues that may arise, which can happen in any real estate transaction, not just in Belize. A local real estate agent is also essential to help you find the right property. A local agent will know the market and be able to help you negotiate the sale.
What Financing Is Available?
It’s important to get good financing when buying property in Belize. There is local financing available, but it tends to have high-interest rates and restrictive terms. Most foreigners pay cash for Belize property or get a loan in their home country. Sometimes local sellers will offer owner financing for three years or more. If you find a property like this, it’s a great opportunity to jump on.
What About Fees and Taxes?
Property taxes in Belize are quite low. You can get a beach house or condo and only pay around $50 per year in taxes. There are also no capital gains taxes or inheritance taxes in Belize. Fees include an eight percent title transfer fee, and closing costs are usually between one and two percent.
Buying property in Belize is a great investment for retirees thanks to low taxes and an easy buying process.
Written by Larry Waight