A Guide to Buying Real Estate in Belize as a Foreigner
As a foreigner, purchasing real estate in Belize is a straightforward process with many benefits. The Belizean real estate market has been growing, especially on Ambergris Caye, the country's top tourism destination. This growth, coupled with the fact that Belize's currency is pegged to the US dollar and English is the national language, makes it an attractive market for foreign investors. Additionally, non-nationals enjoy the same legal rights as nationals, which is not always the case in other countries.
When buying real estate in Belize, it is crucial to have both a buyer's agent and a real estate attorney to ensure a good deal and that everything is proper and legal. A title search through an attorney is also recommended to verify that the real estate is not involved in any legal disputes and can be sold legally. Buyers and sellers should use separate attorneys.
The costs of buying real estate in Belize are very affordable. Government stamp transfer tax, attorney's fees, and title searches are some fees that buyers are likely to encounter. However, there is no capital gains tax, and property taxes are low, making it an attractive place for long-term investment.
There are many financing options available for foreigners in Belize, and it is possible to borrow up to 50% of the value of the real estate. The country uses strata principles to govern ownership of apartments, townhouses, and condominiums, similar to many first-world jurisdictions.
It is strongly recommended to visit the Belize real estate before making a purchase and to make sure the property location and type meet the buyer's preferences. Buyers should also be aware of any "deed restrictions" placed upon the property that can limit its use.
In conclusion, buying real estate in Belize is a simple process with many benefits, including affordable costs, low taxes, and stable real estate laws. It is especially attractive to foreigners due to its familiar market to the US and Canada and financing options.