Buying Real Estate in Belize

Belize is an increasingly popular real estate market for North American buyers. This is due to the country’s proximity and familiarity with first-world jurisdictions, its official language of English, and relatively low taxes associated with land and property ownership.

Before you buy Belize Real Estate it is important to confirm the property’s title through an attorney. They can search the public registry to see if the property is free and clear.

Buying a Property

Buying a property in Belize, whether a condo on the beach or a house in a neighborhood, can be an excellent investment and is a wonderful place to live full or part-time. However, before putting your money down, you should always consult established professionals.

Belize offers modern laws governing real estate ownership based on strata principles similar to those used in first-world jurisdictions, which makes this market especially attractive for foreigners. Also, land sales are backed by clear titles through the Belize Land Registry.

One thing to keep in mind is that Belize does not have zoning regulations, so your beautiful beachfront property could wind up as a disco or a car repair shop in the future, depending on where it’s located. To avoid this, it’s a good idea to purchase directly from the owner. Also, a reliable attorney and an experienced real estate agent should be on your side to ensure a smooth transaction.

Buying a Condo

Many North American buyers choose to purchase property in Belize because of its low taxes and ease of ownership. It’s also just a short 2-3 hour plane ride from most major airports, English is the official language and the country has stable real estate laws that don’t change suddenly.

However, property costs vary by location based on the popularity of each area with both local and expat residents. Condos are typically less expensive than homes but can be tricky to own because they are sometimes built using co-op share ownership.

These types of ownership are a weaker form of property ownership and they can be difficult to mortgage or obtain insurance on because of the way they are structured. Be sure to work with a well-established realtor who can help you understand the different types of ownership in Belize. This will help you make the right choice for your own unique circumstances. A good agent will always be happy to answer your questions and provide you with the information you need.

Buying a House

Whether you are looking for a condo on the beach, a home in a planned community or a property to use as a vacation rental, buying real estate in Belize has its advantages. But you should be aware of the process and the risks and choose established professionals to support your purchase.

One of the most important steps in a successful purchase is to verify that you have a good title. Your attorney can check the registry to ensure that you have a clear title and the right to sell the property. They will also check the size and boundaries of the land if there are any restrictions and other relevant information.

In addition, you should be sure to use a company that specializes in escrow services. As in any country, fraud does exist in Belize and it is important to be careful. Make sure to ask for recommendations and be wary of any fast-talking agents or attorneys.

Buying a Land

Unlike some other countries in Central America and the Caribbean, Belize allows foreign citizens to own land with full ownership (fee simple land title) – even as non-residents. The key is knowing how a particular tract of land is zoned for residential and commercial use. This will help to narrow down the search to those properties that may be of interest.

Upon finding a property of interest, an offer to purchase needs to be made. Typically this is accompanied by a deposit that will be placed in escrow until all due diligence (including a satisfactory title search) has been completed.

Buyers are responsible for paying Government Stamp Duty which is 5% of the purchase price (for locals) or 8% for foreigners. Closing costs are also incurred. Buyers are advised to utilize the services of a reputable Closing Company when purchasing a property. Having established professionals on your side will ensure that the transaction is handled smoothly and quickly.