Buying Foreign Property » Belize

A guide to buying property in Belize

BuyingForeignProperty — Fri, 08 Dec 2006 10:04:42 +0000

Belize is a superb country to invest in – the house prices are still cheap, although they are increasing year on year, and the living costs are a fraction of European living costs. Even on a pensioner’s state pension, you can afford to eat out twice a week and still retain a good standard of living. Belize is politically and economically stable with a flourishing European ex-pat community. The weather is warm and the scenery breath-taking. The government are keen to retain the unspoilt nature of the island and are working hard to ensure the biodiversity of the environment is not affected by the growing tourist industry. For these reasons, Belize is becoming one of the top countries of recent months to invest in.

The actual buying process

Preparation
Anyone is allowed to buy property in Belize making the buying process an easy one. Put 3 months aside for the transaction to be completed.

Viewing
Viewing the property in person is strongly recommended. A week-long trip is especially beneficial as you can not only check out the property itself, but also get a feel for the surrounding area and people.

Deposits
Once you decide to go ahead wih buying the property, you must submit an offer in writing. The offer is binding, and you must then place your deposit. Mortgages are available however you will not be able to buy a property without a deposit. Deposits are negoiable however most people will need at least a 10% deposit.

It is important that you have a legal representative with you so that they can submit the necessary forms to the Lands Registry so that the property is transferred into your name.

Taxes and fees
There will be taxes to be paid when you buy the property. For properties up to US$10,000, there is no transfer tax; for properties above this sum, there is 5% transfer tax.

Legal fees for title research and transfer are normally around US$500.
Stamp duty is 15% for foreigners; Bank approval is around US$50; Registration fee is around US$15; Sales tax is charged at 9%.

If you like to see a list of properties for sale in Belize, please click here
If you are looking to buy a book on buying property in Belize, we suggest one of the following two books:

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Belize – a haven for property investors

BuyingForeignProperty — Tue, 05 Dec 2006 11:20:03 +0000

Belize is often overlooked buy foreign investors looking for property in Europe as it is considered too far away to be viable, crime-ridden or just lacking interest. However the ex-pat community is flourishing there and it is becoming a popular tourist and retirement destination for many.

Belize has a lot of affordable property and real estate for sale – a retirement bungalow in a gated community is only around £40,000. Brand new homes are for sale for as little as £60,000. The property ownership laws in Belize are very similar to UK laws which makes buying property in Belize simple and easy.

Everyone has the right to buy land in Belize – there are no restrictions. A foreigner has the same rights as a local does. There is a huge mix of people in Belize – the main foreign element at the moment are the North Americans, however a large community of Europeans is starting to form.

Belize is a stunning country – it has no racial tension and the countryside is varied, from white, sandy beaches to huge rainforests and Mayan ruins. It has not yet been commercialized or over-developed meaning most of the land is natural and unspoilt. The biodiversity is highly regarded by the government meaning the land should remain unspoilt in the future. The climate is warm and temparate and never gets cold. It does occasionally rain however the rain is normally warm.

The living costs in Belize are a fraction of European country’s costs. Eating out is incredibly cheap making it affordable to eat out at least 2 or 3 times a week – the cheapness of day to day goods makes Belize an attractive place for pensioners as they can easily have a high quality of life on a standard British pension.

Belize is politically and economically stable, and the government have a tough policy on crime making it a fairly safe place to live. The government are keen to promote their country as a tourist destination, so property in Belize will only ever increase in price. As the country is dedicated to keeping the countryside beautiful, it will also remain a fantastic retirement prospect in future years.

If you like to see a list of properties for sale in Belize, please click here
If you are interested in learning more about Belize, we recommend the following books:

A guide to buying property in Belize Belize is a superb country to invest in – the house prices are still cheap, although they are increasing year on year, and the living...
Corfu: A Haven For Property Investors? The Greek island of Corfu is one of the few places that appears to be immune from the global troubles with the property market remaining...
Montenegro backs property law change for overseas investors The Government in Montenegro has backed a draft law which will make it easier for buying foreign propertys to purchase real estate in the country....