Posted: Tuesday, March 17, 2020. 2:58 pm CST.
By BBN Staff: One of the hottest spots for North American and European ex-pats to buy real estate is in Belize. The tropical beaches and sunny skies are a big draw, but also the tourism economy in Belize is booming. It’s expected to make even bigger gains in the coming years. If that all sounds great, then you’re probably wondering how you can buy real estate in Belize as a foreigner.
To start, it’s generally not any more difficult to buy real estate in Belize as a foreigner than it would be to buy in your home country of North America or the U.K. Belize real estate law is based on the British legal system. The official language of Belize is English too, which makes communication much easier. Nevertheless, it’s important to get the services of a real estate attorney. A Belize real estate attorney can help you in a multitude of ways, including making sure that you’re getting a good deal and that everything is being conducted legally and with the right procedures. One of the main things a real estate attorney can do for you is to perform a title search on any piece of land or building and land that you’re looking at.
Another recommendation is to enlist the services of a real estate agent in Belize. Local agents know the area best and can find exactly what you’re looking for. They can also tell you whether the asking price is fair or not. Your agent will also have access to properties that are not listed anywhere – so-called “pocket listings”. Your agent can also recommend a professional attorney.
It typically takes between 30 and 60 days to complete a real estate transaction in Belize. You won’t need to physically be in Belize to make an offer or see it through until closing. As long as you have representatives there in the form of your real estate agent and attorney, you’ll be fine. However, it’s a very good idea to make at least one trip to Belize to see in person what you’re buying. A lot of problems can arise with buying something sight unseen.
In terms of fees for buying real estate in Belize, you’ll probably see the following crop up:
– Attorney fee, which is one percent of the purchase price
– Government title transfer tax is set at 8 percent of the purchase price
If you’re looking for real estate in Belize, rely on Boris Mannsfeld & Associates for all your Belize real estate needs. One of the hottest places to buy right now is Placencia, Belize, and Boris Mannsfeld & Associates can help you find the perfect property in this beautiful location.
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