The 10 Essential Tips For Becoming A Property Owner In Belize

Posted: Wednesday, July 6, 2022. 2:59 pm CST.

By BBN Staff: Purchasing real estate in Belize is not difficult, but you should still understand the process before you begin your search. Use these tips to help you buy the property of your dreams.

1. Know Your Options

Although a small country, there are many different areas in Belize, each with its own character. You may be looking for a beachfront property, a luxury condo, or an environmentally sustainable dwelling out in the jungle. From Ambergris Caye to Placencia to the Cayo District, learn what each location has to offer before deciding.

2. Know That You Can Buy As A Foreign National

Most countries restrict property sales to foreign nationals, but Belize is not one of them. In order to encourage investment and development, there are currently no restrictions on property ownership for non-citizens.

3. The Buying Process Is Similar To Familiar Markets

The process of purchasing real estate in Belize is much the same as it is in the United States, Canada, or Europe. You find a property, make an offer, negotiate with the seller and complete the purchase.

4. Look Online

The best place to begin searching for properties you might be interested in is online, as most are listed there.

5. Use A Lawyer

Hiring a qualified real estate lawyer is not strictly required but having one do a title search for you to ensure there are no issues can save you a lot of money and headache.

6. Qualified Retirees Get Benefits

Choosing to retire in Belize has the added benefit of an exemption from all import duties when you first move into the country for those who qualify.

7. Work With A Qualified Real Estate Agent

Working with a qualified agent who knows the local market will not only help you avoid scams but will also help you find the perfect property for your needs.

8. There Is No Capital Gains Tax

Belize does not have a Capital Gains Tax, which means that if you later sell your property for more than you bought it for, there will be no tax on the difference.

9. Be Prepared To Pay A Stamp Duty, However

Know that when you complete the sale, you will be required to pay a 8% Stamp Duty to the Belizean government to transfer the title into your name, although this does not apply to the first $10,000 USD of the property’s value.

10. Every Sale Is Unique

Know that any real estate transaction is going to be unique and present its own challenges. Take things in stride and be flexible.

If you are looking to be a property owner in Belize, Carmelita Gardens should be your top choice. There is no better place to buy property in the country than in this eco-sustainable community in the beautiful Cayo District.

 

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