If you’re thinking about buying real estate in Belize, you’ll probably already know a few things…
Gorgeous Caribbean island country, great weather, offshore banking and tax advantages – but here’s a few things to consider that might help you in your process:
- No title insurance is necessary for buying real estate in Belize, and for the most part it isn’t widely available. Most issues related to shady ownership history can be avoided by using a qualified and reputable realtor to handle your purchase.
- No capital gains tax exists in Belize, which means that whatever rental income you collect, no matter how much you make on the sale of a property, you can keep it. Taxes on rental income are 1.75% of what you collect in rent, and is payable annually.
- There is no inheritance tax in Belize, so if you bequeath your property to a family member or anybody else, they won’t be on the hook.
- All Property owners, whether they live in Belize or not, have the same rights as Belize citizens. There are no regulations on who can own land or property, and you are entitled to the same protection as those who are citizens.
- You own the property under freehold, and can lease out, sell or bequeath it in any way you see fit.
- Your property insurance covers all perils, and has a relatively low deductible, usually about 5%. Since hurricanes are rare, earthquakes not an issue, and the climate is not dry enough to promote wildfires, it’s easy to get coverage that will provide for any possible happenstance. Belize’s insurers are often co-insured by American or British insurance companies, so the risk is low and the peace of mind is bona fide.
- Belize is quickly becoming one of the world’s top destinations for both vacations and retirement, so getting into the rental market can be quite attractive financially. There are several resorts and property management companies that will manage your properties professionally if you are absent.
- There are always beachfront properties available, and many are remarkably inexpensive for what they offer. For a fraction of what you might pay in the United States, you can purchase a little slice of paradise to call your own.
- The Belizean economy is stable, and the exchange does not fluctuate between USD and BZD. No matter how the market tips and rolls, one USD equals 2 BZD, making it really easy to project any business venture you might have in mind.
These are just a few great reasons to invest in Belize real estate. Whether for you personally or as a long-term investment strategy, you’ll find it’s a smart move that will add great value to your life.