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Guide to Buying Your Next Real Estate Property in Belize

Guide to Buying Your Next Real Estate Property in Belize

In case you haven’t heard yet, the real estate market in Belize is boosting up in sales in recent years due to increase in tourism in the country. This may be due to a number of factors such as the increase in Belize’s property profits, lesser property tax, a stable exchange rate etc.  Whichever one it is, you can’t deny the fact that investing in Belize real estate could actually benefit you in upcoming years.

Here are the steps to get you prepared for what you’ll encounter when you’re buying a real estate property in Belize.

Considering a Property:

The first step to buying a property is considering your options. The most important of which is the location and type of property you want to go for. One of the additional pluses of buying properties in Belize is that you could go for a number of choices as to where you want to reside in Belize such as Mahogany Bay Property, Orchid Property and more which allow you land in any type of place you’d like whether it’s a beach view, amongst the jungle, or alongside neighboring locals. 

Hiring an Attorney:

A real estate attorney goes through the procedure of verifying the property’s title search, which every registered property is acquired to have. This includes looking into any issues with the property itself such as unpaid taxes; mortgages etc. basically if the property has any outstanding legal disputes and doesn’t even cost a lot with benefits that go a long way. The cost for hiring a real estate attorney for title search in Belize is around USD 250. 

Making the Offer:

This is the part where you negotiate with the dealer on the offer itself. You bring an offer to the real estate agent handling the property and renegotiations might be in process. The final offer is put on the table and here is where you take it or leave it and then go into signing documents. The entire process can be finished in a short duration and if you’re a foreigner you won’t even have to visit Belize for the exchange if you’re a foreigner.

Governmental Tax:

The Government of Belize does ask for a 5% stamp duty tax, tax accustomed to the documents during the process buying a property, which is estimated according to the property’s evaluation. There are a few terms such as the starting USD 10 thousand are considered tax free.

The taxes afterwards on your property account for only around 1.5% of your property’s value which is one of the lowest property tax percentages globally. Hence, the taxes you pay depend on where in Belize you buy your property and what its considered value is, once again depending on whether your property is a Mahogany Bay or just a relatively smaller land on the outskirts of town.

Transferring the Title:

After the process of exchanging the money, documents and paying the tax is finished; then comes the step of transferring the title. The property title is transferred to your name after duration of approximately 30-60 days.

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