Belize has a lot to offer for real estate investors and retirees. Its property market is booming and prices in Ambergris Caye and Placencia are at all-time highs.
But it’s important to get the right advice when you’re considering buying a property in Belize. Getting a local attorney and an agent who can help you navigate the system is key to success.
Tax-free living
Belize offers a great tax-free living environment for expats and retirees. Located close to the United States, this small, upper-middle-income country is an ideal place for those looking for a safe haven and good lifestyle.
Real estate in Belize is affordable and easy to buy. Property taxes are low and there’s no capital gains tax.
The government also exempts residents from paying income tax on their foreign-earned income. The first $14,500 of their annual income is tax-free.
However, if you’re planning to live in Belize and make a profit from your investments, it’s important to consult with a tax attorney to ensure that all of your transactions are legal and compliant.
The government also requires that you have a monthly income of at least USD 2,000 that originates from sources outside of Belize. This includes pension funds, investments, and real estate.
Affordability
If you’re looking for an affordable Caribbean property to invest in, Belize is a great option. Its real estate market is booming and prices haven’t yet caught up to neighboring Caribbean islands like Costa Rica, Mexico or the coastal areas of Florida and California.
Affordability is one of the main reasons people keep flocking to Belize. Many buyers are choosing to buy a vacation home or condo as their permanent residence, while others want to invest in property that can be rented out to make extra income.
There are several perks that make living in Belize more affordable than back home, including the fact that there is no capital gains tax when you sell a property. Residents also pay less income tax and utility bills than they would in North America.
As a result, Belize is an ideal destination for those who are relocating from North America or who are considering retiring abroad. In addition, Belize is affordable compared to Costa Rica, Mexico or the coastal areas of the United States and Canada.
Independence
Independence Day in Belize is a time to celebrate. You can join in the festivities across the country by attending parades, music and wearing traditional costumes in red, white and blue.
Real estate in Belize is one of the most attractive and lucrative markets for foreign investors. This is because, unlike many of the other Central American countries, Belize encourages property ownership by overseas residents.
Moreover, the legal system is based on English Common Law and familiar to US and UK investors. In addition, the government offers a Retired Persons Incentive Program to encourage foreign residents to live and retire in Belize income tax-free.
As a result, real estate prices in Belize have rebounded significantly since the global economic crisis, and are now on par with pre-2008 highs. This is especially true for the most popular island of Ambergris Caye. The country’s main tourist destination, the beaches of this island are a major draw for visitors from all over the world.
Security
A growing tourism industry and a variety of real estate options make Belize an ideal destination for foreign investors. Some choose to purchase vacation properties for their own enjoyment, while others invest in a home to use as their retirement nest.
If you’re considering purchasing a home in Belize, be aware of the risks that exist here. One of the biggest threats is scams that target property buyers, especially when it comes to title fraud.
The country has many reputable local experts to help protect you from these scams. Be sure to get a background check and an abstract of the land title before signing any documents.
It’s also important to choose a reputable escrow company for your transaction. While you don’t have to be in Belize for the settlement, a good escrow company will be able to keep an eye on things.
