Buying property in Belize is a popular investment among retirees. But buyers need to do their research. There are crooked attorneys and bogus real estate agents.
It is also recommended that buyers work with a professional who can conduct a title search in the government land office in Belmopan.
Location
With a jungle-covered interior, the world-famous Belize Barrier Reef and miles of sandy beaches, the country is popular among those looking for tropical breezes and a quiet escape. The English-speaking nation is also affordable compared to other Caribbean islands.
Buying property in Belize is straightforward for foreigners. The land title system is similar to that of the United States and Canada, and there are no restrictions on foreign ownership. Moreover, capital gains and inheritance taxes are much lower than in other countries.
Before making an offer, it is important to conduct a thorough search of the property’s public registry. This can be done by an attorney. The lawyer will look at the owner, size of the land, and whether there are any liens or mortgages on it. In addition, your attorney will make sure that you’re purchasing titled (also known as fee simple) property. This is the most secure form of ownership.
Pricing
Belize attracts tourists and second-home buyers thanks to its idyllic Caribbean beaches, crystal clear waters, and thriving culture. As a British Commonwealth country, English is the primary language and expats are welcomed with open arms.
Property prices are lower than in the US and many European countries, but still very attractive. For example, in the Corozal and Cayo districts, you can buy several acres of land with a house for less than $100,000.
However, you should be wary of fast-talking real estate agents or attorneys who try to pressure you into a deal. It’s best to enlist the help of a local real estate agent who can protect you from fraud and scams. They’ll also have an in-depth knowledge of the area and can guide you through the legal process.
Financing
As the world continues to discover Belize, it’s no surprise that real estate in this beautiful country is gaining interest. Whether people are looking to invest in land to develop a business or simply want to purchase a home to retire in, there are some key things to keep in mind.
Among the most important factors to consider is financing. While many Americans may not find it difficult to get a bank to finance their purchase, this isn’t always the case for those wishing to make a foreign acquisition.
If you’re considering buying property in Belize, be sure to ask your agent about available financing options. One popular option is owner financing, in which the seller carries the terms of the mortgage. This usually involves 30 to 40 percent down and a 5 to 10 percent interest rate. The terms are typically set during the negotiation process. Alternatively, buyers can also seek out financing back home, which is a great option for those who don’t have the cash on hand to purchase their dream home.
Scams
It is essential to have established professionals on your side when purchasing Belize property. This includes a good attorney and a real estate agent who will have experience in the local market. While this will cost you some money, they can help to keep you safe from being ripped off.
The FTC recently shut down what it called the largest overseas real estate investment scam it has ever encountered, a Belize development known as Sanctuary Belize or the Reserve. The defendants allegedly took more than $100 million from people who bought lots in the development.
The court order froze assets belonging to the defendants and their businesses. It also placed them under receivership, where a person appointed by the court will locate and manage their assets. Buyers of Belize property should always perform due diligence and be sure to check land titles for fraud, including forged signatures on transfer deeds and false witnesses. In addition, buyers should only use reputable escrow companies.