12 Belize Real Estate Facts Everyone Should Know
Is Belize the hottest investment market in the Caribbean? We think so. Ex-pats are treated to all manner of investment opportunities, but perhaps the most exciting aspect of moving to Belize involves acquiring a beautiful new home. Find exactly the style and size you seek; including homes in such close proximity to the sea, breezes will lull you to sleep each night.
1. You don’t have to put up with high condominium prices in trendy Ambergris Caye (e.g., $500,000USD) when moving to Belize because you have so many options. Of prime consideration is Corozal, home to Orchid Bay, the district’s most popular ex-pat community where homes, condos and lots are attracting buyers from all walks of life.
2. The Corozal District has been named a top retirement destination by the American Association of Retired Persons (AARP), International Living.com, Kiplinger.com, “U.S. News and World Report,” “The New York Times,” “Huffington Post,” “Conde Nast Traveler” and legions of other authorities and publications.
3. Since English is Belize’s first language, real estate contracts are written in English, the structure of real estate transactions matches those conducted in the U.S. and Canada, English-speaking realtors, attorneys and title companies make the process a breeze and fees associated with a home buy are extremely reasonable.
4. You can afford to spend more on a Belize house because your cost of living won’t be as high as it is back home. Corozal homeowners brag about being able to travel to more exotic places in the region because they live the life they desire on about $1,500 monthly. Make that $2,000 and life can be cushy.
5. Belize’s Qualified Retired Persons program gifts you with not just a pass on bringing large assets like home contents, cars, boats and even planes to Belize without taxing them, but property taxes are so minimal, people who thought they couldn’t afford to purchase a home do just that.
6. If you’ve no wish to pay cash for your residence—many North Americans do—apply for a residential loan to build or buy. Put the home in your name or in the name of your business. Currently, three Belize banks offer loans to pre-qualified ex-pats: Atlantic International Bank Limited, Heritage Bank International and Scotia Bank.
7. Orchid Bay condo prices are still below Caribbean prices for beachfront property and condominium residences in this gated community are loaded with extras competitors can’t match. From solid infrastructure and beautifully-appointed kitchens and baths to appreciation trends that impress, if value attracts you, look no further.
8. Belize has become a prime destination for tourists who in turn fall in love with Belize’s people, cost of living, relaxed vibe and recreational bounty. A tourism upswing keeps Belize property values on an upward trajectory that points to steady, continued growth.
9. Belize’s economy continues to prosper thanks to trade agreements with developed countries throughout the hemisphere, including the Caribbean Community (CARICOM) and the Caribbean Basin Initiative (CBI). Duty-free relationships with EU concerns are expected to increase.
10. Feel confident buying Belize real estate because the government is stable, there are no currency fluctuations and ex-pats need have no concerns about who owns property once it’s purchased. A major incentive to live and invest here revolves around 100% foreign ownership of land and company asset laws that favor ex-pats.
11. Start your own company here and take advantage of Belize’s Export Processing Zones (EPZs). Jump start a business related to tourism, agriculture, distribution or light industry and take advantage of incentives to encourage your entrepreneurial pursuits, including a tax holiday of up to a quarter century!
12. You’ll even be exempt from export taxes if you launch a commercial enterprise. Think about what it would feel like to be free of capital gains, property, sales and other taxes plus other perks that include opening foreign currency bank accounts in Belize and elsewhere. If you were wondering why so many people have been moving to Orchid Bay in Corozal, you now know why.