5 Things You Should Know About Foreign Ownership of Property in Belize
Does the idea of buying and owning property in Belize excite you, but moving abroad feels overwhelming? Relax. By the time you finish this article, you’ll realize that the process of buying a home in Belize is no harder than moving across North America. Ex-pats tell us that it’s often easier thanks to Belize’s open-arms policies that are so inclusive, you may wonder what took you so long to make your move. Choose an established, safe, gated community like Orchid Bay for your new home and whether you buy a villa, a condo or build on a lot, find the good life without spending a fortune in this welcoming land.
Here are 5 Things You Should Know About Foreign Ownership of Property in Belize:
1. It’s easier than you imagine to acquire residential property in Belize if you’re a citizen of another nation. There are no purchase restrictions, real estate transactions are conducted in English and even the paperwork is no big deal since Belize’s government is modeled after the British legal system, so you’ll understand every word of the contracts you sign. Ownership rights are exactly the same as they are for Belizean homeowners.
2. It’s more practical than you imagine to buy Belize residential property because new homeowners are entitled to multiple tax breaks when they buy. You’ll have no problem mastering the currency exchange rate ($1 USD to $2 BZD), down payments and deposits are affordable, miscellaneous transfer taxes and fees associated with your purchase are minimal and financing isn’t hard to obtain. Turn to a bank for a loan. If you prefer not to deal with banks, ask about multiple financing options available to you.
3. It’s more beneficial than you imagine to trade your old life for a luxurious new one in Belize, because anyone over the age of 45 who moves here is eligible to take advantage of the Qualified Retired Persons Program, a unique “welcome package” of financial benefits that require few requirements be met to grab a bounty of benefits. These include bringing your largest assets to Belize (cars, boats and furnishings) duty free, and you won’t lack for people eager to help you settle in.
4. It’s more convenient than you imagine to find the help you need to take your home buying quest from shopping to closing. For example, tour available Orchid Bay homes to pick one that best suits your needs, and ask for help sorting out the nuances of your move. Whether you require an attorney, a title search firm, a recommended shipper for bringing belongings to Belize or a decorator, onsite staff is eager to assist and help you get settled. By the way, it’s commonplace in Belize to use a paralegal rather than an attorney to help with the process.
5. It’s more advantageous than you imagine to reside in Belize as an ex-pat. You’ll pay zero capital gains taxes, inheritance taxes and taxes on income you earn as a result of opening a business or managing the business you left behind and low property taxes are amazing. The Belize government even offers tax holidays and other considerations, just in case you need assistance. Enjoy the convenience of getting title and home owners insurance through U.S. or Belize companies. Sound too good to be true? It’s not. Find out for yourself by contacting the Orchid Bay staff and ask all the questions you like.