How to Buy Property in Belize for Retirement
Few nations make it as easy for retirees to find, finance and buy a home as the country of Belize, which is the reason the number of retirees moving here has set new records. It’s not hard to figure out why Belize is so popular. Everyone speaks English. U.S. dollars are accepted in most places. And the housing market at Belize destinations like the quintessentially-popular Orchid Bay community is thriving.
Houses, condos and villas in this safe, gated community are built to North American infrastructure standards and a ready-made community of friends is already in place. Thanks to the nation’s liberal retirement program, anyone over the age of 45 is eligible to receive a full complement of incentives offered by the Belize government, so your dreams of early retirement can come true here. Need more inducements? Start with these 10.
-Time is your friend. The home purchase process takes between 30 to 90 days, so it’s common practice for retirees to find a residence and return home after most of the paperwork is sorted.
-Financing isn’t a problem for most home buyers moving to Belize because banks are eager to bend over backward to help ex-pats settle here. On average, a 10-percent deposit is required, and Belize banks usually charge from 10- to 15-percent interest on loans.
-Communities like Orchid Bay offer developer financing or milestone payments to buyers, so if you prefer not to involve a bank in your home purchase, you have that option.
-A surprising amount of paperwork can be undertaken by mail, wire transfer and fax since you don’t have to be in Belize to oversee most aspects of your real estate transaction.
-Newcomers receive the same property ownership rights as Belizeans and contracts and agreements are written in English, thus most ex-pats find themselves familiar with the process that’s based on British Commonwealth Law.
-Closing costs for a home purchase are modest and determined by the development itself; legal/administrative fees are minimal, too.
-You’ll be offered three types of deeds: a deed of conveyance, transfer certificate of title or land certificate. Ask your attorney to explain each so you’ve a thorough understanding of how they work and which one(s) you’re entitled to take advantage of.
-Enjoy being free, at last, of capital gains and inheritance taxes; the money you save adds up thanks to eliminating these alone. Property taxes are so low, they could take your breath away at around 1-percent annually.
-Every ex-pat is given an opportunity to participate in Belize’s Retired Persons Incentive Program. One of the perks of which you’re entitled is the ability to import your largest assets (cars, furnishings, boats) to your new home duty free.
-Return home as often as you like once you’ve found your home. Airfares have begun to drop dramatically as retirees continue to relocate in huge numbers. Of course, you may not want to leave—-a common sentiment among Orchid Bay’s newest and oldest residents, each of whom has found their own version of a Caribbean paradise.