Tourism and Real Estate Red Hot in Belize
The latest figures released by the Belize Tourism Board show that 2017 was another record year in terms of the total number of foreign visitors. In 2017, Belize broke its own 20-year record for the number of overnight visitors, up by more than 10% from the year prior.
2017 saw increases in all sectors of the tourism industry, including receiving more than 1 million cruise ship passengers for the second time in history, an increase of 3.7% compared to the year prior. Overall, tourism numbers were helped by new commercial air routes from North America, including two from Southwest Airlines, two from WestJet and one from Air Canada.
Belize has also experienced an increase in the number of politicians, movie stars, and other celebrities visiting Belize. Several members of the Trump family, including daughters Ivanka and Tiffany, have vacationed in Belize. Other notable names include actor Jack Black, Olympic gold medalist Simone Biles, and Prince Harry of the British royal family.
The rise in tourism numbers has also sparked a boom in real estate in Belize. Hollywood heavyweights Leonardi Di Caprio and Francis Ford Coppola have purchased land in Belize, the latter having built two high-end resort.
Many less well-known investors have profited handsomely from renting prime properties to tourists, taking advantage of Belize’s low tax rates that include the absence of capital gains taxes. Residents of Belize, including non-nationals, are not taxed on any income derived from outside the country, and property taxes average just 1-1.5% of the undeveloped value of the land.
One of the best places to invest in real estate in Belize is Orchid Bay. Located just across the water from the popular tourist island of Ambergris Caye, Orchid Bay is a modern, gated community with a thriving expat population.
Orchid Bay is situated on the northern tip of the Chetumal Peninsula in Belize’s Corozal District just a few miles from the Mexican border. With a fully developed infrastructure in place, Orchid Bay offers retirees and expats the opportunity to buy completed homes, condominiums, or undeveloped lots in one of the most beautiful areas of the country.
Orchid Bay operates a Buyer’s Tour that allows prospective retirees and investors to learn more about Belize and visit the community. The Buyer’s Tour includes a visit to Ambergris Caye and comprehensive information about taxes, real estate, and how to establish residency in the country.
If you have ever considered retiring to or investing in real estate in Belize, contact Orchid Bay today.