Jim Rosenberger purchased a condo with two bedrooms on Ambergris Caye. The only problem was when the barge carrying his possessions from Ohio ran aground just off the coast. Rosenberger stated that it is not difficult to buy in Belize. It’s just different.
While Panama and Costa Rica get most of the attention, Belize is known for being one of Central America’s most accessible countries to buy property in Ambergris Caye Real Estate. The country has no restrictions regarding non-citizens owning properties, and there are no capital gains or high property taxes. The government is a member of the British Commonwealth. English is the primary language. The currency of Belize is 2 to 1 against the dollar. This provides stability for the money market.
The Retired Persons Incentive Program was established in 1999 and is one of the most liberal programs in the country. The program allows foreign citizens over 45 to import their possessions duty-free and receive special residence status, provided they fulfill a few requirements. The main conditions are proof of income from pensions and a promise not to seek employment in Belize. Cerafina Ros, international relations liaison officer at Belize
Although there are no restrictions for foreigners purchasing land, experts in the area say it pays to be familiar with local customs. Tourism Board said that if they wish to invest in a business or own it, they can. They can’t work for someone else. The transfer tax, also known as the stamp tax, must be paid before a property can be sold. It is usually around 5 percent of its value. The good news is that the tax has been lowered to 5% from 15%.
It is essential to have the correct title to your property, just as in other countries. To search for title history, it is common to hire an attorney. Choose your agent carefully. Gil Carlson, co-owner of the ReMax franchise in Ambergris Caye, stated that there is no licensing or educational requirement. You can become a bartender, a taxi driver, or a real estate agent one night.
Local agents recommend that you choose a condo with an owner-operated condo association over an outside management company when looking for one. Josh Buettner is a partner at Ambergris Seaside Real Estate. “The greatest problem with condos, or the lack thereof,” he said. Agents say that more people are purchasing lots and custom-built homes. However, it cannot be easy.
There are many clear benefits to living in Belize. There are many benefits to living in Belize, including a lower cost of living, tax benefits, and friendly culture. Belize has a low crime rate and many close-knit communities, including expats.No matter where you live, safety is a top priority. Before you invest, ask about the security and crime in your area. Find the safety measures in place if you buy into a planned community. Talk to ex-pats and current residents about their experiences.
Securing title insurance is one of the most important aspects of purchasing a property. Title insurance guarantees that you and only you have the rights to the actual property you are purchasing. Foreign property purchases and title insurance can be complicated due to cultural and language barriers. Foreigners may not be legally permitted to hold the title to the property in some countries, while multiple people can own the same piece.