Belize Faq's

Information and answers to some of the most commonly asked questions regarding buying investment property in Belize

What type of ownership am I getting?

All land in Belize is freehold, and you can also back this up by purchasing title insurance at the time of closing.
There are no restrictions on ownership by foreigners, and you may take title using a trust, a local/international company, or as an individual.
Local attorneys can advise you further with regards to forming a local company and the advantages and disadvantages this may provide.

What is the purchase process?

The first step is for you to select one or more lots for purchase, and you will then be sent a reservation agreement. You will also pay a reservation fee, currently set at 10% for most lots, with a minimum of $1.500 USD.
Once the reservation documents and accompanying paperwork have been submitted, you will be sent the purchase documents. Once they have been signed and returned to the attorneys’ office, a closing will take place.
At this point, your funds will have to be wired to Belize for the purchase.
Once the closing has taken place, you will be notified by the closing agent, and receive all the required paperwork, as well as the deeds once they have been processed.

The purchase process in Belize is very similar to that of the United States and United Kingdom.
The whole process is supervised by local legal experts, who will make sure that you land is transferred free and clear, and into the entity of your choice, and that you will receive all accompanying paperwork in a timely manner.

What are typical build costs, and what type of homes are common in Belize?

The building costs in Belize vary with the type of property you are looking for, but in general, count on paying $60 per square foot for a standard site-built property.

The style can best be described as “Caribbean” – one story homes, often with 2 bedrooms and a large patio are the most common in Corozal. A standard home would be approximately 1.000 sq.ft (can be built for around $60.000 USD) they would be built with a rain catchment system (for the water supply) or you could choose to have a well built, the cost of a septic tank is around $2.000 USD as well.

Another very affordable option is purchasing a manufactured home from the Mennonite community (Amish) as these wood houses look great, and are VERY affordable.

What type of infrastructure is available?

  • Water;
    Accessing water is most commonly done by digging a well, although you can also use a rain catchment system, which is easy to set up once the property has been built
  • Sewer/Septic;
    Cost of a septic tank is roughly $2.000 USD
  • Power;
    Power lines are running all along the main areas so connecting to the grid should not be an issue.
    Solar power is also increasingly common in eco-friendly Belize, and the preferred option for many environmentally conscious retirees and investors.

Do I need insurance?

No, there is no need to obtain insurance on the property – however, we do recommend that all buyers explore the option of buying title insurance.

What are the Capital Gains taxes in Belize?

As of 2013, there is no Capital Gains tax in Belize.

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