Economic Factors In Belize

When considering property purchase in Belize, many buyers will be encouraged to know that the country offers a large number of economic advantages to overseas investors

Influx of wealthy retirees under the QRP program:

The QRP program allows retirees from anywhere in the world to relocate to Belize and import certain personal items and goods free of import duties. This is the only retirement visa product available in the Caribbean, and it has been hugely successful in attracting new residents, thereby increasing demand for suitable real estate in planned communities.

The affordability of real estate:

Although property prices are on the increase and mortgages are becoming more widely available, Belize is still by far the most affordable of the Caribbean markets, and the property taxes in Belize are also very low which means you can hold on to the asset for a long time without incurring hardly any costs.

Low cost of living – High Quality of life:

The mixture of a low cost of living and a high quality of life has seen a large number of retirees and families from the United States and Canada relocate to Belize, which has increased the demand for accommodation significantly – especially homes in planned residential communities that are similar to the ones found “back home”.

Favourable tax laws:

Belize does not assess any Capital Gains taxes at all, and non-residents of Belize are also not subject to Belizean income tax, should they elect to form a local corporation.

Rapid Population growth:

The population of Belize grew by 2.65% last year, which is one of the fastest growth rates in the Western world. The stable political system has seen an influx of workers from the nearby countries, which has further increased the demand for housing.

Currency pegged to USD – no currency risk:

The Belizean currency follows the USD, meaning that you do not have any foreign exchange risk if coming from the U.S. and if coming from Europe, you will have the option of pre-buying your currency (in USD) at a set rate, which minimizes your exposure.

Free Trade Zone:

There is a Free Trade zone on the border between Belize and Mexico, just north of Corozal Town, which is bringing retailers, manufacturers, and other services to the area which has further increased the demand for housing.

A new border processing facility has been installed and crossings are now seamless, and you can travel from Corozal Town to Chetumal in just 10 minutes.

Strong Financial Sector:

Because of the favourable tax laws, Belize is home to many banks – both local and International. The option of opening an International Business Company (IBC) is open to anyone, and these companies are not taxed on any of their corporate income.

Banking secrecy is one of the best in the world, and Belizean banks are currently not sharing information with authorities in any other countries.

Growing Tourism:

The tourism market in Belize attractive a lot of “active” tourists, that are looking to go hiking, diving, boating or just enjoying the scenic beauty of this country.

Rather than large chain hotels, most hotels in Belize are smaller Bed and Breakfasts and Guesthouses, and the country has developed a large following with backpackers and eco-tourists as well because of the affordability and green initiatives that are very common.

Tourism accommodation has been identified as one of the seven top “emerging businesses” in Belize by Government agency Beltraide.

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