Ways To Own Belize Real Estate
Ways To Own Belize Real Estate
There are a variety of ways to own property and real estate in Belize. Belize has a lot of incentive programs in place to make purchasing real estate easier and remove some of the tax obligations. When buying real estate in Belize you can property in your personal name, a corporation (like and IBC), or a Belize trust. Belize is an excellent choice if you want asset protection.
When you are looking at investing in an offshore market like Belize, there are 4 pillars a person should look for regarding real estate investment;
- Capital Protection: How safe is the investment? In Belize, there is full outright ownership. Belize is also pro-landlord and does not recognize squatting rights.
- Capital Growth: The appreciation of an asset. Belize is growing, and with growth comes increased demand. Belize is an appreciating market.
- Yield (Cash Flow): Can you produce passive income from the property? In Belize, you can rent out a home or condo with ease. You have passive real estate income from vacation rentals.
- Favorable Taxation: Belize is a tax haven with no capital gains or estate tax. Property taxes are also low and corporate taxes are 1.75% for international companies and 3% for domestic companies.
Luckily, when you invest in Belize, you are in a position to check all 4 boxes. You also have the added benefit of limited supply and scarcity in a market with growing demand when investing on an island like Ambergris Caye.
If you are interested in Belize property and/or buying Belize real estate, contact us
Contact Info:
+1(650) 653-2088
info@remaxbelizerealestate.com
Mahogany Bay Village, San Pedro Town, Belize
https://remaxbelizerealestate.com/
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Ambergris Caye Real Estate
Ambergris Caye is an island on the western coast of Belize and on the northern Caribbean side. Ambergris Caye is the most popular tourist destination in Belize. San Pedro is the main municipality on Ambergris Caye and is a well-developed town with all the amenities and infrastructure you could need. San Pedro boasts high-end, luxurious resorts and real estate opportunities for personal use or investment. With its scenic surroundings (with the reef just off the East Coast and sandy West Coast beaches) and lively nightlife, it is easy to see why Ambergris Caye is so popular for tourists and expats and why it is the #1 destination in Belize.
Belize Real Estate for Foreign Investment
When it comes to owning off-shore, Belize is one of the only countries in the region with full foreign ownership where foreigners have the same ownership rights as locals (nationals). Belize is one of the few countries in the world that has full foreign ownership and foreigners have the same real estate and land ownership rights as citizens. Other tropical destinations like Costa Rica or Mexico do not allow for full foreign ownership and when purchasing property a foreigner has to take extra steps.
Even with the extra steps, when investing in another off-shore market (like Costa Rica, Mexico, Panama, or Honduras) a foreign investor does not physically own the property. If you are investing in a market outside Belize, you can own property, but additional work is required. Other countries in the Caribbean as well as Central and South America make it even more difficult to buy property as a foreigner. This is not the case in Belize where foreigners have the same ownership rights as locals and when a foreigner buys a property they own it outright with a fee-simple title.
In Belize, you can buy property as easily as you buy property in the US or Canada. This is due to Belize sharing the British Common Law system. When you buy Belize real estate you can purchase a residence to live in, a home to rent out, commercial/business properties, industrial buildings, and raw land all as a foreigner.
Belize also offers a lot of investment incentives for foreigners looking to buy and/or invest in Belize. These are further reasons to invest in Belize.
Tax Incentives for investing in Belize
There are a lot of benefits when it comes to owning and investing in Belize. Belize is a low-tax jurisdiction. One amazing benefit of buying Belize real estate is the fact that there are no capital gains taxes or estate taxes. If you purchase land, develop it, and then sell it for a profit, or even flip a property for more money you are not obligated to pay any capital gains tax in Belize. You keep all the money. Also, if someone inherits your property or Belize asset, they are not subject to estate tax or inheritance tax.
One of the other major draws of Belize is the fact that property taxes are very low (almost shockingly low). Belize property taxes are affordable and the cost of land/property taxes is next to nothing. The low taxation and cost of ownership are one of the driving reasons so many investors and owners are investing in Belize.
Most property taxes are 1% to 1.5% of their assessed value. What is even more appealing is that property or land assessments are usually 10-30% of the property’s actual resale value really is. For example, property taxes for land around Belize Secret Beach start at $75 per year. Property taxes in Mahogany Bay are $108 per year.
When you compare property taxes in Belize with other countries you will see why so many people are buying and investing in Belize real estate and Belize land.
Language & Laws
Belize is English-Speaking and one of the only English-speaking countries in the region. The fact you do not have to learn a new language to live or do business in Belize is very appealing. When owning or investing in Belize you will find that it is very easy for a foreigner to do business in Belize. Having the official language English helps with more than day-to-day communication, it also means that all legal documents are in English as well. This is from Belize’s former history as a British colony, and practice of British Common Law. Having the language and legal system in place makes dealing with contracts and other legal matters much easier.
It is also important to note that the property and real estate contracts in Belize are similar to the real estate contracts in the US, UK, and Canada. There are some cases with corporate tax optimization programs like IBCs. But for the most part, a transfer of ownership and land title certificate is very similar to the US & Canada. When buying real estate in Belize you won’t have trouble understanding the process or the documentation.
Affordable Prices
Compared to other Caribbean & Central American real estate markets, Belize is still very affordable. Even though our real estate prices are on the rise, they are still a fraction of what you will find in the Cayman Islands, the Bahamas, Costa Rica, & Panama. The affordability of property and the affordability of lifestyle are major reasons people keep flocking and investing in Belize.
It is important to note that the real estate market in Belize has not stayed stagnant, prices have gone up over the years, but it is still affordable compared to the Cayman Islands, the Bahamas, the British Virgin Islands, Costa Rica, or Mexico. For retirement and vacation homes, Belize is a fraction of the cost of the coastal areas of Florida and California. Belize also does not have the red tape and restrictions on rent controls other markets have in place. When buying land or real estate in Belize it is an amazing deal when compared to other destinations.
The cost of living in Belize is also less expensive than you are likely used to in your domestic market.
Government
Belize has a stable government. The Belizean political system is a British Parliamentary Democracy. The democratic system in place makes Belize one of the more stable emerging countries with a democratic government. Belize also has the growing tourism industry which is strongly supported by the local government, which can be seen through the amenities and stronger safety measures. When compared to a lot of the world Belize has a low crime rate and is not subject to riots or terrorism. The crime in Belize is concentrated to a small area of Belize City. The island of Ambergris Caye (the #1 destination in Belize) is very safe.
The government in Belize supports economic growth, foreign investment, and the popular tourism sector. The currency controls in place also prevent corruption on a federal level as we have a pegged currency (2:1 with USD) that is not subject to localized inflation rates.
If you are interested in Belize property and/or buying Belize real estate, contact us
Contact Info:
+1(650) 653-2088
info@remaxbelizerealestate.com
Mahogany Bay Village, San Pedro Town, Belize
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