Belize Buyer's Guide
"Belize" A Paradise on Earth
Buying real estate in Belize
Belize is equal parts tranquil escape and adventurer’s wonderland. With one foot planted in the Central American jungles and the other dipped in the Caribbean Sea, Belize blends the best of both worlds. Spectacular natural attractions abound, from the second largest barrier reef in the world, to ancient Mayan ruins, to pristine beaches and untouched jungle reserves. Belize is truly one of the last unspoiled places on earth.
Belize, the only English-speaking country in Central America, offers a unique combination of richly rewarding experiences that make it unlike any destination on the planet.
Buying With Engel & Völkers Belize
Engel & Völkers holds the utmost dedication to our clients and guarantee professional representation. We aid to search, recommend, and facilitate the negotiation process to purchase at the right price. Our Team is well associated with the leading professionals of their individual industry: Surveyors, architects, attorneys, contractors, lenders, etc. Our aim is to provide our clients with proper representation in acquiring a piece of this paradise.
The buying process in Belize is similar to that in the UK and US. Once an offer has been formally accepted, a deposit is paid into an escrow account which will include a binding Sales Agreement outlining the details of the accepted offer, payment schedule, and any other relevant terms and conditions of the transaction.
A period of 30 to 90 days is allowed for each party to conduct any relevant searches, due diligence, preparation of legal transfer documents, fund allocation, etc. before concluding the sale. Once the final payment has been made, the transfer of ownership documents will be executed for legal processing, and thereafter the escrow account will be released for the seller’s access.
Laws & Transactions
Belize has a fixed exchange rate of $1US=$2BZ. Compliance with the Exchange Control Regulations ensures that foreign currency inflows are pooled and made available to meet the needs of the general public.
The Exchange Control Regulations stipulates that Central Bank’s permission may be required where a non-resident is involved in a transaction relating to the transfer by way of sale, exchange, gift or mortgage of any land, buildings or other hereditaments situated in Belize. Engel and Völkers will assist with all aspects of the permission process if applicable.
Authorized Dealers are appointed by the Central Bank to assist in conducting foreign currency transactions. The following domestic banks are authorized Dealers:
The Exchange Control Regulation Act ensures the legality of all land transactions in Belize.
Non-Belizeans are free to own property in Belize and pay similar taxes as Belizeans. Costs in acquiring property include:
Qualified Retirement Program (QRP)
General incentives for Belize’s Award-winning Qualified Retirement Program include no taxation on income forwarded to your financial institute located in Belize. Additionally, qualified retirees are exempted from import duty for personal effect including but not limited to; furniture, car, boat, etc.
Applicant must be of the age of 45 years. They may include dependents (wife and children under 18 years of age unless a student)
Income from an outside source. This may include pension, property investment returns, etc. at a minimum of $2,000.00 US Currency forwarded monthly to a financial institution within Belize.
Background check. All applicants are subject to a background check carried out by the Ministry of National Security.
Living In Belize
Calling Belize your home, weekend retreat, or investment is surprisingly less expensive than in larger developed countries. With a budget around $2,000 monthly, one can live comfortably within the Caribbean jewel of Belize.
Imported goods and fuel tend to be high priced due to importation taxes however construction, services and local products are priced substantially lower.
The cost per square foot ranges on location, accessibility to materials, resources, and work force. Building cost on the islands tend to be 40% more than mainland costs due to transportation of material and supply of work force.
Belize won’t be the Caribbean’s best-kept secret much longer. The promise of relaxation, rewarding authenticity, adventure, and natural heritage await you.
The ocean water is clean, warm and clear, the trade winds gentle and cooling. There are few places on earth more calming to the spirit. This unsurpassed tropical have calls out to its next generation of visitors and residents…welcome!