7 Tips for Buying Real Estate in Belize
With Covid-19 and a plummeting stock market, many people the world over, are understandably spooked. Yet real estate continues to be one of the safest ways to build equity. The key is to choose the right location.
Belize is one of the best locations in the world to buy real estate as the government welcomes ex-pats and retirees alike. When you buy property in Belize, you will own the title and you will not have to worry about capital gains taxes.
Salt Life Belize on Ambergris Caye, in particular, provides excellent real estate opportunities. Ambergris Caye is a hot spot for travelers so you can generate immediate cash flow if you choose to rent your property to tourists. There are also many amenities that make this the place you’ll want to retire.
So, what are some tips for buying real estate in Belize, and particularly in Salt Life Belize?
- Your property taxes in Belize will be much lower than they would be in the United States and Canada since they are based on the undeveloped value of the land that you buy. For example, you will pay less than $400 a year in property taxes on a house or condo worth $250,000 on Ambergris Caye.
- Because everyone on Ambergris Caye speaks English, it will be easy for you to manage your property from abroad. Additionally, the affordable cost of living in Belize means you won’t have to spend a fortune to hire the services you need.
- If your plan is to buy rental property, first form an LLC. This will allow you to defer rental taxes. This is one of the ways that the government of Belize makes the country attractive to retirees.
- Use a local bank to buy your Belize vacation home. The local international bankers will be able to guide you through the process. Since they speak excellent English and conduct all transactions in U.S. dollars, you will find it easy to proceed.
- Make sure to follow the guidelines of the Belize Qualified Retired Persons Act. As long as you are 45 or older, this will allow you to retire or relocate to Belize without having to pay any income tax. You will also be able to import all of your belongings, including furniture and vehicles, duty-free and you might even be able to continue to run your international business.
- Talk to us at Salt Life Belize so we can familiarize you with the many choices we offer. Since our developer is an American originally from Branson, Missouri, who made a life in San Pedro 30 years ago, he is very familiar with any concerns you may have. This has translated into the unique features we offer at Salt Life Belize that will make your experience stress-free and exciting.
- Make sure to check out Belize’s free Consumer Resource Guide.
Hopefully, this guide has provided you with information you need to embark on how to buy real estate in Belize at Ambergris Caye’s premier location, Salt Life Belize.