Can US citizens own property in Belize?
The quick answer is that yes U.S. citizens can own property in Belize. Belize welcomes foreign property owners. American citizens who wish to own property in Belize can enjoy the same rights as locals, which includes the right to buy, sell or rent property in Belize.
Belize is quickly becoming one of the hottest spots for retirees and those looking for their dream home. The country offers incredible weather year-around, plus a market that is business-friendly and beautiful beach properties with water views and affordable prices. All of these features have made Belize heat up as a property market in the last few years.
The other great feature that Belize has to offer is being the only country among its neighbors to have English as its official language. This is great news for Americans as you won’t have to rely on translators to read official papers when buying property. Belize’s legal system is also based on the familiar one in use by the British, which strongly defends property rights. Even better than all of this is the fact that Belize imposes very little in terms of property taxes. What it does impose is only based on land value and not improvements.
One thing fueling the boom of foreign property buyers is all the additional non-stop flights to Belize that have been added throughout North America. Major airlines like Southwest, American and Delta are now competing to offer the lowest fares from American cities to Belize. Meanwhile, WestJet and Canada Air are competing to offer low fares to Belize from Canadian cities.
Celebrities are also making Belize their refuge, including such famous names like Leonardo DiCaprio and Francis Ford Coppola.
As previously mentioned, Belize is an excellent tax refuge. It does not impose any capital gain taxes, and the property tax is roughly 1.5 percent of the land’s assessed value. A new purchase will be assessed a 10 percent tax. Belize also has a popular program called QRP. This program gives qualifying people at the age of 45 or older the ability to obtain permanent residency for a small fee. This program also applies to families of these individuals. People under this program can import personal vehicles like cars, boats and aircraft without taxes. They also will not incur any taxes on income made outside of Belize.
A Belize property transaction is quite easy and familiar to North American buyers. After signing a sales agreement and putting down a 10 percent deposit, a title search is conducted. Once everything clears, the buyer pays some required fees and then everything is completed.
If you’re looking for property in Belize, Salt Life Belize is one of the best places to buy right now.