Is owning property in Belize something you are interested in? Maybe you plan to purchase a vacation property that you can use for a few months each year. When you retire, you may want to buy a property that you’ll use as a vacation home, but which you’ll eventually call home full time. There are many reasons to buy real estate in Belize, but whatever the reason, it’s nice to know that the process is straightforward. Many aspects of making a purchase will be familiar to you.

All prospective property owners should be aware of these seven key facts.

Real Estate Can Be Purchased Without Being A Citizen

Belizean citizens are not the only ones who can own Belize Real Estate. Buying real estate is similar for foreigners as well. In 2001, the current qualifications were established and are relatively simple to understand.

There is one difference between developed and undeveloped property. It is necessary to work with the Central Building Authority if the plan is to purchase land and build a house rather than purchasing a pre-existing structure. As one of the newer government agencies in Belize, the CBA sets the codes and standards for new construction. Private dwellings are included in this category. For the purchase of property for development, both citizens and foreigners are required to have plans that meet the current standards of the CBA.

No Physical Presence Is Required

There are places around the world where you must be physically present to purchase real estate. Belize isn’t like that. All details can be handled without coming to the country. There is always the option of traveling to Belize and conducting the search and purchase in person.

Remote management is possible thanks to technology. Virtual tours are offered by many real estate professionals. You can easily view the interiors and exteriors of a number of properties this way.

Until you have the originals signed and returned, you can sign electronic documents associated with the sale.

 Finding A Property Is A Familiar Process

The first step to buying a property is finding the one that’s right for you. You will do this similarly to how you would in your country.

Listed below are a few easy ways to locate potential properties:

• Real estate agents are one strategy you can use. A buyer’s agent as well as a real estate attorney are excellent resources. A real estate agent can create a profile of the kind of property you’re looking for. An agent can keep you informed of any potential properties that meet your criteria by comparing that profile with current listings.
• Those who have friends in Belize may also be on the lookout for properties. You can be alerted to properties that meet your criteria and even follow up with the listing agent if you are interested. Once you are introduced to the agent, the two of you can arrange a virtual or in-person tour.
• To find properties on your own, you can also use online resources. The listing agent can be contacted once you’ve found something you like and negotiations can begin. To complete the purchase, you will need an agent and an attorney.

The Benefits Of Conducting A Title Search

What are the benefits of hiring a real estate attorney? During the final purchase process, that attorney will handle all of the details. An attorney will oversee a title search prior to that. In general, that search ensures that there are no legal obstacles to the purchase of the property, since it will identify any prior claims on the property, confirm the property lines, etc.

If it comes to the sale documents, the attorney can make sure everything is in order. It also includes helping you prepare and remit stamp duty, also known as stamp tax. It amounts to no more than 8% of the total purchase price as of 2019. You will also be pleased to hear that Belize does not impose capital gains taxes on property purchases.

Payment Confirmation Or Cash On Hand To Submit An Offer

If you submit a bid on a property, you’ll have to provide confirmation that you can back up your bid. Provide proof that you have the funds on hand to complete the purchase. You may also need to provide confirmation that you already have sufficient financing in place to cover the purchase.

In addition to making a deposit or down payment on the property, this is an additional step. If you are buying a property, your deposit amount will vary. Undeveloped or raw property typically costs between 10-20% of the purchase price. If the property already includes houses and other structures, the down payment will be closer to 30-50%.

Banks In Belize Can Provide Financing

It is possible to arrange financing through a bank in your country of origin, but that is not necessary. Real estate loans are available to foreigners through Belizean banks. Particularly if you have checking and other accounts with a local bank or are planning to eventually make Belize your home.

You can obtain financing through a banking institution much like you would at home. You must provide proof of identity, income verification, compare the amount you’re asking for with the current value of the intended property, and a few other requirements. You can collect all the data that a local bank will likely need if you are interested in purchasing property in Belize with the help of your agent.

It May Take 90 Days To Close

The average real estate transaction takes between 30 and 90 days to complete. This period entails addressing and resolving several factors.

A number of issues must be resolved first, so it may take closer to 90 days. It is likely that the sale and transfer of property will take 30-45 days when everything is straightforward and relatively uncomplicated.

Get A Piece Of Belizean Paradise

You can own real estate in beautiful Belize with relative ease if you wish. Don’t be surprised if the process takes a little time, but know it will be worth it. You can begin preparing your new home for occupancy as soon as you start the building process and everything is moving towards completion.