5 Surprising Facts about Belize Real Estate
Although resembling the United States regarding ownership, taxes and transaction of real estate, Belize has important differences that you should know if you are planning to buy a real estate here.
1. Anybody can Sell Real Estate in Belize
Unlike in the US, licensing is not compulsory for listing and selling real estate in Belize. You should only be comfortable with whom you plan to work with on a professional and personal level. Select a person who is aware of the market and has a huge experience of selling real estate under their belt. Typically, if a person has been a successful licensed realtor in the US or Canada for many years, they will efficiently handle the deals of Belize properties for sale.
2. Foreigners can Own Properties in Belize just like Belizeans
The traditions of English Common Law protect your property rights in Belize. Ownership is “Free Simple Title” and British Common Law governs it instead of Napoleonic Civil Law. There are no land ownership restrictions for foreigners in Belize. You can own real estate just as any Belize citizen.
3. No Title Insurance
Title insurance is not common in Belize though the government is forming a title insurance process as well as database. The Constitution of Belize offers protection to private property. Conflicts related to unreliable ownership history and boundaries of properties do take place infrequently and it can take up to around six months to get your certificate of title after your real estate closing. Just like in any market, working with qualified real estate professionals and completely studying the title is highly advisable.
4. Low Tax Rate and No Capital Gains on Rental Income
Several attractive reasons exist to consider purchasing property in Belize. One benefit that can’t be overlooked is “No Capital Gains Tax”. Though you may be liable still for taxes back home, you won’t have to pay even a cent for your realized gain in Belize. Plus, the tax rate on rental income is only 1.75% of your collected gross rents.
5. Low Property Taxes
Property taxes in Belize are just a fraction of what North Americans are habituated to pay in the US and Canada. For example, currently the property taxes in Belize on a $290,000 property would normally be below $1000.00 for the year. This lower cost of owning a real estate is still another reason why you should own a property in Belize.
So, have you started planning to buy a real estate in Belize by now?