There is no denying that real estate in Belize is truly one of the most popular forms of real estate investments available today. But before acquiring title to your own Belizean land, there are some important things you need to know when buying a suitable property.
First of all, when diving into real estate in Belize, note that there are six major districts. There is the district of Belize where the largest city in the country is-Belize City. It also covers other islands such as Caye Caulker, Goff’s Caye, English Caye, St. George’s Caye, Ambergris Caye and Caye Chapel. Next, the largest district is Cayo District, where the capital Belmopan is located.
There is also the Corozal district which is located in the northernmost part of Belize; and the Orange Walk district in the northwest with major cities like August Pine Ridge, Guinea Grass, San Felipe, San Jose, Santa Cruz, Santa Martha, and Trinidad.
Then there is the Stann Creek District which is home to Big Creek Harbor, Plancencia, Mullins River and the Garifuna Village of Hopkins. The last is the southernmost district of Toledo with the towns of Monkey River Town, Silver Creek and San Pedro Columbia.
Why do you need to know these neighborhoods if you are interested in real estate in Belize? This is for the simple reason that location is one of the main factors that guide land values. The distance of the property from tourist attractions, major cities or famous landmarks affects the price of the property you are interested in.
Additionally, the importance of knowing the strengths and weaknesses of these Belizean districts will allow you to assess the availability of utility infrastructure such as communication, water, and electricity. You wouldn’t want to be trapped in real estate in Belize with low accessibility key utilities.
When buying properties in Belize, note that the Department of Natural Resources charges a fee for each transaction. There is also a 5% sales consideration that will be paid to the Government of Belize in the form of transfer tax or stamp duty. For foreigners, registration and fees will be 7.50 USD, while for citizens it will be 15 BZD. Regardless of your nationality, 1-2% of the sale price will be used as attorneys’ fees for legal services rendered such as drafting contracts. , deeds and other transactions.
When buying available properties in Belize, you can check them out on the internet, in newspapers and in agency brochures. Once you see a property that interests you, remember that there are restrictions on land ownership for non-Belizian nationals. One is that government approval is required regardless of the size of land you purchase. It should come from the Ministry of Natural Resources. Make sure you cover all basic restrictions before signing your contract.
For the registration and title of your most coveted real estate in Belize, take note of the three different systems they use: the Registered Land Law System, the Transfer System, and the Torrens System. The system you will use depends on where your property is located, so find out where the property you are interested in is located since you must comply with the law.
Obviously, you will need to do a good job of researching each property you are considering buying. Much of the real estate activity in Belize is not licensed by the government. Therefore, finding a reliable and honest agent is essential. Additionally, finding a good real estate attorney is very important to ensure that all of your interests are protected. Nevertheless, investing in real estate in Belize is a very good idea.