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FUN FACTS
NAME that country - BELIZE
No one really knows for sure where the name Belize originated, but some suggest it was derived from the Mayan Word “belix”, which means muddy river. During its colonial period, this Central America country was officially British Honduras. |
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Currently, property transfer taxes are at 10 percent, and attorney fees usually equal 2 percent, including miscellaneous expenses. The buyer usually pays around 12.5 percent for closing cost, based on the total purchase price of the real estate. Belize has no capital gains tax. Property taxes depend on the type of property and start at one percent of the assessed value. |
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Buying property in Belize is not a difficult process, but it does take time and commitment. Thanks to revised legislation, and on the proviso you have all your documentation in place, procuring your place in paradise could now take as little as 6 months.
Let us help you find out what you can afford!
Enjoy a 'Rolls Royce' lifestyle on a 'Honda Civic' budget read more... |
Factors that influence Real Estate in Belize
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What are the factors that influence Real Estate in Belize?
Answers:
Location of the property
Accessibility to property (major roads highways)
Proximity to major towns, villages and shopping centers.
Proximity to InternationalAirport and International Import / Export
Access to Utilities
Qualifications of property (i.e. Commercial, Residential.)
Quality of improved or unimproved property
Building materials used and finishing touches
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Capital: Belmopan
Population(2005): 279,500
Size: 8,867 sq mi (22,965 sq km)
Geography
Belize is an independent state within the Commonwealth of Nations, Central America, on the Caribbean Sea. Belize is bounded on the N by Mexico, on the S and W by Guatemala, and on the E by the Caribbean. The capital is Belmopan. Belize City, the capital until 1970, is the largest city and main port.
Land and People
The land is generally low, with mangrove swamps and cays along the coast, but in the south rises to Victoria Peak (c.3,700 ft/1,128 m high). The climate is subtropical. Although most of the area is heavily forested, yielding mahogany, cedar, and logwood, there are regions of fertile savannas and barren pine ridges.
 Besides the capital and Belize City, other important urban areas are Orange Walk, Corozal, and Dangringa.
Although only a small fraction of the land is cultivated, agriculture provides about 75% of Belize's exports, the chief of which are sugar, citrus fruits, and fish. Clothing and woods are also important products and export items, and tourism and construction are increasingly significant to the economy.
*Columbia Encyclopedia, Sixth Edition, Copyright (c) 2006. |
Foreigners can purchase to own land in Belize, Freehold.
There is no required permits by GOB for any foreigner to invest in real estate in Belize.
A Speculation Tax was implemented in 2002, which is a 5% of the undeveloped value of the land set by the Department of Natural Resources, and applies to property 300 acres and more. This Speculation Land Tax was passed to encourage large land holders to developed their property and not to sit on it to speculate. The property tax and Speculation Tax is due 1st of April of each year.
Property Taxes:
Property tax generally consists of between 1-1.5% of the value set by the Department of Natural Resources.
Property Exchange or Transfer:
Any form of transfer of property; whether sold, exchanged or given by way of a gift, there are closing costs related to these transactions. The charges are certain percentage per transaction.
Purchase of Land by Non-Belizean:
- Non-Belizean pays 10% of the selling Consideration as a Stamp Duty or Transfer Tax to the GOB -Government of Belize.
- Registration and fees are very minimal.
- Lawyer's Fee for Legal Services for Conveying property is approximately 1-3% of selling consideration. Each individual is entitled to seek own personal Legal Council.
Approximative closing cost: 11-13% of the selling consideration.
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Purchasing Real Estate under the Belize Legal System
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 Belize being part of the British Commonwealth and having a legal system that is based on British Common Law. Home buyers and property purchasers can obtain title to freehold property in Belize. Such real estate purchase would be obtainable and authenticated as follows: 1. Deed of Conveyance: The oldest form of title ownership is by a Deed of Conveyance. Ownership by way of conveyance is a registered right to ownership of property. Ownership by conveyance can be converted to a Certificate of Title via an application for first registration. Any subsequent buyer is issued a Transfer Certificate of Title. It should be noted, however, that a Deed of Conveyance is a valid legal title once an attorney has confirmed that the seller has good title to the property. 2. A Transfer of Certificate: A Transfer Certificate of Title is a physical title to a particular parcel of land. This form of ownership is secure. It is more costly and time consuming to transfer title on a Transfer Certificate of Title than on a Deed of Conveyance. 3. A Land Certificate: A Land Certificate is an absolute title and applies to property purchases in new or specially designated areas. The Government is in the process of re-registering all freehold lands under the Registered Land Act of 1987 to achieve an eventual uniform system of nationwide land ownership. However this will take time, as some areas have to be re-surveyed. When purchasing property in Belize, title insurance is not necessary and closing costs are very minimal as there is no capital gains tax. The Government assesses a 5% stamp tax on the declared purchase price of the property at the time of transfer of title and there is an additional tax of 10% for non-residents and for persons who have resided in Belize for less than 3 years. |
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View
(5 Photos)
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Jack's Caye
(New Construction)
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Islands
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$1,600,000
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Lot / Land "14.6 acres of private island"
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Residential
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View
(7 Photos)
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Stann Creek- Hopkins
(New Construction)
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Hopkins
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$600,000
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2 Story "Stunning sea views "
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Residential
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View
(20 Photos)
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belize
(New Construction)
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Caye Caulker
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$450,000
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"47x32"
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Single Story "Building and Lot"
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Commercial
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View
(19 Photos)
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Belmopan City
(New Construction)
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Belmopan
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$267,500
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Single Story "3 commercial spaces"
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Commercial
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View
(34 Photos)
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Corozal
(New Construction)
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Corozal Town
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Consejo Shores
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$225,000
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1,873 sq. ft."New Home,Completely furnished with premium furnitu"
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Single Story
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Residential
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View
(32 Photos)
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Belize
(New Construction)
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Unitedville Village
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$181,260
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Single Story
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Condominium
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View
(2 Photos)
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Western Belmopan
(New Construction)
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Belmopan
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$148,000
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Lot / Land
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Residential
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View
(8 Photos)
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Belize
(New Construction)
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San Ignacio Cayo
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Teakettle
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$110,000
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900 sq. ft."House in Harwood on 10' high cement post"
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Single Story "Home on Posts"
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Residential
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View
(1 Photos)
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Belmopan
(New Construction)
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Belmopan
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$100,000
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Lot / Land
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Residential
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View
(1 Photos)
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West Belmopan
(New Construction)
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Belmopan
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$100,000
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Lot / Land
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Commercial
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View
(7 Photos)
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Belmopan,
(New Construction)
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Belmopan
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$100,000
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Lot / Land "Road access "
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Residential
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View
(2 Photos)
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Hummingbird Highway
(New Construction)
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Belmopan
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$100,000
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Lot / Land
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Farm / Acreage
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View
(22 Photos)
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Belize
(New Construction)
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Spanish Lookout
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Duck Run Iii
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$90,000
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Lot / Land "Great for Development"
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Farm / Acreage
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View
(11 Photos)
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Belmopan, Puccini area
(New Construction)
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Belmopan
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SOLD
$75,000
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Single Story "All Fenced"
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Residential
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View
(9 Photos)
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Belize
(New Construction)
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Caye Caulker
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$75,000
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Lot / Land "OCEAN VIEW LOTS "
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Residential
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Register here to see listings.
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Purchase of Land by Non-Belizean
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- Non-Belizean pays 5% f the Selling Consideration as a Stamp Duty or Transfer Tax to the Government of Belize.
- Registration and fees are very minimal (approximately $30.00BZ).
- Lawyer's Fee for Legal Services for Conveying property is approximately 1-3% of selling consideration. Each individual is entitled to seek own personal Legal Council.
Approximate closing cost of a Non-Belizean: 11-13% of the selling consideration. |
"When you invest in Belize, you help built Belize"
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Belize Real Estate Advantages
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- For the last 25 years fixed exchange rate. $1US = $2BZE
- Foreigners can easily own property in Belize with little restrictions.
- Title can be obtained individually, jointly or in a corporate name.
- The Government transfer tax or Stamp duty is currently 5% of the contract price.
- There are investment opportunities for all budgets.
- All Government forms and documents are in English.
- No capital gains tax.
- Property taxes are based on the type of property and start at one percent of the market value. {Ex: undeveloped land having a market value of $10,000 would mean that your annual property tax payment could be as low as $100}
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