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Buying a Property in Belize

Why Belize?

Belize is the only English-speaking country in Central America and has retained strong links with the UK. The country still recognises Queen Elizabeth as sovereign, as well as being fully constitutionally independent.

Located on the eastern coast of Central America and with some 450 islets dotted along its coastline with the Caribbean Sea, Belize is also home to the second longest coral reef in the world. Tourism, and scuba diving in particular, is the major driver behind the country's economy, while production of citrus fruits, sugar and bananas are the main export crops.

In recent years, Belize has become a popular destination for retirees from the US and now from the UK. Its warm climate and the islands dotted along the coast in the Caribbean Sea mean that it is often categorized along with the rest of Caribbean, something that the somewhat colonial atmosphere of the country helps to perpetuate.

Recently however, there have been some issues with Belize which need to be considered before investing. While they are not necessarily a barrier to buying in the country, it pays to be fully apprised of the realities before putting money down.

After the successes of the property market in Belize in recent years, price rises stalled and began to fall in late 2008 due to the global economic recession. There is some debate as to the extent of the fall in prices – some local agents insist the fall is minimal, while other sources say that prices on some types of property may have fallen by up to 50 per cent compared to 2007.

Popular Buying Locations in Belize

Property in Belize has been one of the success stories of the overseas property world from 2000 until late 2007, with developments that are sympathetic and fit in with the environment, as well as being modern and suited to the retirement market.

Given the position of the country on the edge of the Caribbean Sea and bordered by Mexico and Guatemala, property buying locations are largely confined at present to the coastal regions. This may change and spread out as infrastructure develops and communications in the outlying areas improve, but for the moment, the coast is where everyone wants to be.

While this means that the interior of the country is largely still to be explored by the overseas property buyers and by many tourists, the extent to which the coastline is being prepared for residential tourists goes far beyond the few miles north or south of the capital city, Belize City.

For example, there are beach resort developments that are being built more than one hundred miles from the capital on the Placencia Peninsular in southern Belize, upon an 18-mile isthmus of sand stretching out into the sea. This location is developed enough to have a regional airport with regular flights from Belize City, as well as links on the more rudimentary road system. The region also has the typical palm-fringed beaches and the powder-white sand that abounds along the whole of this coast.

Other popular areas for overseas property buyer are Hopkins and Sittee Point, both near to each other and on the Caribbean coast. While these locations share the beach paradise traits to be found up and down the coast, they are somewhat more primitive in their infrastructure and outlook.

Otherwise, there are major new developments springing up along the coast in increasing numbers. The north of the country is predominantly geared to the beaches, while in the interior the Mountain Pine Ridge is covered in the lush forests and ribboned with rivers and rafting opportunities. Further south there are pure tropical rainforests with all manner of wildlife.

The other attraction of Belize are those 450 islets out in the Caribbean Sea, and while there are not a huge number of opportunities to get out there and snap one up, should the mood take you and the prices doesn’t scare you off, there are specific cayes (private islands) available for purchase.

Legal issues

There are no restrictions on foreign nationals buying property in Belize, and you do not even need to seek permission or get any licenses granted in order to proceed with your purchase.

People over the age for 45 are able to apply to join the Belize Retired Persons Incentive Program, which is classed as one of the best in the world for retirees tax breaks. It was set up with the aim of attracting affluent retirees to the country with tax breaks and investment incentives, allowing them to invest in the country without impeding social services or the jobs pool in Belize.

In any purchase in Belize, make sure you employ a good, independent lawyer to oversee the purchase, more than anything to make sure the property has clean and clear title before you transfer funds.

Estate agents in Belize are not regulated or qualified in any way, so make sure you have everything very clear before you hand any money over, and do plenty of research into companies you wish to use. Equally, make sure you are on site regularly for any self-build projects you commission, as you will want to keep things moving.

More pages

Page 1: Why Belize?
Page 2: The property buying process
Page 3: Property in Belize: Investment potential

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