How to Buy Real Estate in Belize

On the eastern coastline of Central America with a mainland and over 200 islands, Belize is a popular tourist destination. It offers many natural attractions with rainforests, sandy beaches, Mayan ruins and tropical climate. Belize is affordable and has a lower cost of living than Europe and the United States. There are no restrictions on foreign ownership, and the country is politically and economically stable.

Instructions

Difficulty: Moderately Challenging

1. Spend time in Belize and ask around for properties. There are a few real estate listings, but most are for sale by owner and usually there are no signs posted. Be prepared to hunt for real estate.
2. Pay cash or get financing on your assets back home. Mortgage financing is not readily available for foreign buyers.
3. Negotiate your price. There are two prices, one for locals and one for foreigners. Do your research or have a Belizean friend find out the local price for you. You will get a better price if you have more knowledge of the real estate market there.
4. Hire a lawyer. The attorney fee is normally two percent of the purchase price.
5. Research and learn the real estate market. Know the fees and costs of purchase. Your Land Title Transfer fee, called a stamp tax, is 12 percent. The property taxes vary based on the assessed value of your property.
6. Apply for a Title Transfer and receive a Certificate of Title under the Registered Land Act System. This is the most common purchase agreement. There is also the Conveyance System involving a title search usually done by an attorney, and the Torrens System involving a First Certificate of Title.

Tips & Warnings

• There are no money back conditions if the seller or agent doesn't provide full disclosure.
• Between June and November, Belize may experience frequent hurricanes and some coastal flooding.
• Be careful in choosing a realtor. A license is not required in Belize, so the quality among realtors varies.