FAQs

Yes, it is incredibly easy to own real estate as a foreigner.  Foreigners have the same property rights as Belize citizens meaning you are qualified to receive full-title ownership.

There are a tremendous number of benefits but let’s start with the most popular reasons why we are seeing folks own real estate in Belize:

1)  No capital gains tax

2) Low property tax (about 1.5% of the assessed value, and the assessed value is usually 10-30% of the market value)

3) English is the official language so it will be a breeze go to though the paperwork

4) Rental income tax is low – usually around 1.75% for nightly rentals, 3% for a long-term rentals (6+ months)

If you go in with the proper expectations, it’s hard to think of cons!  However, there are some considerations that are important to know prior to owning, including:

1) Closing costs can be high – 8% stamp tax plus 2-3% in attorney closing fees, so just allocate an additional 12-14% to be on the safe side

2) Not all land being sold has infrastructure in place (road easements, water hook-up, electricity hook-up, etc.) so be sure to ask beforehand

3) If you’re expecting to earn rental income, it may be hard to do so with so many friends and family wanting to come down and borrow your place.

For more considerations to bear in mind, be sure to request a copy of these important buyer’s questions to ask yourself.

Transactions that include foreigners typically are done in USD.  If you are Belizean and buying from a Belizean, the transaction is typically done in local Belize dollars.

After your offer is accepted, you will complete an “Offer to Purchase” letter and put down an earnest deposit (typically 10%) plus legal fees.  Over the next few months, your attorney will collect due diligence documents from you and complete due diligence on the property which typically takes 2-4 months. Thereafter you will complete the final paperwork.  Once all of your paperwork is registered with the Lands Department, you will receive an LRS number as well as information to track your title.  It typically takes about 12-24 months tor receive your physical title, but don’t fret, your paperwork is registered and you are good to go!

Although you are not obligated to use an attorney, it is highly recommended.

No, you don’t have to be here in person.  Many real estate transactions are done from abroad on a regular basis.  All you’ll have to do is autograph the paperwork in front of a Public Notary and mail the originals to Belize. 

Always send your paperwork through DHL or FedEx for two reasons: 1) tracking 2) expedition.  If you send via the regular postal service, there is no guarantee your private documents will make it to Belize, and if they do, it is uncertain as to when!  Although it is more expensive to use DHL or FedEx, it’s a pretty sure bet your paperwork will make it to the recipient.