How to Buy Belize Real Estate
The Most Common Questions
Belize Property FAQs
Buying a Belize Condo, Home, Land, Lot, Resort or other type of Belize Property requires Expats, Locals and Investors to understand the process. Below are some of the most common questions asked when investing in Belize Real Estate.
If you have other questions please contact Macarena Rose Belize Real Estate Services KW Team Rainforest.
YES! And to be specific Macarena Rose and her Team Rainforest Keller Williams are the agents you should use. Macarena Rose is working on her 2nd decade helping our clients buy and sell Belize Properties. She is a National Association of Realtors(NAR) Certified International Property Specialist(CIPS) and is one of the first NAR teachers ever certified to teach CIPS classes. It is important that you have a professional who is ethical and knowledgeable on your side to take you from property discovery to finalization of the closing of your new Belize Property. Contact Macarena today to get more information on the process of purchasing a property in Belize.
YES! Foreign investment in Belize is encouraged. When purchasing Belize property, Belize owners hold Fee Simple Title.
It is recommended to use a closing attorney that specializes in Belize Real Estate closings to ensure proper Escrow laws are followed proper title search is completed. We can suggest several attorneys upon which you can choose to use for your closing process in Belize.
To close a Belize property sale, attorneys and closing agents need at least 45-60 days at a minimum from the time the sales contract is executed by both the buyer and seller. There are two certificates that the attorney will apply for on the closing clients behalf. One is for the Central Bank Approval and the other is for the land transfer certificate. The closing attorney has no control over the timing of these two activities. For a timely closing it is suggested that clients get all the required paperwork back to the closing company as soon as possible.
Yes both have closing cost. Closing costs paid by the buyer are Belize Government Property Stamp Duty, Attorneys Title Search and Escrow Holding Fees, Priority mailing fees for transfer papers. There may be a few other processing fees, however these are the largest and most common. The Sellers closing cost is made up of the agent real estate commission and the GST(General Sales Tax) on the Agent commission. The Government GST office requires all to pay service tax on any services in Belize. In the case of the seller paying GST, the GST is collected as part of the closing cost of the transaction and passed directly to the Belize Government. All companies are required to file General Sales Tax Reports before the 15th of the following month of which the closing occurred. The seller will also have a mailing fee due to sending the signed transfer documents back to the closing attorney or agent.
Stamp Duty = (Property Price - first $10,000 USD)X Residency Percent. Residency percentage is determined by if you live in Belize or outside of Belize at the time of purchase. Residency percentage living in Belize is 5% and Residency percentage living outside Belize is 8%. Calculating Stamp Duty Example Equation : If purchasing a $100,000 USD Property and living outside of Belize. ($100,000-$10,000)=$90,000. $90,000 X .08 = $7200 USD. In summary, if you live outside of Belize and want to purchase a Belize Property for $100,000 USD your Stamp Duty Transfer Tax to the Belize Government is equal to $7200 USD.
Attorney or Closing Agents fees run between 1.5% and as high as 3% of the purchase price of the property.
NO. Most all the paperwork with the exception of the transfer documents can all be signed over email. The transfer documents will be mailed to both the buyer and seller for original ink signatures as required by the Belize Lands Department.
Yes, Yes. You may find the interest rates higher than you are used to depending on your past experience with taking on a property mortgage. The interest rates can range from 6-12 % with a required downpayment of 50-60% of the total loan value. The terms in Belize on average are 10 years. So it is possible to finance a Belize property, but most choose to pay cash.