Buying Land in Belize
Buying land in Belize is easy for everyone, locals and foreigners alike. Don’t be intimidated into thinking that prime beachfront properties with scenic views will be out of reach. The Belize real estate market is very flexible and has the right property to suite every desire and budget.
1. Who may purchase land in Belize?
Everyone. Unlike other countries in the region, Belize doesn’t have any purchasing restrictions and grants full land titles to locals and non-Belizeans alike.
However there are a few restrictions on landownership by non-nationals. Foreigners can buy beachfront real estate in the same manner as Belizeans; however they must possess an alien license from the Ministry of Natural Resources for the purchase of property that consists of 10 acres or more. An alien license is also necessary for the purchase of properties that are ½ acre or more within the city limits, on any cayes or in other restricted areas.
Photo Credit: Cayo Espanto - www.aprivateisland.com
2. How much do property taxes in Belize usually cost?
Properties are assessed by the Department of Natural Resources and property taxes are due on the April 1st of each year. Belize's property tax is considered to be one of the lowest of any of the Commonwealth countries. The amount paid for property tax in Belize depends entirely on the type of property and is usually between 1 - 1.5% of the assessed value.
A Speculation Tax was implemented in 2002 for property in excess of 300 acres, which is 5% of the undeveloped value of the land, as set by the Department of Natural Resources. This was established to provide for large tracts of land and to push developments throughout the country. This tax is also due on April 1st of each year.
In terms of Belize real estate taxes, property transfer taxes are at 5% while attorney fees (for conveying the property) usually amount to about 2%. It is customary for the buyer to pay around 6 - 7% for closing costs. All these taxes and fees are based on the total purchase price of the property. For those buyers who are a part of the Belize Retirement Program (QRP Incentive Program), the 5% fee charged on purchases made by non-citizens is waived.
3. What type of Belize real estate can you get for your budget with CPC?
Search all our listings and find the right property here.
For more information on Belize Investment opportunities, please click here.