There is no denying that Belize real estate is truly one of the best forms of real estate investments available today. But before you take title to your own Belizean land, there are a few important things to know when purchasing suitable property.
First of all, when you dive into real estate in Belize, keep in mind that there are six main districts. There is a district of Belize where the largest city in the country is located – Belize City. It also covers other islands such as Caye Caulker, Goff’s Caye, English Caye, St. George’s Caye, Ambergris Caye, and Caye Chapel. Next, the largest district is the Cayo district, where the capital city of Belmopan is located.
There is also the Corozal district which is located in the northernmost part of Belize; and the Orange Walk district on the northwest side with major cities such as August Pine Ridge, Guinea Grass, San Felipe, San Jose, Santa Cruz, Santa Martha, and Trinidad.
Next is the Stann Creek District, which is home to the Big Creek Harbor, Plancencia, the Mullins River, and the Garifuna people of Hopkins. The latter is the southernmost district of Toledo with the cities of Monkey River Town, Silver Creek, and San Pedro Columbia.
Why do you need to know these districts if you are interested in real estate in Belize? It is for the simple reason that location is one of the main factors guiding land values. The distance of the property from tourist attractions, major cities or famous places affect the price of the property you are interested in.
In addition, the importance of knowing the strengths and weaknesses of these districts of Belize will allow you to assess the availability of infrastructure for public services such as communications, water and electricity. You wouldn’t want to be stuck in Belize real estate with poorly accessible key utilities.
When purchasing property in Belize, please note that the Department of Natural Resources charges a fee for each transaction. There is also a 5% sales consideration that will be given to the Government of Belize as transfer tax or stamp duty. For foreigners, registrations and fees will be USD 7.50, while for citizens, it will be BZD 15. Regardless of your citizenship, 1-2% of the sale price will be used as legal fees for services legal services rendered, such as drafting contracts. , deeds and other transactions.
When looking for available properties in Belize, you can check them on the internet, newspapers and agency brochures. Once you see a property that interests you, remember that there are restrictions on land ownership for non-Belizean citizens. One of which is that government approval is mandatory no matter how big or small the land you are buying. This must come from the Ministry of Natural Resources. Make sure you cover all the basic restrictions before you sign your contract.
For registration and title to your most coveted Belize real estate, take note of the three different systems they use: the Registered Land Act system, the Transport system, and the Torrens system. The system you will use depends on where your property is located, so determine where the property you are interested in is located, as you must comply with the law.
Obviously, you will need to do a good job of research on each property you are considering buying. Much of the real estate business in Belize is not licensed by the government. As a result, finding a trustworthy and honest agent is essential. Also, finding a good real estate lawyer is very important to ensure that all of your interests are protected. However, investing in real estate in Belize is a very good idea.
