What to Ask When Buying Land in Belize

Belize offers some of the most striking scenery in the region, from dense jungle to open coastline. With jungles filled with wildlife, white sand beaches, crystal clear waters, and extremely low tax rates… What’s not to love? That is why many Belize investment property owners and retirees purchase land in Belize. But, before you dive into the land buying game in Belize, you should definitely make sure you know the right answers to the important questions.

Let’s dive into those.

 

Do I Need To Be A Citizen?

You do not have to be a citizen to own property in Belize. Belize has full foreign ownership with fee simple land title. In many countries, you must maintain permanent residence or citizenship in order to purchase land–especially as an investment. In Belize, no such hangups exist. In Belize, almost anyone who has the funds can purchase land no matter what the ultimate use of that land will be. There are some requirements that need to be met, on top of some small tax and fee amounts, but these are usually negligible. You can find out what these are by speaking to a real estate agent in Belize about your specific situation.

 

Is All Land in Belize For Sale?

There are some restrictions on what type of land can and cannot be purchased in Belize. For example, nature reserve land can be purchased but under heavy restrictions. ‘Queen’s’ land–land within 66ft of surrounding water–can not be purchased. There are always going to be some restrictions on what is and isn’t exactly for sale in Belize. Again, this is something a real estate agent can help you navigate based on your own personal qualifications.

 

Do I Have to Be IN Belize To Buy?

You do not have to be physically in the country to purchase land. When in contact with a licensed real estate agent, you can purchase land in Belize from wherever you are located at the moment. However, recent laws have made it so you must possess a valid passport in order to do so. We have worked with hundreds of clients and helped them acquire property abroad. All the paperwork can be done remotely and done with digital signing.

 

Can I Make Monthly Payments?

Bank financing is common around the world, but in Belize bank financing is hard to come by and it can be difficult for a foreigner to acquire traditional financing. That being said, a lot of people find property with owner/vendor financing. Private seller agreements are legal in Belize and the vendor is able to carry the financing. This means that so long as you have the agreed-upon amount as a down payment, you can indeed make monthly payments on the property. Although, it is important to note that with private seller financing the original owner retains ownership of the land until the agreed-upon sum is paid off.

 

How Long Does Closing Take?

Closing times vary, but most land purchases in Belize close in 30 to 90 days. Many finish nearer the 30-day mark; the details of the sale and holidays can stretch it.

Do I Need an Attorney?

Belize does not require you to use an attorney to buy land, but you should work with one who handles Belize real estate. They can walk you through escrow, property and stamp taxes, the title search and the rest of the transaction.

 

Buying Land in Belize

Owning property in Belize can be an incredible investment. Belize is an emerging market and a desirable Caribbean destination. On top of it, Belize has full foreign ownership and British Common Law, which makes owning property safe and secure. Being an emerging market, Belize has lots of room to grow which makes land a favorable choice in real estate. Whether you are buying for investment or personal use, Belize real estate can be a great way to spend your money.