How to purchase Belize real estate property?
November 24, 2011
There are numerous people worldwide who would love the idea of owning a real estate property in Belize. How is life in this tropical island and how does one make a safe purchase of Belize real estate property? This article will give you the answers.
Once Cameron McLeod, a businessman made up his mind to invest on a parcel of property in Belize so that he could spend his post retirement life amidst the pristine nature of Belize and the peace and tranquility that the land offered. The experienced McLeod later remarked, ‘It’s not really hard or difficult to buy property in Belize; it’s just different procedure.’ Belize has to compete much with other Central American countries like Costa Rica and Panama which usually enjoy preference from foreigners when it comes to investing in a real estate property. Purchasing of Belize real estate property or properties hardly confronts any restriction. A foreign buyer does not have to pay anything other than property taxes and that too are quite low.
A retired person incentive program was launched in 1999. This program allows foreigners over 45 years of age to buy tax free Belize real estate property. This special incentive for foreign retirees facilitates easy settlement in Belize post retirement. Before applying for this incentive program, the retiree has to present his or her pension income proof.
Here are certain tips & facts that you need to know prior to purchasing Belize real estate property:
- Licensed agents are not available in Belize. Any one can act as agent. So make sure that you select a trustworthy agent
- Before paying for the purchase of property, hire the services of a lawyer for investigating thoroughly about the property history, owner and title
- Prior to sealing a deal for property purchase, you need to pay a Stamp tax which is 5% of the total property value
I am sure that now you have answers to all your queries regarding purchase of Belize real estate properties.
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