It’s no secret that Belize has become a top destination for real estate investments in the last couple of years and has been attracting a lot of attention across the globe. Whether it’s residential properties or even land, there is something for everyone. Now, when it comes to buying land in Belize, there are a couple of things you need to understand, especially things you can and can’t do. So, there are several questions you need to ask a real estate professional in Belize before you go ahead with your plan. Now, we have sampled a few such questions and believe that the answers will help you get started on your investment journey. Let’s get to it;
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Is buying land here a good idea?
This is the ‘mother’ of all questions you might have! Before everything else, you need to decide whether buying land is a good idea or not in the first place. So, here is what we can say; buying land in Belize gives you the rarest opportunity to have a piece of a beautiful country that stretches from the reefs and islands of the Caribbean Sea all the way to Central America’s magical rainforests. Is that an opportunity you would pass, just like that? We hope not! Secondly, in recent years, Belize has emerged as a top tourist destination in the Caribbean, doubling the number of visitors from 230,000 in 2009 to 480,000 in 2020. This popularity means that property here will continue to increase in value. So, when you buy land here, either to build a home or for other development projects, you will have the opportunity to into this growth, not to mention that if you decide to sell the land, it will be on a huge profit. And because there is no capital gains tax, you will be able to keep every single penny. So, considering all these, we believe that buying land in Belize could be the best investment decision you could ever make in your entire life.
Do I need to be a citizen to buy land in Belize?
Unlike in other nations where you have to be a citizen to be allowed to own land, foreigners are allowed to purchase land in Belize. However, there are specific requirements you will have to meet and costs that you will have to pay before you are allowed to own the piece of land. And remember, these costs will have to be paid separately and not bundled into your financing arrangement. To understand more of what these costs mean to you, consult your realtor or loan officer so that you are not caught by surprise when the time to buy comes.
Is there any type of land that’s not for sale in Belize?
Nobody wants to be scammed, and you definitely don’t want to buy land in restricted areas! So, this is a very important question that you must ask. Now, not all ‘Belize land for sale’ is legit! There are certain classes of land that are not for sale, or when you buy, there are restrictions on what you can do with it. For instance, land classified as nature reserves in Belize can be sold, but you are prohibited from building anything on it. Now, there is a particular piece of land known as the Queen’s land or Crown Reserves, which is the land surrounding any major water body. Even if this land is adjacent to your private property, it is considered private property, and that means that everyone is free to use it, so you can’t restrict access to it or construct permanent structures on it. Also, road reserves cannot be sold, and if you buy land that touches a patch of land considered a road reserve and you are planning to build a wall fence, it is required that you mark first where the road reserve ends, and your property line begins. Because if you are to build anything on a road reserve, the time will come when you will be required to bring it down, paving the way for the road being constructed. Keep all these in mind when looking for land for sale in Belize.
What type of land can you buy in Belize?
Currently, there is no limitation to the ability to purchase any land in Belize so long as the land is zoned for commercial or residential use. Even as a foreigner, you can purchase any type of land! Remember, before spending money on a piece of land, you need to find out how the land is zoned, as there are some set aside for commercial use, others for residential use, and others for a completely different purpose. Knowing this, you will be able to narrow the scope of your search down, which will save you time, by the way. You just need to work with a reputable local agent to identify the perfect land for you.
Can I pay for land in monthly payments?
For starters, you should know that financing options are available for the purchase of both commercial and residential properties in Belize. Secondly, yes, you can work out an agreement with the seller about paying a deposit followed by monthly payments for several months. And depending on your circumstances, this agreement could work out really well, especially if everyone plays their role right.
Must I be in the country when buying a piece of land in Belize?
No, you don’t have to be here when you buy property! Much of the work can be delegated to an agent, who will be able to coordinate everything with the seller, and the bank for financing and even ensure that all the costs, including the taxes, have been paid. When the time comes, and you would like to see the property/land, all that is required of you is to have a valid and updated passport to be allowed in the country.
How much does land cost in Belize?
Just like anywhere else in the world, the cost of land is influenced by several factors, including location and its perceived value. Having said that, land prices in Belize range from $100,000 for a home site in an upscale or luxury gated community to several millions for large pieces of land at the beachfront for commercial use. If you want a piece of land on an exclusive island in the country, you will pay somewhere from $500,000 to $12,000,000.
What is the land-buying process like in Belize?
Buying land here is a pretty straightforward process. You first need to do a land search, with the help of a local agent, to ensure that you are buying land meant for the intended purpose and that there are no restrictions or disputes over it. You will also need to sort out your financing plan. Then, you will need to submit an offer, which should be accompanied by a down payment to be held in escrow. Once due diligence has been concluded successfully, a purchase agreement will be drafted and will need to be signed by both the buyer and the seller. At this stage, you need to heavily involve an attorney to go through the documents before finally paying the balance, followed by an ownership transfer. After this, you will be issued a Land Certificate by the government signalling that you are the official and legal owner of that piece of land.
Where are the best places to look for land in Belize?
The best place to buy land in Belize is totally dependent on your personal preferences and objectives. The thing is, Belize is a small country in the Caribbean comprised of hundreds of small islands with a beach-fringed coast. It is also home to the second-longest barrier reef in the world and a lush interior covered with rainforests. So, you can buy land anywhere in the country, whether on the mainland, by the beach, along the beautiful rivers, on a small island, or close to a forest. The choice is yours! But the top locations include Ambergris Caye, Placencia Peninsula, and Cayo District in western Belize.
The bottom line is, yes, you can buy land in Belize – we’ve already established that there are no restrictions – but the truth is that it does pay to do it the right way. So, make sure that you work with reputable and experienced professionals to ensure that you do everything that is required of you, and that you have all the information needed to understand the sort of commitment you are taking on. Ask any question you may have! And with the right approach, you will for sure enjoy the benefits of your investment in years to come. With all that said, we sure hope that the questions we answered above will be a good starting point for a successful investment journey.