Belize is very similar to the US and Canada when it comes to purchasing land. The British Common Law Rules remain in force in Belize meaning all contracts are in English and non-Belizeans have the same rights as Belizean in regards to land ownership. This makes sure the purchaser of a property owns it in its entirety using fee simple estate when taking title. English is the official language of the country and the dollar is a straight $ 2 Belize to $1 US dollar. Property values have been increasing at a moderate pace and there are no capital gains or inheritance taxes.
The main three ways to purchase property are to pay cash, take a reverse mortgage or equity loan out of your own home, or find seller financing which there are plenty of opportunities for. The Central Bank of Belize has recently made it a little bit more difficult to purchase property. They want to make sure they know where the money is coming from and is completely legitimate so it can take 1-2 months to get your funds approved depending on if you have all your paperwork ready. Most transactions take about 30-90 days from start to finish.
Once you have found the perfect property, we submit and Offer to Purchase and begin Negotiations. Keep in mind that a deposit is required with an offer and transactions are in US dollars. Once we have acquired a completed Offer of Acceptance from the seller we are in business and can proceed to carry out a title search which is a legal requirement for properties in Belize. You will need to hire a lawyer for your title, escrow deposits, and closing.
Estimated Closing Costs
- Belize Stamp Duty – 5% for Belize Citizens or 8% for Foreigners
- Excludes the value of personal property
- Attorney’s Fees 1-2% of the Purchase Price
- Includes Title Search, Escrow Services, Transfer Documents
- Title Inspection Fee
- Title Transfer
- Foreign Exchange Approval Fee
- Wire Transfer Fees
- DHL Shipping of Documents to North America