Real Estate Investing in Belize

Real Estate Investing in Belize
By Joy Payley

Belize is continuing to grow as a popular place for real estate investment. Tourism is a major component of the economy of this English-speaking former British colony, and property, in the right places, can be a great investment.

Anyone who has visited Belize can see why Belize real estate would be a smart move—the country’s Caribbean flair, relaxed atmosphere, and clear blue waters attract adventure travelers and resort tourists alike — especially those interested in checking out a lesser-known locale.

As in the U.S., in Belize real estate agents generally charge sellers around 6-7 percent commission on property sales. Buyers purchasing land in rural or remote areas should also be prepared to pay for travel expenses. Foreign individuals looking to invest in land in Belize are generally expected to pay cash for a property, as little financing is available to foreigners.

Currently, regular property taxes in Belize are around 1-1.5 percent of the value of the property, as is determined by the Department of Natural Resources. Other property taxes are a yearly 5 percent tax on tracts of more than 300 acres. The tax is paid on the land’s undeveloped value, and was created to help spread development throughout Belize and lower land speculation.