Buying Real Estate in Belize: Reasons, Opportunities, and Prices

Belize is a small country in the Caribbean whose popularity with tourists, investors, and immigrants has been growing steadily over the recent years. Buying a house in a place with an everlasting summer, white sand beaches, and lush tropical vegetation is a great investment option to consider. 

Investing into property in Belize is a chance to acquire a legal residence permit in the country in addition to an attractive asset diversification opportunity. Foreign companies are also welcome to Belize and you can consider re-domiciling your company there or registering a new one. Belize boasts an advanced offshore business infrastructure and opening a bank account there is not going to be a problem at all.

In this article, however, we are focusing on the topic ‘real estate in Belize’ because it is becoming more and more interesting for investors from all parts of the world notwithstanding all the global crises. Can foreigners own property in Belize? Is Belize a good place to buy a house? How much does it cost to build a house in Belize? Below we will answer these and other related questions.  

Is Belize a good place to buy a house?

When purchasing property in Belize, the investor may pursue one of the following goals:

• To buy a house or an apartment in one of the cities in Belize (away from the coast) and use it for various purposes: live there, let it on a lease, conduct business meetings there, etc.
• To buy property on the coast where the prices are higher and the demand for houses and villas is constantly growing. This could be a good way of obtaining a source of passive income: let your seaside villa on a lease and work for a pay no more.
• To buy a piece of land in Belize and then build a house there. When doing so, you can build the house of your dream while using construction materials of your choice.

Therefore, before you invest in real estate in Belize, you have to clearly understand what your main goal is. This will largely determine the costs that you are going to incur as well as the bureaucratic procedures that you will have to go through.

Reasons why you should consider buying property in Belize

One of the questions that our clients frequently ask is the following one: Can foreigners buy property in Belize? Can a foreigner be the sole owner of the property? The answer is affirmative: you don’t have to be a Belizean resident to own property in the country. The Government of Belize has introduced certain restrictions for international offshore corporations located in the country in 2023 but no changes have been made to the regulations governing property ownership.

The law that restricted property ownership rights for foreigners was abolished back in 2001 and since that time, residents and non-residents of Belize have had equal rights as far as property ownership is concerned.

Why you should consider buying residential or commercial property in Belize in 2023:

1. A foreign national can be a 100% owner of the property in Belize including land, residential, and commercial buildings.
2. The procedure of registering the property rights is simple with the help of a local agent (you have to use local agent’s services in accordance with the Belizean legislation). The foreign buyer does not even have to be personally present in Belize when purchasing property in the country: the property rights can be registered remotely and the property can be managed remotely too.  
3. Low cost of living in Belize in comparison to the USA or Great Britain (but not in comparison to other Central American countries). In particular, you will be pleasantly surprised how small the utility bills are if you move to Belize from the USA.
4. Affordable property taxes in Belize that you can calculate yourself after reading the local fiscal code.
5. Lack of language barrier, as English is the official language in Belize. Belize is the only English-speaking country in Central and South America.
6. Passive income from renting out your property in Belize that is highly popular with tourists. Admittedly, Belize is not the most prosperous country in the world, but it has been successful in solving the economic problems lately and the demand for property is growing now.
7. No capital gains tax in Belize, which may help you earn a large sum of money when you resell your house at a much higher price after a few years.
8. Legal residence opportunities. Unlike some other countries in the Caribbean, Belize does not have a citizenship-by-investment program. At the same time an investment of BZ$ 500,000 (approximately US$ 248,000) will make you qualified for a one-year residence permit. An investment into real estate counts. If you keep the house in your possession, you will be able to extend your residence permit.

How much does it cost to buy real property in Belize?

If you look at the classified ads, you will see that property prices vary in Belize in 2023. An apartment or a house can cost from US$ 15,000 to US$ 5,000,000. For the latter price, you will get an extravagantly luxurious villa on the beach that has 8 to 10 bedrooms, a swimming pool, and a wonderful adjacent area.

Thus, the price will depend on the type and the quality of the property that you wish to buy in Belize. Below we discuss the additional costs that buying property in the country will entail in 2023:

• The legal agent that you have to hire if you want to buy property in Belize is going to charge you around 2% of the property price.
• The amount of the stamp duty depends on the country that the buyer comes from. Citizens of CARICOM countries pay 5% of the appraised value of the property. Citizens of other countries pay 8%. The first BZ$ 10,000 of the property price is duty-free.
• The registration fee is $15 for land certificates and $8.50 for property rights transfer.
• Document processing for closing the deal is going to cost you an additional 1% to 2% of the property price. To finalize the purchase deal, the following steps need to be taken:
  • The ownership rights of the seller have to be officially ascertained;
  • The property right transfer documents need to be carefully prepared;
  • All the documents have to be submitted to the local Land Department and it charges a fee;
  • An official document certifying your rights for the property in Belize needs to be obtained.
• Money transfer from the buyer’s bank account to the seller may cost you different amounts of money depending on the bank. Normally, it is around $20.
• Courier delivery of the documents (if you are buying property in Belize from the comfort of your home) will cost you around $100.
• The cost of property insurance from all sorts of risks including hurricanes, floods, fires, and other sorts of misfortunes will depend on the price of property (you pay an insurance premium per every US$ 1,000 of the cost). Besides, insuring a concrete building will cost more than insuring a wooden one.
• It is important to realize that the foreign buyer has to have a bank account in Belize or in the USA to be able to make the payment. Normally, a prepayment of around 10% is required.

Where can a foreigner buy property in Belize?

Property prices in Belize very much depend on the location of the property in addition to other factors such as the size and the utilities. The most expensive houses are located at the coast. Some expat communities can make interesting offers as far as the property prices are concerned. The most affordable housing can be found in the cities sitting away from the coast and rural areas.

Where do foreigners normally buy property in Belize?

• If you would like to buy a house at the coast, you have to realize that the variety of options is tremendous indeed. Belize has a 174-mile (280-kilometer) coastline and the quality of the beaches differs greatly from one area to another. Please remember that haste makes waste and investigate the available opportunities with great care. 
• You will also find plenty of houses and land plots on sale on the islands off the coast of Belize. Please bear in mind, however, that building a house on an island is going to cost you considerably more than building one on the mainland. The reason for that is the building material transportation costs.
• Belize is becoming more and more popular with North American and British retirees in particular. It’s quite clear why they choose to make the country their second home: the weather is perfect, the nature is beautiful, the prices are affordable, and everybody speaks English! Foreign retirees have started forming their own communities in Belize. Today, you can find a gated community and peacefully live there in the company of your fellow citizens.
• If you are looking for a well-developed infrastructure, you can consider buying residential accommodations in a Belizean city. Property prices vary greatly there but you can find something really affordable if you don’t mind living a few kilometers from the sea.

Pieces of property at the coast and in large cities are the most attractive investment objects in Belize as far as return on investment is concerned.

How much does it cost to build a house in Belize?

Building a house of your own in Belize is an exciting opportunity but this is not the least expensive path to our dream. You have to take the following costs into account:

• The cost of land can be very different depending on the location that you choose. Some land plots can be rather expensive.
• The property right registration also costs some money as we have noted above.
• The construction materials can also have different costs depending on which ones you choose. 
• The construction work is going to cost you less than in the USA but it is going to come up to 50% of the total cost of your house in Belize. The standard rate is US$ 80 to US$ 100 per square foot if you use wood to build the house. If you use concrete, the price is going to be US$ 130 to US$ 150 per square foot.
• Building a house on an island is going to cost you 30%-40% more than building one on the mainland due to the transportation costs. 
• In addition to that, the landscape design, the communications, the utilities, the furniture, etc. are also going to cost you money. 

Before you can start building a house in Belize, you have to obtain a construction permit from the local municipal authorities. The process can extend over four weeks easily (nobody is in a hurry in Belize). The municipal authorities have to have a complete set of documents including the floor plans and all the calculations. The municipal administration may prescribe the use of certain construction materials and construction technologies. They follow their standards with that. 

When the construction work is complete, the developer has to inform the administration about it in writing within seven days. Besides, the developer has to make a request for permission to operate the building. The construction permit is valid for one year, which means that the construction work has to be started before the period expires (it does not have to be ended within 1 year).  

The cost of building a house in Belize can significantly exceed the cost of buying residential accommodations in the country.

Life in the Caribbean is life in paradise

If you would like to enjoy fantastic nature, bathe in the summer sun all around the year, and watch the tidal waves from the window of your house, Belize is there for you! Without doubt, it is not the only available option: you can relocate to other countries in the Caribbean and beyond if you are prepared to invest. A considerable number of national states offer legal residence opportunities to those foreigners who buy property there, launch business ventures, and make investments of other kinds. Moreover, several countries grant their citizenship to foreign investors.