Belize has seen a spurt in real estate activity in the last couple of years and quite understandably so. This naturally gifted region has opened its doors and hearts to expatriates from all over the world. In addition to the availability of pristine properties, the low property taxes have made Belize a great place for real estate purchases. The efforts of the Government of Belize and Department of the Environment has to be lauded for their efforts in conserving the untouched environment of Belize - in the middle of frenzied real estate activity in places like Long Caye at Lighthouse Reef Atoll.
Belize - A home away from home!
At the end of the day everybody craves for tranquility and a piece of their own blue sky. Mankind has stretched the limits of nature and there are very few places left where the land, sea and forests converge in perfect concert - Belize can boast of this natural benediction. Belize is one of the smallest countries with a democratic form of government making it a free country at heart.
Belize, being a part of the British Commonwealth, is the only Central American country where English is the official language. The other predominant factors responsible for the spurt in demand for Belize real estate are the low cost of living and a standard of living that is on par with the best in the world.
Some other compelling reasons to call Belize your new home...
Belize is easily accessible from most of the North and Central American countries and it is only 2 hours from United States. Belize has extremely favorable retirement plans for its citizens and provides incentives for a secured and economically independent retired life. It's a budding democracy. The property laws are designed so as to give equal rights to immigrants and natural citizens. The currency is fixed at the rate of BZ$2 = US$1. The US Dollar is accepted everywhere within the country. The favorable laws towards expatriates are crafted to encourage real estate purchases and this has yielded very positive results - the Belizean economy has received a great boost by the economic and professional contribution of its expatriate population.
Building your home - a prerequisite
Prior to the construction of your home, an application usually needs to be submitted to the community Architectural Review Board (ARB). After your application is approved by ARB, you may be required to obtain a building permit from the Belize Building Department located within the District in which you wish to build. Most reputable builders will handle these tasks on your behalf.
Other Taxes and costs you should know...
In order to have a control over your budget, it gives you an edge if you know the property taxes and costs. Here are some of the taxes which you would have to incur if you are constructing a home in Belize...
Stamp Taxes (5%), which is calculated as 5% of the purchase price of the undeveloped property that exceeds US$10,000 to be paid to the Government of Belize at closing. Annual real estate taxes are projected to be 1% of the purchase price of the undeveloped land. The other fees in addition to the purchase price of the property incurred by the buyer at the time one commences construction on a home include: Water/connection fee Electric connection fee Telephone connection fee Architectural review fee Yearly community association maintenance Selecting a Developer
One of the most fixating issues for a land owner is 'how to select the right developer?' Some points to consider when selecting a developer for your new home -
The developer should have all development approvals from the appropriate Government of Belize agencies - Department of the Environment, Ministry of Natural Resources. Only consider those developers who have an established track record of performance and efficiency - The developer should have completed the construction of roads, water lines and electricity on prior projects. The developer has favorable references from previous customers. Happy Living!
Constructing a new home in Belize is easier than you may think. The purchase and construction laws have been simplified for immigrants - so that most of the processes can be achieved remotely. There are building inspectors that can inspect the home that is under construction on behalf of the owner or in the owner's absence for a modest fee. It's a sound decision to purchase real estate in Belize - and the time is right now.
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