WHY BELIZE ?

Located in Central America, on the Caribbean coast below Mexico's Yucata Peninsula, Belize (formerly known as British Honduras) also borders Guatemala in the west and south. Forming both a part of the British Commonwealth and the Caribbean Community, Belize has English as it's official language and is a multicultural country where expatriates from all backgrounds, religions and walks of life are accepted. This tiny nation in Central America, covering 8,866 square miles, (of which 40% is national park) is about the same size as Wales. Without doubt, the country's greatest natural asset is it's range of diving sites. Belize's reef is second only in size to Australia's Great Barrier Reef. Development of the diving industry has been lower-key here than in other Caribbean destinations, so the coral is unspoilt and home to a huge array of rare species.

However, it seems the secret is out. Like Cape Verde a couple of years ago, Belize could be the surprise property hotspot of this year as tourism is said to be rising by more than 20% annually. At present, visitors from the US represent 61% of the market share, but there are growing numbers of European tourists and this looks set to continue as Belize's international airport is expanding and direct flights from Europe are expected by the end of 2008.

Language Spoken: English(main language) / Spanish / Creole / Garifuna / Mayan / German

BUYING IN BELIZE:

There are no restrictions on foreign nationals buying property in Belize, and you do not even need to seek permission or get any licences granted in order to proceed with your purchase. People over the age of 45 are able to apply to join the Belize Retired Persons Incentive Program, which is classed as one of the best in the world for retirees tax breaks. It was set up with the aim of attracting affluent retirees to the country with tax breaks and investment incentives, allowing them to invest in the country without impeding social services or the jobs in Belize.

The system of buying a property in Belize is incredibly easy for all of those who are used to the buying process of the UK or Ireland. As stated, the official language spoken in Belize is English, thus cutting out many of the biggest problems faced by overseas property buyers caused by lack of understanding and the vagaries of translation.  

Also, the great news for investors is that Belize has no capital gains or inheritance taxes for non-Belizeans. Lawyers fees are about 2% of the purchase price; this should cover title searches and the drawing up of contracts. In total, you should factor in an extra 12% - 15% on top of the purchase price for fees. There are some specific mortgage products available for buyers of property accross the Caribbean, and Belize is often classed as within this bracket due to it's past colonial links and the way in which property is bought and sold. A number of the regional banks which cover the whole of the Caribbean are able to lend to overseas buyers, and often at quite competitive rates.

Generally, you will find that there are options to get 70% LTV mortgages for property in Belize across a term of 20 years and the finance is available in either Sterling or Euros. You may consider that raising finance from the UK on a property that you already own is the best option if your income is paid in Sterling or Euros and you prefer to keep things all together in one currency. This will allow you to travel to Belize as a cash buyer, which could be an advantage in the more unregulated market there, and allow you to strike a better deal.  

The buying process in Belize takes somewhere between 30 and 90 days. Once an offer has been accepted, and a deposit paid into an escrow account, there is a binding agreement in place between the two parties. Then there comes a period to allow for the relevant lagal searches and due diligence to be completed. Following this stage, an Agreement of Sale is drawn up based upon the details of the original offer, which is then signed by both parties. This agreement also sets out the details of the payment schedule for both parties to agree, as well as any other terms and conditions. Once the final payment or installment has been paid over, the transfer documents will be drawn up and reviewed for signing, and the escrow accounts will be released for the seller to access. The final stage is for the new documents to be registered officially, and you are then the owner of a property in Belize !  

If you are considering purchasing in Belize and haven't seen anything on our website which meet's your requirements and would like us to source a specific type of residential property, building plot, waterfront home, business or commercial property on your behalf at no cost to yourself, then please contact us at Overseas Property Unlimited on + 34 649 389 888  or email: info@overseaspropertyunlimited.com  

          Dont leave it too late ......... the time to invest in Belize is NOW !