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#253172 - 12 February 18 7:09 pm - America/Chicago Newbie questions for buying as a foreign investor
BeachBumToBe Offline
Junior Member

Registered: 31 January 18
Posts: 4
Hi everyone, I've been lurking around this forum for a while, and this is my first post here. Wanted to say thanks and kudos to everyone sharing their ideas and experience.

I am currently based in the US, and I have been researching Belize as a place where my family can potentially spend a lot of time in the future. From what I read, it seems like a good place to be, provided that one understands the environmental, cultural, political and accessibility (certain supplies we take for granted, medical, etc.) differences. Let's just say that while I don't think culture shock will be an issue, I fully expect there will be discrepancies between how I imagined living there will be, and how it actually is.

With the above in mind, I still think there are potentially good real estate investments in Belize, albeit rare, and I wanted to explore the requirements for a non-resident, foreign national to own real estate in Belize. I know I still have a long ways to go with my research, but I'd like to leverage the vast knowledge of the folks here to get the basics straight.

I wonder if anyone who has acquired property in Belize as a non-resident foreign national is willing to share their experience and wisdom with me? Specifically, I'm looking for help with setting up the right types of bank accounts, authenticating the subject property, funding and executing the sale transaction, permitting (just in case) and other related topics and issues that I probably have not even thought about yet (e.g. lawyers, title, etc.). Specifically, I am quite aware of that fact that is is much easier to buy than to sell in Belize, so that is definitely a consideration and I am taking a more cautious approach.

A second-order question is: what happens to property ownership and obligations when your residency status changes down the road (e.g. transitioning from non-resident foreigner to QRP, etc.)?

I'd be happy to take the conversation in private if it makes people feel more comfortable. I realize this must have been asked many times, and I appreciate your patience with a newbie!

Thanks in advance,
- KC.

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#253173 - 12 February 18 7:31 pm - America/Chicago Re: Newbie questions for buying as a foreign investor [Re: BeachBumToBe]
britinbelize Online   content

**

Registered: 01 June 14
Posts: 313
Loc: Bay area CA + Belmopan
Anyone can purchase property in Belize Whatever your residential status. Land taxes will not change even if the buyers stats does. In Belize cash is king in property transactions. Partly because getting a mortgage within Belize is nearly impossible, getting a reasonable rate within Belize is impossible.
Banking within Belize is riddled with problems first being it is difficult as a foreigner to get a local bank account.( not the international account that is easier but not as convenient in day to day living) You need to ensure any property you are interested has ful legal tittle and that said tittle is actually belonging to the seller in total, not a shared tittle with family members. Using the word investment and Belize in the same sentence makes it sound you are hoping to make a profit from your investment, friendly hint if you do it would not be very big.
Look into the archived questions on this forum you will find many relevant questions asked and answered with plenty of personal experiences.
_________________________
We came to the states for our last adventure before we die but as we didn't die yet, there is time for another adventure this time back to Belize.

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#253174 - 12 February 18 8:51 pm - America/Chicago Re: Newbie questions for buying as a foreign investor [Re: BeachBumToBe]
dkafka Offline

*

Registered: 05 February 11
Posts: 176
Loc: Placencia Belize
I would be willing to answer your questions as well. I am a real estate agent living here for 8 years and coming to Belize for 13 years. no sales pitch just education.
_________________________
David Kafka
RE/MAX 1st Choice Belize
David@1stchoicebelize.com
615-9622

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#253176 - 13 February 18 4:51 am - America/Chicago Re: Newbie questions for buying as a foreign investor [Re: BeachBumToBe]
KatieValk Offline

***

Registered: 13 November 03
Posts: 3682
Loc: Belize City and Placencia
Talk to a lawyer. I've been here 30 plus yrs. Free advice from interested parties is not always accurate
_________________________
Belize based travel specialist
www.belize-trips.com

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#253193 - 21 February 18 12:26 pm - America/Chicago Re: Newbie questions for buying as a foreign investor [Re: BeachBumToBe]
BeachBumToBe Offline
Junior Member

Registered: 31 January 18
Posts: 4
Thanks everyone for your responses. I appreciate it!

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#253281 - 09 April 18 11:06 pm - America/Chicago Re: Newbie questions for buying as a foreign investor [Re: BeachBumToBe]
Oliver Offline
Full Member
*

Registered: 11 October 11
Posts: 95
Loc: Monmouth County, New Jersey, U...
Hello and yes how exciting. Belize like everywhere has its pro and cons. I purchase beach back in 2004 and it was landlocked. Please make sure when you purchase you are not. It is not fun! I was lucky enough to get it all squared away.

Yes get a reputable lawyer for the transaction! Title searches like in the states are a must. Please visit the country and the different areas, there is much to offer and never buy on what the area is "going to be" in the future. Belize moves real slow, I went thru 5-6 years to have a subdivision completed

Banking in Belize, ooooofaaa, an area of great dillegency, handle with care. I transfer on a need to have bases when there.

I wish you much luck and hope the info helps. Please feel free to reach out and all the best!
_________________________



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