The process of purchasing land in Belize involves scouting for a property that is up for sale, inspecting the property and having a licensed real estate agent or an attorney-at-law assist with the rest of the transaction. Nestled on the eastern coast of Central America, Belize is an attractive destination for retirees and expatriates owing to the low cost of property and housing in the country. The Retired Persons Incentive Program first enacted in 1999, which allows foreigners older than 45 to import their possessions duty-free, made retirement in Belize even more attractive, notes NYTimes.com.
Before deciding to retire in Belize, it is a smart idea for those who are thinking of retiring in the country to first visit and have a feel of what it is like to live the country. Only after being thoroughly convinced that the country is the right place to retire should foreigners decide on purchasing a property, states AmbergrisCaye.com.
The following steps show one way of purchasing a property in Belize.
- Search for a property
- Transact directly with the owner
- Hire a lawyer
There are several ways for prospective buyers to look for a property, and these include searching for listings on websites, having a taxi drive around and simply waking around their favorite spots.
Once a prospective for-sale property is found, talk and negotiate directly with the owner of the property to get the best price on the home or land.
Look for a licensed attorney-at-law, preferably one with experience in real estate transactions, to assist with the details of the sale. Local lawyers often charge two to five percent of the property value, notes Belize.com.