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WHY PURCHASE PROPERTY IN BELIZE
Why Invest In Placencia Real Estate?
With its warm tropical climate, the crystal clear waters of the Caribbean Sea, pristine beaches, vast archaeological Mayan discoveries, and the second largest barrier reef in the world, Placencia, Belize is rapidly growing into the newest tropical mecca of the Caribbean. In addition to protecting 40% of its natural resources through wildlife preserves and national monuments, the prudent Belizean government has also steadily instituted policy created specifically for enticing foreign investments, retirement and residency programs.
Although Belize tourism is growing annually, it is still in it's infancy. The marketing experts and corporate executives have not yet exploited the great potential of this relatively obscure tropical paradise in the Caribbean as they have with Cancun and the Virgin Islands. But they will! And soon!
Invest in real estate before Belize is the new Caribbean vacation buzzword and consider purchasing affordable beach front condominiums or oceanfront residences. These reasonably priced and affordable homes in Placencia, Belize start at $185,000 US. Our most popular real estate model, the Royal Harbor, boasts over 2,700 square feet of living area with spectacular views, spacious rooms and quality workmanship. And, at a price of $225,000, you can own a piece of paradise in Belize less expensively than you can for watered down prices in Florida.
More reasons
Belize real estate is “hot”. It's currently being compared to as the new Costa Rica.
Tourist Friendly. It is a world class eco-tourism, beach, sport adventure and retirement destination. This has all helped Belize become one of the major tourist attractions in Central/South America. Placencia being one of the 3 major tourist attractions in Belize.
English is the official language of Belize and Belize is the only English speaking country in Central America. Government documents, newspapers, television and road and business signs are all in English.
You can enjoy a healthy, outdoor lifestyle.
Enjoy year-round activities boating, fishing, diving, snorkeling, horseback riding, bird watching, caving, canoeing, kayaking, rafting, tubing, windsurfing, hiking, biking, swimming, outdoor barbeques, all in a warm, sunny, tropical climate, all in unpolluted, clean, fresh air.
Belize was once a center of the ancient Mayan world. Explore endless, world famous Mayan Ruin sites, such as Lamanai, Altun Ha, Cuello and Caracol.
Large selection of foods. Enjoy fresh fruits, vegetables, fish, meat and poultry.
Democratic Government. Belize has a stable, British Commonwealth country with a longstanding democratic tradition and independent judiciary.
You will feel welcome by Belizeans. They are friendly and genuine in nature and love to have fun and enjoy life.
Belize offers a low cost of living. Your dollars seem to go farther in Belize. From affordable dinning out, housekeeping services, medical care, housing and insurance.
Retire or live in Style. You will appreciate a slower, laid back way of life than many of the more fast paced countries with excellent retirement packages offered to you by the government.
There is always something to do in Belize. Enjoy the rich diversity of ecosystems, sea, rivers, lagoons, creeks, streams, savannas, forests, exotic and tropical flora and fauna, mountains, Mayan Ruins, caves, lush rainforests and seemly endless islands along the 190 mile long Belize Barrier Reef .
The currency is fixed at the rate of BZ$2 = US$1. The US Dollar is accepted everywhere within the country.
Belize is less than a two hour flight from the United States. Belize is strategically located next to Mexico in Central America, near the United States and the Caribbean islands, having a supportive economy and bilingual workforce.
Foreigners can own property in Belize and receive fee simple title.
The country of Belize offers excellent retirement advantages and incentives.
Rich Diversity of Wildlife. Belize protects 60% of its tropical forests with over 500 species of birds.
Belize has the second largest barrier reef in the world. Teeming fish make Placencia a mecca with fishermen. Southern Belize has the best dive sites in this Hemisphere whch offer incredible opportunities for people to see wildlife the way it used to be.
Factors that determine Real Estate prices in Placencia
I. Location of the property.
II. Qualification of Property: i.e. Commercial, Residential etc.
III. All benefits provided by this program will be exclusively used by the Qualified Retirement Persons and his or her dependents.
IV. Access to Utilities.
V. Quality of Improved or unimproved property.
VI. Accessibility to property (major roads, highways).
VII. Building materials used and finishing touches.
VIII. Distance for transporting good.
VIIII. Proximity to water bodies (creek, river, lake or ocean).
X. Proximity to International Airport and International Import/Export Ports.
Frequently asked questions: Why invest in Belize?
Q. Why choose Belize over other Caribbean countries?
A. Here are our "Top 10 Reasons" for investing in Belize.
10. There are NO corporate Taxes and No capital gain Taxes in Belize.
9. Eastern time Zone E.S.T.
8. Universally regarded as one of the top 5 tourist destinations in the world in 2007.
7. Real Estate prices are far lower than Fiji, French Polynesia, Bahamas, Etc.
6. Offers freehold title in your own name unlike Seychelles or The Maldives(leasehold only) which have restrictions.
5. Many US celebrities are moving to Belize. Celebrities such as Leonardo De Caprio, Francis Ford Coppola and many more.
4. Many other tropical destinations such as Bali, Thailand, Philippines and Sri Lanka are subjected to terrorist attacks, whilst Belize offers security and safety.
3. English speaking with Laws based on the British Common Law.
2. Belize is a perfect location for an Investor who would like to Invest in the Caribbean, because of its close proximity with the US. Ask us for more info.
AND THE NUMBER 1 REASON TO INVEST IN BELIZE IS...
1. Private banking. Belize is a tax haven and offers secret banking like Panama or Switzerland, but they are much less known about.
Overview
Laws Relevant To Land Transactions in Belize
a. The Land Laws of Belize derived mainly from the Common Law and Statutes of England of the 19th century. The Law of Property act, Chapter 190 is patterned off the Real Property Act of England of 1925. The other Statute act which Governs land transactions in Belize is the registered Land act, chapter 194 which was enacted in 1977.
b. There are two types of Land in Belize, they are ( Undeclared & Declared Land). In respect to the Transaction of Undeclared Land in Belize it has to be recorded at the Titles Registry and in the respect to Declared Lands they are to be registered at the Land registry, both registries are situated in Belmopan, Cayo district. The Law of property Act allows for an acquisition of Title by long possession, the Law acts a Title to the fee simple in any land , easement or rights of privilege in or over any Land, belonging to Government may be acquired by continuous undisturbed possession of that Land for thirty years, If possession is established to the satisfaction of supreme court, may issue a declaration of Title in respect of the said easement, right or privilege in favor of the person who had such possession, that Title to any land, easement, right or privilege declared by the court shall not be vested in any person until the Registrar has issued to him/ her a certificate of Title based upon the said declaration. There are other relevants to the laws of Belize relating to Land Transaction, but for further reference there are more details below.
The Conveyance or Transfer Exercise
a. The Conveyance of Transfer exercise usually commences either between the Vendor and the Purchaser or between one of the parties and a Real Estate Agent, representing both the Vendor and Purchaser.
b. The Agreement sets out basic terms on which the property is to be transferred. This agreement is not an absolute prerequisite for a Transfer. It does not convey or transfer the property .
c. Since their might be some Form of restrictive covenant or incumbrance in respect of the property for sale, it is advisable for the Purchaser to obtain the Volume & Folio of the Title in order to check whether the Title reflects correctly.
d. The information requires for a Title search to be conducted by the Purchaser.
e. Most Estate Agents have their own types of Purchase & Sales Agreement to expedite Transactions. We perform useful service in bringing Vendors & Purchasers together and save time so that Land Purchase can be completed within reasonable time. Generally, therefore, both Vendor & Purchaser would be well advised to retain the services of an Attorney from the outset to draft or vet the Purchase and Sale Agreement.
f. The Ideal arrangements are for the vendor and purchaser to attend an Attorney together as this can save time and misunderstanding. As the vendor has the choice of Attorney to draw, prepare and file the Transfer documents, the Purchaser may, as a precautionary measure, have the draft vetted by his own Attorney. This will however be at the purchaser’s cost. The Attorney should as a rule confers to settle the differences before the deposit is paid. Where, on account of confidence or of costs or both, the parties decide to use the same Attorney, this decision should be recorded in the Purchase and Sales Agreement.
g. The Purchase & Sales Agreement Form sets out the following details.
i. The names, address and occupation of the parties.
ii.If there is more than one Purchaser, the manner in which the purchasers will hold the Land as joint Tenants or Tenants in common.
iii.Description of the Land, dimensions, location and Volume & Folio numbers of the Title, in the case of registered land.
iv.Purchase price should be written in figures and words to avoid mistakes and misunderstanding.
v.How payable, usually a 10% deposit on execution of the Agreement.
vi.Completion is at the date when the Transaction is expected to be completed.
vii.This means that the Purchaser may be liable to forfeit his deposit if he fails to complete in the time stated. (e.g.) there can be conflict between making time essence and other provisions, if therefore both provisions are to be inserted, they must be skillfully and carefully worded by an Attorney to avoid conflict.
viii.Carriage Of Sale: is the Attorney’s normally responsible for preparing, executing and lodging the Transfer documents and generally finalizing the matter.
ix.Cost of Transfer, stamp duty, Attorney’s fees, and registration fees is usually paid by the Purchaser. Possession, the date estimated for the purchaser to obtain possession is at the completion of the Transaction. By agreement between the parties the Purchaser may be given possession before completion.
The Transfer Document
This is the document which may be, among others, a First Certificate of Title, Transfer Certificate, Deed of Conveyance or Land Certificate. In respect of Titles for undeclared land the dated proposed land transfer forms must be submitted to the land Tax section of the Ministry of Natural Resources for the Commissioners certificate that all land Taxes have been paid. If the Valuation Section of the Ministry of Natural Resources indicates a value different than the consideration stated in the transfer document then the commissioner of Lands certificate will state thus and the stamp duty will be payable on that evaluation the transfer document in effect is a statement showing that the Vendor has sold the property top the Purchaser for a stated amount.
If there are two or more purchasers, then the document must state the manner in which they will hold the property, for example, whether as joint tenants or tenant in common.
The Transfer is usually accompanied by the following:
1. The original Land Title.
2. Discharge of mortgage or discharge of a charge.
3. Recording or registration fees and stamp duty.
The parties to the transfer must execute the transfer document before a justice of the Peace and in the case of registered land before a Justice of the Peace or Notary Public. If the transfer document is signed abroad it must be executed ( signed) before a Notary Public.
Costs
There are certain basic minimum costs which must be met by both parties on either side. These are Stamp Duty, Recording of Registration Fees, and Attorney’s Expense. These cost’s apply to, among other Recordings, registration, lease, mortgages and charges. There are other charges such as Title search, valuation report, discharge of existing mortgage, or registration of new mortgage:
These prices here refer to the cost of the Stamp Duty and Attorneys Fee:
A. Closing Fees: includes registration fees, Legal fees, and Government Stamp Duty. These fees applies to Belizean residence or Foreigners, stamp duty- $0-$10,000.00 USD = Duty exempt, $10,000.00 USD – up = 5%.
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Belize Real Estate in it's infancy
