:: Three Palms Belize - Belize FAQs ::

Where is Belize?
Belize is located in Central America just below Yucatan peninsula and on the Caribbean Sea. It borders Guatemala South and West. Belize is about 2 hours and 15 minutes by air from Miami and Houston. Direct flights are also available from Los Angeles, New York, New Orleans, Charlotte, North Carolina and Washington D.C; and from Toronto in Canada. Of course overland travel to and from the US is also possible. Click the images below to see larger maps of Belize and Central America.
Why should I consider a property investment in Belize?
Belize offers affordable real estate with great potential for capital appreciation and rental income. Moreover, Belize boasts luxury amenities and the possibility of an immediate upscale lifestyle - not in the distant future, as can be the case in other Central American countries. Property investors are attracted to Belize for the following reasons:
- Its spectacular natural beauty and tremendous diversity. To use an often-quoted phrase: "Belize is mother nature's best kept secret." Put simply, visitors fall in love with Belize because it is one of the most stunningly beautiful countries in the world.
- The availability of real estate investment options that are excellent candidates for capital growth as well as properties that provide an immediate positive cash flow.
- Its proximity to the US and the fact that it is the only English speaking country in Central America. It is part of the British Commonwealth and a democracy.
- The country boasts the strongest tourism trend in Central America. Belize is the only country in the region that has seen tourism numbers rise consistently since 1998 including the post 9/11 period. This trend bodes well for the real estate investor as real estate market appreciation and growth in visitor numbers are often closely correlated.
- Belize is universally considered one of the top 10 diving destinations in the world with a coral barrier reef second in size only to Australia running the length of its coastline. This is a key cause of the strong visitor trend.
- Belize is just being discovered as the most ecologically natural and least developed island paradise in the Caribbean and is priced far below comparable Caribbean real estate.
- The "celebrity factor" with US celebrities such as Leonardo di Caprio and Francis Ford Coppola already developing properties in country. Ambergris Caye has been a film location for "Temptation Island" and the island behind the Madonna song: "Tropical island breeze...all of nature wild and free, la Isla Bonita."
- Facilitative taxation frameworks with no capital gains or inheritance taxes as well as the availability of private off-shore banking services.
- A sense of stability - a currency pegged to the US dollar, a tradition of democracy and a reassuringly stable political climate. Belize is a member of the British Commonwealth and has a legal system based on British law.
Which regions in Belize should I consider for property investment?
Ambergris Caye is located just south of Mexico's Yucatan where Playa del Carmen and Cancun are found. The sandy streets of San Pedro, the main town, are lined with painted wooden houses, small hotels, bars, craft shops and restaurants. While some residents own cars, the most common form of transportation is by golf cart. Ambergris Caye has more foreign residents than any other area of Belize, and this number is growing. The strong visitor numbers to Ambergris Caye, many attracted by the world class diving, white sand beaches, snorkelling and fishing.

The private island market in Belize is attracting ever more attention from the island enthusiast. Islands offer the opportunity to create a personal version of paradise and the Belizian cayes offer the added advantage of clear title, comparative affordability and proximity to the US. Dotted along the coastline of Belize are a collection of 450 cayes the most spectacular of which are being found along the reef itself.

San Ignacio, in the Cayo District, is inland of the border to Guatemala and is the center for jungle tours and activities such as caving, rafting and horseback riding. Other locations to consider in Belize are Corozal in the Northern part of the country and the relatively sleepy town of Punta Gorda in the far south.
What restrictions exist on foreign ownership of property in Belize?
None! The Belizean Government has established a series of laws and incentives to promote foreign investment in the country and property ownership. Foreigners are able to own land and property in their own name with equal rights as Belizeans and there are no restrictions on the way in which foreign capital can enter the country.
Does Belize offer retirement incentives?
The Qualified Retired Persons Incentive Act is designed to attract more retires to Belize and is being implemented by the Belize Tourism Board. The program offers the benefits of official residency and tax-free entry of the retiree's household goods and a personal vehicle (including boat or light airplane). Persons retiring in Belize under the program are exempt from the payment of all Belize taxes on all income or receipts from a source outside of Belize whether that income is generated from work performed or from an investment. This program eliminates some of the bureaucratic delays built into other programs and the approval process is efficient. A person who qualifies can also include his or her dependents in the program. Applicants must be 45 years of older and will need to present the following to the Belize Tourism Board:
- Copy of birth certificate for applicant and each dependent.
- Marriage certificate (if applicant is also applying for a spouse).
- Notarized copy of complete passport of applicant and all dependents.
- Copy of police record from last place of residence (completed within one month of application).
- Copy of medical exam. Inexpensive medical exams are available locally.
- An official statement from a bank or financial institution certifying that the applicant is the recipient of a pension or annuity (including U.S. Social Security) of a minimum of US$1,000 per month or that the applicant's investments will generate a minimum of US$2,000 per month. The two types of income can be combined.
- Application fees apply
For information on the program, contact www.belizeretirement.org
Can pets and animals be brought into Belize?
Animals are very welcome but must be examined by a veterinarian no more than 48 hours prior to entry and be free from infection or contagious disease. Animals must also have a rabies vaccine certificate not less than one month and no more than six months prior to entry as well as certificates for vaccine against parvo, distemper, infectious canine hepatitis and leptospirosis. To be allowed entry, animals and pets must be free from open wounds.
Do hurricanes affect Belize?
Although Belize lies on the edge of the hurricane belt, historically it has not been struck by near as many hurricanes as the South-Eastern US or the Texan gulf coast. It is not directly in the hurricane funnel. The hurricane season runs from June to November and Belize is on average hit by a hurricane once in 20 years. The most recent storm to strike was Hurricane Keith in late September 2000. Recovery has been relatively quick as hurricane resistant construction and infrastructure are widely used in areas affected by storms. Hurricane insurance is widely available in Belize via local insurance companies who are re-insured in the US and Europe.
What are the legal steps in buying a property in Belize?
When purchasing a property in Belize you will need the services of a qualified attorney. The process of legal due diligence involves a number of checks on the property, as would be the case in any other country. The property title is reviewed to ensure that it is in the name of the current owner of the property and duly registered. Any irregularities with this document can point up areas for the attorney to check in more depth. The attorney will establish whether the property is free of mortgages, debt or pending legal cases. Once these checks have been completed and assuming the property has been cleared for sale, a new contract is written including all terms of sale as well as any requirements relating to the satisfactory completion of further technical due diligence and surveys needed prior to closing. Following the closing the final stage is for registration of the title deed in the buyers name.
Do I have to be present in Belize at the closing?
It is possible to complete a property transaction if you are not in Belize. The documents are sent via FedEx DHL or UPS to you for execution in front of a notary public. Alternatively, if you are not planning to be in Belize for the closing you can prepare a power of attorney. The power of attorney can be given to a representative of Coldwell Banker Belize Real Estate, your lawyer, or to any individual, living in Belize, who you would like to represent you.
What are the typical closing costs for a real estate transaction in Belize?
Legal fees vary from 1% to 3% and are always paid by the Buyer to the lawyer they have chosen to represent them. Those fees typically include title search and opinion, escrow, title certificate, registration, payments of taxes and government fees and disbursements. The Government of Belize charges a 5% Stamp Duty on property transfers on any amount exempting the first US$10,000.
What property taxes do I have to pay?
Property taxes are levied yearly in advance and generally at 1.5% of the assessed value. Assessments are usually at 10-40% of the market value.
Can I get title insurance in Belize?
Optional title insurance is available in Belize from First American Title Insurance or Stewart Title.
What are typical construction costs?
Building costs will obviously depend on the type of construction material used, size, and location of the intended structure. Labor in Belize is much less expensive than in the U.S., with skilled workers receiving around US$25 a day and up. Building on the islands and cayes costs more than on the mainland due to cost of transportation. On average, construction costs range from between US$90 and US$120 per square foot. Hiring the right contractor and/or architect is important when undertaking construction in Belize.

At CB/Three Palms have done the research and referral checks on attorneys, builders as well as archetiects and landscaper contractors. These are professionals we know and trust. They can advise you and help you get maximum value for your dollar.
Is the Belize Government Stable?
The government of Belize is stable, maintaining friendly relationships with other governments throughout the Americas and the world. Formerly a British colony, Belize received its independence in 1981. Belize is a constitutional monarchy within the British Commonwealth meaning many laws and constitutional rights are very similar to what you would find in the US. Locals enjoy safe, secure communities and pride themselves in maintaining their naturally rich environment.
What's the weather like in Belize?
Belize enjoys a subtropical climate with bright sunshine all year round. We may experience intermittent rain showers mostly from July-Nov, which help to keep our country green and lush. The days are warm with an average annual temperature of 82 degrees. The mountain areas experience cooler weather than the islands and coastal plains.

Where is Belize?

Why should I consider a property investment in Belize?

Which regions in Belize should I consider for property investment?

What restrictions exist on foreign ownership of property in Belize?

Does Belize offer retirement incentives?

Can pets and animals be brought into Belize?

Do hurricanes affect Belize?

What are the legal steps in buying a property in Belize?

Do I have to be present in Belize at the closing?

What are the typical closing costs for a real estate transaction in Belize?

What property taxes do I have to pay?

Can I get title insurance in Belize?

What are typical construction costs?

Is the Belize Government Stable?

What's the weather like in Belize?