What is the official language of Belize?
English is the official language of Belize. However Creole, Spanish, Garifuna
Maya, other tribal languages are also spoken throughout Belize.
Can foreigners own land in Belize?
Yes, foreigners can own land in Belize. You do not need a Belizean partner. The Belizean government allows all foreigners to own property and receive clear title.
Can foreigners get a mortgage in Belize?
Yes, while bank financing in Belize is more difficult than in your hometown, many sellers offer owner financing. The most commonly used owner financing packages are offered at 10% interest with a 10 year term. Bank Mortgages are more difficult for non-Belizean residents and interest rates are currently in the 12-14% range, with fixed terms of only 12 months per term. At the end of every 12 month term the loan is closed out and then renewed at the current lending rate. Local banks only loan monies in Belize dollars and thus makes it difficult under most property purchasing scenarios. There are certain qualified buyers that can receive financing through offshore Belizean banking institution.
Are the steps to purchasing a property in Belize easy?
Yes, the steps to purchasing property here in Belize are easy when following these 8 easy steps.
- Meet with our professionals, and receive a complete evaluation of your property needs.
- Locate your dream property with our team of professionals at Sundancer Properties.
- Your Sundancer Properties agent will search comparables for the area in question.
- Sundancer Properties will prepare and submit an offer to purchase letter for your dream property.
- Deposits are placed into an escrow account and the due diligence process started.
- Final payment arrangements are completed.
- Receive title of your new dream home.
- Enjoy living the island dream.
Is the cost of property tax in Belize reasonable?
Yes, property tax is 1.5% and most property tax is based on 10 – 30% of the purchase price.
Are there any other fees involved with purchasing property in Belize?
Yes, the government assesses a stamp tax totaling 5% of the total purchase price. The legal fees for title search and transfer are approximately 2% of the total purchase price. Legal fees for drafting and recording a Sale and Caution agreement is between $300-750US. Buyers are responsible for all closing costs.
Does Belizean law make it easy for foreigners to live in Belize?
Yes, part-time visitors need a valid passport and a tourist visa stamp every 30 days. The tourist visa stamp costs $25.00US per month for the first 6 months and $50.00US for every month following. However, this will not allow you to work in any capacity while here in Belize.
Anyone forty-five years and older can qualify for the QRP or Qualified Retirement Program. A person who qualifies can also include his or her dependents in the program. Dependents include spouses and children under the age of eighteen. However, it can include a person up to the age of twenty-three if enrolled in a university.
INCOME FROM PENSION OR OTHER SOURCE
1. Qualified Retired Persons
To be designated a Qualified Retired Person under the program, applicants must receive a monthly income of not less than $2,000US through a pension or annuity that has been generated outside of Belize.
- When a company grants a pension, that company has to prove that it has been in operation for at least 20 years by submitting proof of registration.
- The company that grants the pension shall certify that the pension of no less than US $2,000.00 per month will be forwarded to a reputable financial institution within Belize. This letter must be signed by the manager, president, or by a legal representative of the company.
- Certification by a Certified Public Accountant independent of the company:
i) Stating the date the company was established
ii) Verifying the authenticity of the above mentioned letter
iii) Certifying that the obligation signed in favor of the beneficiary is not less than US $2000.00 per month.
iv) The applicant must present two (2) bank references from the company that is sending the pension.
v) The company granting the pension must present a document outlining its pension scheme.
Requirement ii, iii, iv could be omitted where the company sending the pension is considered to be a Fortune Five Hundred Company.
3. Background Check
All applications are subject to a background check to be carried out by the Ministry of National Security.