Belize, though small, holds significant allure in the realm of real estate. The country boasts tropical climates, stunning beaches, ancient ruins, affordable properties, and an open policy allowing foreigners to purchase real estate without restrictions.

Before investing in Belizean property as a Canadian, thorough research and comprehension of the intricacies involved are crucial steps to consider.

Why Buy Property in Belize as a Canadian?

Belize, situated on the northeastern coast of Central America, is a Caribbean gem bordered by Mexico to the north, the Caribbean Sea to the east, and Guatemala to the west and south.

Relations between Canada and Belize are typically positive, and Belize boasts a thriving community of Canadian residents. Here are compelling reasons to consider becoming part of Belize’s vibrant expatriate community.

In contrast to Canada’s currently overpriced real estate market, Belize presents more affordable opportunities. Forbes¹ suggests exploring Belize’s burgeoning market for better value options to fulfill your property ownership aspirations.

Property taxes in Belize are notably inexpensive, offering the benefit of lower rates ranging from 1% to 1.5%². Moreover, there’s minimal bureaucracy involved as the Belizean government allows Canadian citizens to purchase property, ensuring a remarkably straightforward process.

English serves as the primary language in Belize, as the country operates within the framework of the British Commonwealth, with the British monarchy as its head of state.

Belize’s sunny climate offers an escape from Canada’s harsh winters, making it an ideal location for “snowbird” expatriates. Embracing the snowbird lifestyle enables you to enjoy the best of both worlds: staying home during favorable weather in Canada and trading winter for Belize’s sunny climate.

For numerous Canadians seeking foreign real estate investments, Belize stands out as an ideal choice. With its breathtaking landscapes and cost-effective options, investing in this country could prove to be a prudent decision. Whether you are considering purchasing land, a beachfront vacation home, or planning a relocation to Belize, exploring these six prime locations can serve as an excellent starting point: Ambergris Caye, Caye Caulker, Placencia, Punta Gorda, Corozal Town, Cayo District.

5 Essential Steps to Purchasing Property in Belize

1. Do your Research

Investing in property in Belize represents a significant financial commitment. Therefore, conducting thorough research into the property market—examining past trends, forecasts, and burgeoning areas—is paramount. This initial step is crucial in determining the most favorable location for real estate investment.

2. Take a Trip to Belize

Generally, it is good to put eyeballs on the property before buying. To be thorough, we recommend visiting Belize and touring areas like Ambergris Caye, San Ignacio, San Pedro, Corozal, and Placencia to get a feel of the whole country. It is best to use an accredited broker to reduce the risks while buying property in Belize since the real estate industry is unregulated.

3. Understand the Laws

Having a trustworthy lawyer is integral to facilitating a smooth property purchase. They play a pivotal role in elucidating essential ownership details, including tax implications and obligations associated with acquiring an international property. Moreover, they manage the legal intricacies of the purchasing process and ensure a satisfactory contractual agreement overall.

4. Calculate the Costs

The expenses linked to purchasing property abroad usually encompass mortgage fees, money transfer charges, legal expenses, insurance premiums, service fees, and utility costs. Consider all pertinent expenses to formulate a comprehensive and viable budget.

5. The Payment

Once all the paperwork is in order, it’s time to make the international money transfer.  Using a specialist transfer service is better to avoid poor exchange rates and high bank transfer fees.

Where to Find the Best Exchange Rates?

The impact of exchange rates is significant when transferring substantial funds to a foreign bank account. Unfavorable rates can escalate costs, especially in sizeable investments like property purchases. Seeking competitive exchange rates becomes crucial to maximize the value of your money.

Fortunately, you can use MTFX’s foreign exchange tools to make an informed decision. For instance, MTFX’s live rate currency calculator lets you see the current USD/CAD pair trend. Although the Belize dollar is the country’s official currency, it is pegged against the U.S. dollar, which is gladly accepted. So, you’ll need to convert your Canadian dollars to American dollars to purchase Belizean property.

The financial benefits are tangible, potentially resulting in savings of up to $5,000 when transferring $100,000 overseas.

Embrace Online Transactions, Bypass Traditional Banks

Advancements in technology have revolutionized the experience for overseas property buyers. For example, Smart Viewing programs facilitate remote property tours, allowing virtual exploration and deal closures without physical presence.

Another remarkable advantage is the capability to purchase your desired Belize property without the necessity of visiting a bank.

Upon setting up your MTFX account, the secure online platform operates round the clock, liberating you from banking hour constraints and offering the convenience of executing payments from any location, at any hour.

The convenience of online payments becomes even more pronounced when you establish regular automated transactions. This method also enables the possibility of securing a more advantageous exchange rate through options like a forward contract or currency rate alerts.

What are some key details to know before buying property in Belize?

Belize generally has friendly locals who welcome foreigners, so do not hesitate to understand the Belizean culture.

However, remember that Belize is a third-world country. Although it has plenty of natural beauty, the available luxuries and amenities might not compare to what you are used to in Canada.

How do I get a mortgage on a Belize property as a Canadian?

Securing a mortgage for a Belize property as a Canadian involves several options. If you are a legal resident, obtaining a mortgage from a Belizean financial institution is viable. Alternatively, if residency status is pending, seeking a mortgage from a Canadian lender or an international bank that entertains applications from Canadian citizens is necessary.

Can Canadians buy property in Belize?

Absolutely! Foreigners have the right to acquire real estate property in Belize, and the process is uncomplicated and direct, granting you the same privileges as the nationals.

Buying property in Belize is an excellent idea

Investing in real estate in Belize presents a multitude of advantages. Whether seeking a wise investment or a sunny vacation home as a Canadian snowbird, you will benefit from equivalent rights to locals. Furthermore, Belize offers relatively affordable real estate, coupled with the absence of capital gains tax, enhancing its allure for prospective buyers.

Is it safe to buy property in Belize?

There exist certain risks when purchasing property in Belize, encompassing potential real estate scams, subpar building construction, encroachment by squatters, and incidents of vandalism. Moreover, specific regions in Belize face susceptibility to natural disasters such as hurricanes. It is imperative to acknowledge these risks and undertake thorough due diligence to mitigate their impact.

Can I move to Belize from Canada?

For limited stays, traveling to Belize as a Canadian does not require a visa. However, intending to relocate permanently to Belize mandates applying for permanent residency.

If you’re interested in financing to buy a home in Belize or anywhere else, click on www.seaportcredit.com for more information.