If you’re a Canadian looking to purchase real estate property in Belize, there are a few things you need to know. Here is a quick guide to help you through the process:
1. Canadians are allowed to own property in Belize. There is no restriction on foreigners owning land or property in Belize.
2. You will need to get a permit from the Ministry of Natural Resources if you want to buy a property that is closer than one mile to the coast or within the Belize Barrier Reef Reserve System.
3. It is advisable to hire a lawyer when buying property in Belize. This is because there are some specific laws and regulations that apply to real estate transactions in Belize.
4. You will need to pay stamp duty on the purchase of your property. Stamp duty is a tax that is levied on legal documents in Belize. The amount of stamp duty you will need to pay depends on the value of the property you are buying.
5. There is no capital gains tax in Belize. This means that you will not have to pay any tax on the profit you make when you sell your property.
6. You will need to pay property taxes on your property in Belize. Property taxes are based on the value of your property and are payable annually.
7. There are no restrictions on foreigners renting a property in Belize. You can rent out your property to anyone you like, regardless of their nationality.
8. There are no restrictions on foreigners selling property in Belize. You can sell your property to anyone you like, regardless of their nationality.
9. It is advisable to get travel insurance when traveling to Belize. This is because there is no public healthcare system in Belize and medical treatment can be expensive.
10. Canadians are allowed to bring up to $10,000 worth of goods into Belize duty-free. This includes personal items, such as clothing and jewellery, as well as household goods. Canadians are also allowed to bring up to $200 worth of alcohol and tobacco products into Belize duty-free.
Why buy property in Belize?
Belize is a beautiful country that offers a laid-back lifestyle and a wide range of outdoor activities. The climate is tropical, the people are friendly and English is the official language. Belize also has a low cost of living and is a safe place to live. There are no capital gains taxes in Belize, which makes it an attractive destination for Canadians looking to purchase property.
