The Top Ten Reasons Why You Should Own Your Own Home in Belize
San Pedro, Ambergris Caye, should be at the top of your I’m-going-to-go-have-a-look list if your idea of a new life overseas is all about powdery white sand, lapping turquoise sea, and swaying palm fronds.
#1 There is a large amount of demand but a limited amount of supply
The number of tourists who visited Belize in 2016 was, by the end of the year, at its highest level in the past 20 years. Simply looking at the past five years, this overnight arrivals figure has increased by 44%!
Because seventy to seventy-five percent of all tourists who come to Belize go straight to San Pedro, the amount of hotel rooms that will be created on Ambergris Caye in the next five years will not be sufficient to meet this level of demand.
As a consequence of this, numerous market analysts anticipate that the current strong upward trend in Ambergris Caye real estate prices and hotel room rates will continue.
#2 The language of official communication
It is English, which must be used for all legal and business dealings, including those involving real estate. Who would want to go into retirement with the obligation to learn another language?
#3 Neither a tax on capital gains nor a tax on estates is imposed in Belize
If you make an investment in a piece of Mahogany Bay Belize Real Estate with the intention of selling it at a later period for a profit, the government of Belize will not tax the gain on your investment.
#4 It’s a rental market that operates overnight
Nightly rentals, as opposed to monthly rentals, are currently in higher demand on the island of Ambergris Caye as a result of the island’s popularity as a tourist destination. This not only increases the potential income of numerous investment properties but also provides owners with a great deal more flexibility for their own personal use of their island retreat.
For example, it is not unusual to find rental rates of $400 or more per night on residences that would normally rent for $1,800 per month if the property were not being used as a vacation rental.
#5 Belize’s property taxes are among the lowest in the world
The income tax rate in Belize is only 1.75% on all forms of real estate rental revenue, which amounts to only a few hundred dollars yearly on the majority of new properties.
For those interested in real estate investing, the fact that British Common Law governs Belize implies that it is possible to have full property ownership together with a land title, exactly like in the United States and Canada.
In several other popular retirement locations, such as Mexico, people who were born outside of the country have a more difficult time purchasing land in their own name.
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#6 The Belize Qualified Retirement Program (QRP) provides considerable benefits
And it permits individuals as young as 45 to qualify for retiree status!
#7 Security of financial assets
The presence of foreign ownership can provide an additional layer of protection against legal action taken in the United States.
Not only is it one of the most breathtaking locations on the planet, but it can be reached from Miami in just two hours and Houston in just over two and a half hours by air. The majority of American citizens reside much closer to Belize than they do to Hawaii. Ambergris Caye was ranked as the number one island in the world by remaxbelizerealestate.com for the two consecutive years 2013 and 2014.
In point of fact, this island in the Caribbean is the ONLY island anywhere in the world to have received this accolade in consecutive years. In 2016, U.S. News & World Report recognized Ambergris Caye, Belize as one of the top retirement destinations in the world.
#9 Belize’s time zones are usually convenient for travelers coming from North America
At no point is Mahogany Bay Belize more than two hours behind or ahead of either PST or EST. (Because Belize does not follow daylight savings time, the country operates on Central Standard Time (CST) for half of the year and on Mountain Standard Time (MST) for the other half.)
This is essential for facilitating the smooth running of businesses as well as maintaining relationships with close friends and relatives.
#10 Reasonable prices for flights to Belize
The rise in airline service to BZE, which is Belize’s only international airport, means that there is more competition, which in turn implies that airfare rates are decreasing. When you invest in Belize, a visit to your tax accountant can reveal that the flights you take to check on your property could be deducted from the taxes you owe if you itemize your deductions.