Emerging Belize Real Estate
Emerging Belize Real Estate
One of the best places in the world to buy real estate right now is in Belize. Over the past decade, the real estate market
in this beautiful Caribbean country has been heating up, here are 5 key reasons;
The Belizean way of life is a humble one. A friendly nation of fisherman, farmers, and nature lovers, Belize moves at a
slower, more human speed. There are no traffic jams or crowded malls here, only an abundance of natural beauty.
Whether you choose to retire in Belize or simply come to enjoy this Caribbean wonderland for a few months out of the year, life in Belize promises to be blissful.
With double-digit increases in tourist visitors and a steady stream of Baby Boomers retiring across the United States, it’s no surprise that Belize has been undergoing a property boom. Purchasing real estate in Belize is simple and straightforward, and property ownership rights for foreigners are recognized by a fee-simple title.
Life is good in Belize. A melting pot society of different cultures, exotic wildlife, and untamed natural beauty, Belize is the closest thing to Eden that you’ll find. And with delicious food, gorgeous weather, and a low cost of living, it’s no wonder that so many people want to live in this amazing country. And since everyone speaks English, you’ll never struggle to communicate with people or read a local newspaper.
A pristine, natural wonderland, Belize has a lot to see and do. Whether it’s scuba diving and snorkeling on the reef or
bird watching and hiking in the rainforest, there’s always something to enjoy when you live in Belize.
Although most people move to Belize in order to enjoy the good life in a stupendously beautiful Caribbean setting, it must be said that there are also some very attractive tax benefits when you relocate to Belize. Americans who live in Belize can apply for the Foreign Income Tax Exclusion that shields the individual from taxes on up to $105,900 (as of 2019) of income, including that generated by an offshore Belize corporation. In order to qualify for the exclusion, you must both be a resident in Belize as well as absent from the United States for 355 days in a 365-day period. Persons who are earning more than $26,000 per year are charged a Belize flat tax rate of 25%. Those who are employed and reside in Belize and whose total income per annum from all sources is less than $26,000 are exempt from Income Tax. There are no capital gains taxes, and property taxes are assessed at just 1-1.5% of the unimproved value of the land. Belize allows foreigners to set up offshore corporations (called IBCs) that can protect and manage your assets, residents of the United States are required to report their assets to the IRS. The Qualified Retirement Program (QRP) program allows qualifying individuals age 45 and older along with their family to gain permanent residency in Belize. The QRP program also exempts members from any taxes on income derived from outside of Belize. And the QRP program allows you to import all of your personal goods, including cars, boats, and light aircraft, duty-free.
For precise details about taxes, be sure to consult a qualified expert.