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Buy Property

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Legal issues

There are no restrictions on foreign nationals buying property in Belize, and you do not even need to seek permission or get any licenses granted in order to proceed with your purchase.

People over the age for 45 are able to apply to join the Belize Retired Persons Incentive Program, which is classed as one of the best in the world for retirees tax breaks. It was set up with the aim of attracting affluent retirees to the country with tax breaks and investment incentives, allowing them to invest in the country without impeding social services or the jobs pool in Belize.

In any purchase in Belize, make sure you employ a good, independent lawyer to oversee the purchase, more than anything to make sure the property has clean and clear title before you transfer funds.

Estate agents in Belize does not have a set governing association with any set rules and regulations, however steps are being put in place to legislate an association to implement set rules and regulations for the Real Estate Industry. All buyers are ask to be vigilant when purchasing properties, make sure you have everything very clear before you make any firm decision.

The buying process

The system of buying a property inBelize is incredibly easy for all of those who are used to the buying systems in the UK, Ireland or the US. The official language spoken in Belize is English, thus cutting out many of the biggest problems faced by overseas property buyers, caused by lack of understanding and the vagaries of translation.

Belize also operates politically as a member of the British Commonwealth, and as a former British colony has based its legal and property systems on the model of English law. This makes the process easy and hopefully trouble-free for the majority of buyers in the country.

Finally, the currency, the Belize Dollar, is officially pegged to the US Dollar at a rate of two to one, giving the market stability from the fluctuations of the currency markets to a certain extent.

Without wanting to draw any gloom over the idea of buying a property in Belize, there are some notes of caution to be highlighted. Most importantly, you will need to have expert, independent legal advice at all stages of the buying process.

The buying process in Belize takes somewhere between 30 and 90 days. Once an offer has been made and formally accepted, and a deposit paid into an escrow account, there is a binding agreement in place between the two parties. Then there comes a period to allow for the relevant legal searches and due diligence to be completed. Following this stage, an Agreement of Sale is drawn up based upon the details of the original offer, which is then signed by both parties. This agreement also sets out the details of the payment schedule for both parties to agree, as well as any other terms and conditions.

Once the final payment or installment has been paid over, the transfer documents will be drawn up and reviewed for signing, and the escrow accounts will be released for the seller to access. The final stage is for the new documents to be registered officially, and you are then the owner of a property in Belize.

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