How to Buy a House or Business in Belize

Buying property in Belize is a different process than doing so in the US. Real estate agents in Belize are not licensed and aren't required to have any type of education in real estate. There is no Multiple Listing System in Belize, so you won't find most of what is for sale through the Internet. There are only a few restrictions on foreign ownership in Belize and knowing them before you go will make all the difference in your buying experience.

Instructions

    • 1

      Go to Belize. Most of the property for sale in Belize is not listed with broker and won't have a for sale sign on it. Rent a home or condo on a month to month lease to become familiar with Belize. Talk to the locals to find out what is for sale if you want a really good deal. Find information on realtors in Belize by using the link in Resources below.

    • 2

      Bring cash for the purchase. There is not much financing in Belize for foreigners, so you must be able to wire cash or make a deal for owner financing with the seller.

    • 3

      Know the restrictions. If you are going to purchase an island you will need government approval. You will have to make application with the Ministry of Natural Resources of Belize (see Resources below). You will need village council approval in advance of purchase in some of the cays and coastal areas. Find out if the area you are looking into needs this type of approval by contacting a real estate attorney in that particular area.

    • 4

      Research the area, property and sellers before considering making an offer. You can find out more by talking to the locals and neighbors than any other way. Be prepared to spend a month or so in Belize to check the area out before you purchase. The custom is to negotiate the price, so don't be too quick to accept their price. They will usually have a local price and a foreigner price. The people there expect to bargain and usually start high because they figure all foreigners have a lot of money.

    • 5

      Hire a Belizian Attorney to transfer the title and handle the paperwork. Even if you are a savvy real estate investor in the United States, it's dangerous to try to handle the foreign paperwork yourself. There are three ways of transferring title in Belize depending on the location of the property and you must be sure you are using the correct one. The average fee for an attorney is two percent of the purchase price. It is prudent to hire a Belizian attorney even if you are dealing with a United States venture group developing in Belize. This way you are assured that your interests are protected and the paperwork is done properly.