Get Answers to Your Homes For Sale in Belize Questions Before You Buy!
Q. Can we partner with others when purchasing Homes for Sale in Belize?
A.Yes, you can partner with anyone else when you buy Property for Sale in Belize.
Q. How long am I allowed to stay in Belize?
A.It’s easy: every 30 days you must enter an Immigration Office and have your passport stamped. When there are no issues, you can stay for another 30 days. After one year in Belize you can apply for residency.
Q. What about Builders Insurance? Is it available in Belize?
A. No unfortunately Builders Insurance is not available as we know it in the USA. You can get Building Insurance here in Belize which covers storm damages etc. on the building itself.
This is where your due diligence pays off. As I’ve said earlier, first of all, make sure you are comfortable with the Agent you’re working with.
Secondly check out the Developer that’s building the Resort.
- When did the Project begin?
- How long has it been up and going?
- Who are the developers and where are they now?
- Has it been sold to outside Clients or has the developer kept a number of condos for himself?
- Who is financing the Project?
- Location is very important.
Q. Is buying in Belize the same as buying in the U.S.?
A.Yes all procedures are exactly the same. Deposits go into an escrow account. When all title searches are finished the remaining payment is made and you should receive your title in 6-8 weeks. All prices and fees when negotiating property for sale in Belize are in U.S. dollars.
Q. Should we create a LLC or an IBC when purchasing property in Belize?
A.These are Limited Liability Corporations and International Banking Companies. This topic I’ll be discussing at length in my blog, but in a nut-shell, yes, you likely should be thinking of establishing an off-shore account. This is something that’s specific to you and should be discussed with your accountant and attorney to make sure it works best for you. Once decided we can work with you to make sure you are structured properly.
Q. What’s the difference between Strata Title and a Share Structure?
A.There are not a lot of differences, but they can have a significant impact. Shared-structure condominiums can not be used as collateral with any bank and, generally, the restrictions on what you able to do with your own unit are somewhat tight. Strata Title means the place is yours and, depending on the resort or condo organization bylaws, you can still furnish it and paint it and decorate the interior in almost any fashion.
Q. What do I do about banking?A.I will touch on this in depth later but, one thing to do is never walk in to a new bank and just expect to open up an instant account. Also never deposit United States dollars (USD) or Canadian dollars (CAD) blindly into a Belize bank account without checking with me or an authorized real estate professional first. It’s not a difficult procedure, but without an experienced person to assist you it may become a frustrating exercise.
Q. When is the road going north going to be improved?
A. Millions of dollars has been allocated to the north for sewer and water infrastructure. Along with that would naturally come a paved road. All indications look like this construction will start in 2015. Now, since this announcement, The Belizean Government along with San Pedro and a private investor have come to an agreement that the road from Grand Caribe Suites & Residences to the Bridge will be paved. Construction starts immediately.
Q. Should I be thinking of a Timeshare or Fractional Ownership Homes for Sale in Belize?
A.When buying property for sale in Belize, I personally would not buy this type of investment simply because you do not own any “brick and mortar.” Essentially you have bought time and space with no property value.
