In Belize it is even possible for non-nationals to freely purchase prime beachfront property. There used to be a license requirement for a foreigner to buy land over 10 acres or 1/2 an acre in a major town or city but this requirement has been revoked.

The only rules and restrictions are: -

Foreign purchase of any island has to have Government approval via the Ministry of Natural Resources.

In certain protected coastal and caye areas purchase of land and property by non-locals has to be approved by the local village council.

Part Five: Legal and Financial Considerations.

I always suggest people seek qualified legal advice when it comes to such a large and far reaching undertaking as purchasing real estate!

Belize is no exception!

In fact, in Belize lawyers are usually considered to be trusted, well-connected, pillars of the community with real power! And their fees are usually in the region of 2% of the purchase price...this should cover title searches and the drawing up of transfer documents.

In terms of affording your real estate dream - the onus is going to be on you! It is extremely difficult for non-residents to get mortgages from banks in Belize therefore most purchasers are in the position to pay in cash for their purchase or they have finance from a non-Belizean financial source.

However, some new developments are springing up with mortgages attached by the developer - property developers are usually the first to be aware of a potentially untapped market.

Basically terms currently are available to purchasers of such properties are: -

The developer retains the title to the property until the purchaser has paid in full for the property. The purchaser makes a 10% down payment with the remainder being paid back over 10 years at 10% simple interest per annum. Terms will of course vary from this to say 50% down up front and the remainder payable over three to five years at 12 -15% interest.

Be aware however that the best prices will be for cash deals.

Youll need to factor in an additional 12 - 15% on top of the purchase price for fees and costs.

You have the land title transfer fee which is also known as stamp tax. This is 5% compulsory for every purchaser regardless of nationality, with an extra 5% payable by non Belizean nationals - making 10% in total.

This is apparently being increased to 12% in the near future.

If you have become a Belizean resident via the Retired Persons Incentive Program you are exempt from the second 5% stamp tax for non-citizens.

Then you should have your lawyers fee which will be around 2% of the purchase price.

Finally youll have property taxes which actually vary from area to area based on the type of land or property purchased. Generally expect to have to pay around 1% annually of the value of the undeveloped land...but speak to your lawyer for more exact figures pertinent to the property or land you are interested in purchasing.

Rhiannon Williamson is an experienced publisher who has produced articles for leading travel and tourism guides and financial magazines. Her specialist knowledge about both travel and finance gives her site Shelter Offshore the unique ability to literally cover every single aspect of moving & living abroad - including the often less discussed offshore tax advantages that can be available when leaving our homeland. Check out her website to find out how you can escape from the rat race, relocate overseas, and profit from your move!