Condo Living In Belize: A 75K Dream?

Belize is a small Central American country known for its pristine beaches, crystal-clear waters, and laid-back lifestyle. With its beautiful scenery and relaxed culture, it has become a popular destination for those looking to escape the hustle and bustle of city life. For those interested in owning a piece of this paradise, there are many condos available for sale in Belize, with prices ranging from under $200,000 to over $1 million.

Condos in Ambergris Caye

Ambergris Caye is a profoundly beautiful part of Belize, attracting over 70% of the country's annual visitors. It is known for its stunning barrier reef, marine reserve, and beautiful beaches. The island is home to the town of San Pedro, which offers lively nightlife and a vibrant restaurant scene.

El Estero Belize Waterfront Condo

A beautiful one-bedroom, one-bathroom condo located 2 miles north of Ambergris Caye, offering amazing sunsets and solid concrete construction.

Ambergris Caye Mara Laguna Condo

A one-bedroom, one-bathroom condo close to the beach, pet-friendly, and priced under $200,000. Mara Laguna is conveniently located near the town of San Pedro.

First Floor Two Bedroom at Mara Laguna Condo

A two-bedroom, two-bathroom condo situated on the first floor of a gated community, just 0.5 miles north of San Pedro Town. It is well-priced and offers convenient access to amenities.

La Perla Escondida

A two-bedroom, two-bathroom condo located 5 minutes south of the heart of San Pedro Town. It has its own private balcony with stunning views of the sunrise, the Caribbean Sea, and the second-largest barrier reef.

Sailwinds Condo

A newly constructed two-bedroom, one-bathroom condo on Turtle Street in the heart of San Pedro. It offers a convenient walk to the beaches, local attractions, shops, and excellent restaurants.

Royal Palm Unit with a Loft

A two-bedroom, one-bathroom condo with a loft, located 1.5 miles south of San Pedro Town Center. It is close to restaurants, shops, and bars, while still offering a quiet and relaxing beachfront community.

Newly Renovated Oceanview Unit @ X'Tan Ha

A spectacular, newly updated one-bedroom, one-bathroom condo on the first floor of the famous X'Tan Ha Beachfront Resort. It offers its owner amazing beachfront views from a private verandah.

Ground Floor at Royal Palm Belize Condo

A lovingly maintained, fully furnished, and comfortable beachfront condo located 1.5 miles south of San Pedro Town. It is within walking distance to shopping, entertainment, and the town center.

2 Storey Villa at X'Tan Ha Resort

A true waterfront resort located approximately 7 miles north of San Pedro Town, offering a "home away from home" feel. This private and secluded island resort has plentiful amenities, including a swimming pool, restaurant, and beach bar.

These condos provide a range of options, whether you are looking for a beachfront property, convenient access to town, or a quiet and relaxing retreat.

Pros and cons of owning a condo in Belize

Pros of Owning a Condo in Belize:

• Tropical climate: Enjoy warm weather and sunshine all year round, making it perfect for escaping cold winters.
• Beautiful beaches and crystal-clear waters: Provides ample opportunities for swimming, snorkelling, and other water activities.
• Relaxed lifestyle: Belize's laid-back culture lets you slow down and enjoy life at a more relaxed pace.
• Authentic experience: As Belize is relatively undiscovered by tourists, you can immerse yourself in the local culture.
• Good investment opportunity: With its emerging real estate market, Belize offers relatively low prices compared to other popular vacation destinations. As its beauty attracts more tourists, property values are expected to increase.
• English as the official language: As a former British colony, Belize primarily speaks English, making communication easier for English speakers.
• Kind and friendly locals: Belizeans are known for their welcoming attitude towards foreigners and ex-pats, making it easier to adjust to a new environment.
• Low cost of living: Due to its small size, transportation costs are lower, and property taxes are exceptionally cheap. Fresh produce from local farmer's markets is also affordable.
• Good medical facilities at a low cost: Basic medical facilities are easily accessible and affordable, with dental care also being satisfactory.
• Diverse wildlife and water activities: With its proximity to the sea, Belize offers fun water activities like surfing, scuba diving, and flyboarding. Its diverse wildlife provides opportunities for exploration and nature appreciation.

Cons of Owning a Condo in Belize:

• High crime rates: Belize has one of the highest per capita murder rates, with tourists often being victims of robbery, pickpocketing, and theft. Sexual assault is also a prevalent issue.
• Limited high-quality healthcare: As a small country, Belize has a limited number of hospitals with advanced healthcare facilities. Serious injuries or emergencies may require evacuation to neighbouring countries.
• Poor road conditions: The roads in Belize are in bad shape, which can be challenging for vehicles with low ground clearance.
• Oppressive humidity: The subtropical climate, combined with humidity, can be challenging to adjust to, especially for those from colder regions.
• Lack of amenities: You may need to adjust your expectations, as Belize may not have the same comforts and amenities as your home country.

Finding the right location

When it comes to buying a condo in Belize, location is key. The country offers a range of areas to choose from, each with its own unique benefits and attractions. It is important to do your research and select the location that best suits your needs and preferences.

One of the most popular areas to buy a condo in Belize is Ambergris Caye. This beautiful region is located off the coast of Belize and is known for its stunning beaches and crystal-clear waters. It is also home to the town of San Pedro, which offers a lively nightlife and restaurant scene. Ambergris Caye is a great choice for those who want to be close to the National Park and the barrier reef, a diver's dream. The condos in this area offer stunning ocean views and unparalleled access to local wildlife.

Another sought-after location for condo buyers is Placencia. This laid-back area is located on the mainland near the southern border of Belize. Placencia boasts beautiful beaches and a relaxed atmosphere, making it ideal for those seeking a tranquil getaway. It is also a popular spot for fishing and diving enthusiasts due to its proximity to the Belize Barrier Reef.

For those who want to explore other options, there are several other appealing locations in Belize. Caye Caulker, for example, is known for its vibrant community and unique atmosphere. Hopkins is another great choice, offering a mix of culture and natural beauty, with its vibrant Garifuna community and stunning beaches.

If you're looking for a more inland experience, Cayo is an excellent option. This area is known for its lush rainforests, ancient Mayan ruins, and eco-tourism opportunities. Finally, Corozal, located in the northern part of Belize, offers a more off-the-beaten-path experience with its charming coastal communities and proximity to Mexico.

When deciding on the right location, consider factors such as your desired level of seclusion, proximity to amenities and attractions, and the overall atmosphere you are seeking. Each area in Belize has its own unique charm, so whether you're looking for a bustling town or a quiet beachfront retreat, you can find the perfect location to match your dream condo.

Financing options

For US citizens, it is possible to use your 401K, IRA, or other investments to finance the purchase. You could use your investments as collateral to obtain a line of credit, get a second mortgage, or use your non-registered investments or accounts to make the purchase. Canadian citizens can use their TFSA accounts to purchase property in Belize, or re-mortgage their homes, get a second mortgage, or use any non-registered investments as collateral towards a line of credit.

If you are a citizen or resident of Belize, you may be eligible for a Residential Loan to purchase your condo. These loans are also available to International Business Companies (IBCs). Interest rates on residential loans vary from bank to bank and are determined by the criteria set by the banks.

Legal and financial considerations

While it is possible to find condos in Belize for under $75,000, there are several legal and financial considerations to keep in mind.

Legal Considerations:

When buying a condo in Belize, it is important to understand the country's real estate laws and regulations. Here are some key legal considerations:

• Foreigners' rights: In Belize, foreigners enjoy the same rights as nationals in land ownership and tenure. This includes the right to own beachfront property, which is not difficult to obtain.
• Capital Gains Tax: There is no Capital Gains Tax in Belize. This means that if you sell your condo for a profit, you will not have to pay any taxes on the gain.
• Strata Titles: Condominiums in Belize are typically purchased through a "Strata" title. The Strata Titles Registration Act governs the issuance of titles to condominiums and enables developers to construct condo developments and issue freehold titles to each unit.
• Real estate agents and attorneys: It is recommended to work with a licensed Belize real estate agent or an ethical Belize attorney when purchasing property. Be wary of unscrupulous agents or attorneys who may be running a scam.
• Title Search: Ensure that a Title Search is conducted at the Government Land Registry to confirm that the property is free of any liens, judgments, or encumbrances.
• Transfer of Land: If you need to transfer land ownership, this process typically involves negotiating terms, preparing and executing transfer documents, and registering the transfer with the Belize Land Registry.

Financial Considerations:

There are also several financial considerations to keep in mind when buying a condo in Belize:

• Financing options: Getting a mortgage loan from a local bank in Belize can be challenging for non-residents. It is advisable to have cash on hand or explore alternative financing options, such as owner financing or financing from a non-Belizean financial institution.
• Property taxes: Property taxes in Belize are very affordable. For example, a condo worth $250,000 on Ambergris Caye would attract an annual property tax of under $375.
• Business tax: If you plan to rent out your condo as a business, a flat 3% business tax is payable to the Belize Tax Services Department on monthly receipts from rent or other sources of income.
• Maintenance costs: Consider the ongoing costs of maintaining your condo, such as cleaning, repairs, and utilities.
• Closing costs: Be prepared for additional closing costs, such as attorney fees, registration fees, and transfer taxes, which can add to the overall cost of purchasing a condo.
• Location: The location of your condo will impact its price and potential for appreciation. Popular areas like Ambergris Caye and Placencia tend to be more expensive, while rural areas may offer lower property taxes.

Frequently asked questions