Article
Buying Belize Condos---Information for the Overseas Buyers
A steady appreciation is always a good sign for any real estate market and Belize real estate market has this quality. Many Properties of Belize have been steadily appreciating over last 25 years. In recent years, Belize condos have emerged as crucial part of overall property market of the country and they are following the trend in quite the same way as Belize lands and other types of homes. As compared to the condos in American tourist hotspots, Belize condos are much less expensive and therefore, a unit bought for a lower price can become a great asset in a few years. Thus reasonably priced Belize condos make good real estate investment choice for short, medium and long term planners.
As overseas buyer of Belize condos, you are going to enjoy the same rights over your condo property as a native Belizean. No special permits or license is required for owning Belize condos by the foreign buyers. However, you have to pay a Government Stamp Transfer Tax at the time of the purchase of Belize condos. And when you decide to sell your unit, you won't have to pay any Capital Gains Tax.
Before buying any condo property, one must ensure that the land on which the condominium has been built has a clear title. Hire a legal representative to do background checking on your behalf. A legal expert will research systematically to know whether the land is clear of all liens. As the lawyer gives you green signal in this respect, you can proceed to the next step of your Belize condos buying process.
There are two ways for overseas investors to buy and own Belize condos.
"Strata" title is issued either in your name or your company. Each condo is surveyed prior to the issuing of title on condo ownership,
Foreigners can own Belize condos in another way; via Corporate Share Certificate or Co-op. This type of condo ownership is meant for the units in a planned community where each condo unit signifies a share of a company.
So far as financing of Belize condos is concerned, foreign buyers can obtain from two sources. The offshore banks in Belize will borrow you dollars up to 50-60% of the property value. They will charge you 10% interest and interests are to be paid in US dollars. You can also obtain loans from the condo sellers. 9 - 12% interest is standard, but sometimes financing is offered at lower rates too.
Lastly buying Belize condos is easy and hassle free. The entire purchase process takes 30 - 90 days to finish. But as a foreign buyer, never forget to round off your purchase with Fire and Allied Perils insurance to protect your favorite vacation home against all types of perils including hurricane.
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