Belize Real Estate For Sale At Mayacan Beach Resort!
If you are looking for Belize real estate, look no further! Located in the central part of Belize, just north of the Placencia Peninsula, the area is the fastest growing area in all of Belize, and for good reason! The area continues to gain in popularity as more and more people from all corners of the world discover what it has to offer.
The Belize Government has identified the Placencia area as the next area for tourism development. There is now over 1 billion dollars of development planned or presently under construction, including completion of the new International Airport located just 7 miles from Mayacan. Once completed there will be direct flights from both the United States and Europe which will continue to put pressure on real estate prices as visitors will have easier access to the Placencia area.
If you have ever dreamed of owning your own home on or near a tropical beach in the Caribbean now may be a great time to consider the options. We know that there are more expensive building lots available to you, but we doubt you will find any lots for less than Mayacan Beach Resort lots. To many of us this is just a dream, but for some it is a reality and it could become a reality for you as well!
Purchasing Land in Belize – Things You Need To Know!
Belize is a Commonwealth Country where English is the official language. The Belize land laws are straight forward and similar to Canada and the United States. Foreigners are permitted to purchase and own land under the same rules as a Belizean Citizen. There is a Land Titles Unit that is steadily improving the system in place to register ownership.
The first step for a prospective buyer is to do a title search to make sure the seller in fact owns the property in question. This can be done at the local Lands Office.
Land Deeds for all land transfers are processed by the Land and Surveys Department, Land Titles Unit. For private land sale by foreigners, the processing fee is 8% of the purchase price and is called “Stamp Duty”. For developed land GST applies at the rate of 12.5%.
It would be prudent to hire a Belizean lawyer to handle the Title Search, Deed of Conveyance and Registration of documents. The relatively small fee would give comfort while the documentation and land transfer takes place.
Property Taxes in Belize
The Government could always change the land tax system, but there is no sign of that in the offing. The current schedule does not change with improvements or buildings. The tax is based on an unimproved value per acre formula that increases with the sizes of the parcel and varies somewhat from geographical district to district. The current land taxes for a beach front lot at Mayacan Beach Resort are around $10 Belize ($5.00 US) per year.
Building in Belize
In the past few years Belize has tightened up their building codes. Government has embodied the Central Building Authority, CBA to set guidelines determining what structures need a Technician, an Architect or an Engineer. The CBA also handles building permits and inspections.
These guidelines would not be enforced for a Belizean family building a one or two room stick built house with little plumbing or no running water or electricity.
Costs for home construction in Belize can range from $50 up to $150 US per square foot – depending on finishes but moreover planning and design.
Selling Land in Belize
There are no capital gains taxes on land or buildings and no reason to believe this would change in the foreseeable future as this has been consistent for the past several government party changes.