Buying property in Belize as a Canadian can be a fantastic option, whether for passive income or to enjoy the Caribbean lifestyle. Here's how to do it and what you need to know.
The country of Belize might be tiny, but it packs a punch when it comes to real estate appeal. There are many reasons why Belize is a world-class living destination. It has tropical weather, swoon-worthy beaches, ancient ruins, cheap properties, and no restrictions on foreign property buys.
If you're planning to buy property in Belize, there are many factors to consider, so it's wise to research and understand all the twists involved.
Belize is a Caribbean country. Located on the northeastern coast of Central America, it's bordered by Mexico (north), the Caribbean Sea (east), and Guatemala (west+south).
Canada-Belize relations are generally good, and Belize is home to some Canadians. Here are some excellent reasons for joining the ex-pat community in Belize.
Buying property in Belize could be one of your biggest investments. Hence, it's crucial to research the property market – its past trends, forecasts and hotspots. This is the first step in deciding where to invest in real estate.
Generally, it's good to put eyeballs on the property before buying. To be thorough, we recommend visiting Belize and touring areas like Ambergris Caye, San Ignacio, San Pedro, Corozal, Placencia and to get a feel of the whole country. It's best to use an accredited broker since the real estate industry in Belize is unregulated.
A reputable lawyer is an important factor in helping your purchase go smoothly. They'll help you understand the basics of ownership, such as the tax implications and obligations that come with purchasing international property. They'll also handle the legal aspect of the buying process and ensure a satisfactory contract overall.
The cost of buying property overseas typically includes mortgage fees, money transfer fees, legal fees, insurance costs, service fees and utility costs. Factor in all relevant costs to prepare a workable budget.
Once all the paperwork is in order, it's time to make the international money transfer. Using a specialist transfer service is better to avoid poor exchange rates and high bank transfer fees.
If you're transferring a large amount of money into a foreign bank account, unfavorable exchange rates will increase costs. Since buying property is a substantial investment, you need competitive exchange rates that can spin you more money.
Fortunately, you can use MTFX's foreign exchange tools to make an informed decision. For instance, MTFX's live rate currency calculator lets you see the current USD/CAD pair trend. Although the Belize dollar is the country's official currency, it’s pegged against the U.S. dollar, which is gladly accepted. So, you’ll need to convert your Canadian dollars to American dollars to purchase Belizean property.
There are various methods for sending money from Canada to Belize, with the top options being via a bank or foreign exchange specialist. Using a specialist service is your best bet if your choice of international money transfer service is based mainly on competitive exchange rates.
You can expect a currency specialist like MTFX to give you the most competitive exchange rates and low transfer fees. MTFX offers exchange rates 3-5% lower than banks because foreign exchange is our sole focus. We deal with large volumes of currency exchanges and know how to navigate market movements to help you get the most from your money.
The implications on your money are real and positive – you can save as much as $5,000 when you transfer $100,000 overseas.
Technology has brought many perks to property buyers. For instance, it's possible to close a deal remotely thanks to Smart Viewing programs that enable you to take a virtual property tour.
An even better perk is the ability to pay for your dream Belize property without going to the bank.
When you open your MTFX account, the secure online platform never sleeps, so you can forget about banking hours and enjoy the convenience of making payments from anywhere, anytime.
The convenience of online payments is compounded many times over when you set up regular automated payments. This also allows to target or lock in a more favorable exchange rate with a forward contract or currency rate alerts.
Now that you know where to find the best exchange rates, you'll be pleased to know there are more compelling reasons to choose a currency specialist over banks.
As a currency specialist, MTFX can provide expert guidance when sending money internationally. In addition, accessing the 24/7 secure platform allows you to send money online with ease. This typically takes 24-48 hours, with express payments arriving at their foreign destination on the same day.
That means you get charged less for extra convenience while saving more money with highly favorable exchange rates and low transfer fees.
Register your account with MTFX and pay for your property in Belize online today.
Belize generally has friendly locals that welcome foreigners, so don't hesitate to understand the Belizian culture.
However, remember Belize is a third-world country. Although it has plenty of natural beauty, the available luxuries might not compare to what you're used to in Canada.
A mortgage from a Belizean financial institution can be a viable option if you're a legal resident. Otherwise, you'll need to obtain a mortgage with a Canadian lender or an international bank that considers Canadian applications.
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