Belize Real Estate | RE/MAX Belize (2024)

2024 has been a record-breaking year for Belize tourism! In 2024 (January to June), Belize had the highest historic overnight tourism arrivals.

Belize’s tourism growth and record-breaking tourism in 2024 have earned it the title of “Fastest Growing Caribbean Destination.” Based on year-over-year tourism growth, Belize is the Fastest-Growing Caribbean Destination.

Belize Fastest Growing Caribbean Destination in 2024

Belize Fastest Growing Caribbean Destination

Belize Fastest Growing Caribbean Destination in 2024

The Caribbean Hotel & Tourism Association (CHTA), with lead travel analyst ForwardKeys, released a comprehensive report on Caribbean Tourism.

Belize has seen a 30% increase in international tourists in the first half of 2024 from 2023.

The 30% growth rate in Belize is impressive compared to other Caribbean destinations like Puerto Rico, the Dominican Republic, Aruba, Jamaica, Cancun, The Bahamas, the Cayman Islands, Curaçao, and more.

Belize Overnight Tourism Arrivals in 2024

2024 has been a record-breaking year for Belize tourism. Belize’s overnight tourism will be up by 30% in 2024.

Belize Monthly Tourism Arrivals

Belize 2024 Tourism Growth

2024 has seen record-breaking inbound tourism numbers. This has been largely due to increased direct flights and improved accessibility to Belize (internationally).

Total Overnight Tourists to Belize in 2024 is +30% higher than in 2023 (January to June) and +19% higher than in 2019 (prior peak tourism numbers).

Belize saw a 30% tourism increase in 2024 (January through June) compared to 2023.

Caribbean tourism is up 13% in 2024 compared to the prior year (2023, from Jan to June).

The 30% increase shows that Belize far outpaces the region in terms of tourism growth year-over-year.

Belize also had an increase of 19% in tourism arrivals from the benchmark tourism of 2019 (compared to the same timeframe before the pandemic).

Caribbean travel is 10% higher in 2024 than pre-COVID levels of 2019.

The +19% increase shows the pace at which Belize is outpacing the region for tourism growth post-pandemic. It is a strong indicator of the trajectory of Belize’s tourism and tourism recovery!

Belize & Caribbean Tourism 2024 vs 2023

Belize tourism and overnight arrivals have had a record-breaking year. Belize saw a 30% increase in 2024 (January through June) compared to 2023.

Caribbean tourism was up 13% in 2024 compared to the year prior (2023, from January to June).

Belize & Caribbean Tourism 2024 vs 2019

Belize also had an increase of 19% in tourism arrivals from the benchmark tourism of 2019 (compared to the same timeframe before the pandemic).

Caribbean travel is 10% higher in 2024 than pre-COVID levels of 2019.

Belize tourism in 2024 has also increased +19% from 2019.

When compared to the regional stats. Caribbean tourism is 10% higher in 2024 than pre-COVID levels of 2019.

The +19% increase shows that Belize is outpacing the region in terms of tourism growth and recovery.

Factors to Belize Tourism Growth

The ForwardKeys report also included stats on all the Caribbean markets and the factors driving regional and destination growth.

• Belize has seen record-breaking inbound tourism numbers in 2024. This has been largely due to the increased number of direct flights and improved accessibility.
• New York Travel to Belize is up +91% in 2024, largely due to the direct flights from JFK.
• Increased Family Travel. Belize was the second-ranked destination in the region for family travel, with a +35% increase, following only Curaçao, which saw a 38% increase.
• An Increase in Latin American visitors (Colombia, Brazil, and Argentina in particular).
• An increase in travelers visiting the Caribbean to attend carnivals and festivals.

Belize ranks 2nd among all regional destinations, with a 35% increase in family travel.

Belize was the second-ranked destination in the region for family travel, with a +35% increase, following only Curaçao, which saw a 38% increase.

Belize Tourism by Destination

Belize Tourism is primarily US-based. 2024 Belize Tourism is:

• 69% USA
• 11% Canada
• 20% Other

New York Travel to Belize is up +91% higher in 2024 than in 2023, following the launch of new direct flights in December when direct JFK flights started with JetBlue.

Belize Seat Capacity & Tourism

Belize in 2024 has seen record-breaking inbound tourism numbers. This has been largely due to increased direct flights and improved accessibility to Belize (internationally).

Belize also led the region in seat capacity in 2024, up +43% from 2023. The more flights and seat capacity, the higher the level of interest and accessibility.

ForwardKeys Seat Capacity includes information on scheduled direct flights and their seat capacity for different destinations.

Airline capacity reflects the planned total seat capacity airlines expect to offer. A seat capacity change reflects the supply and demand for a destination.

Belize Direct Flights

New York direct flights with JetBlue from JFK had a massive impact on Belize’s tourism growth. New York travel was the highest year-over-year increase (from any origin-destination) in 2024. New York Travel to Belize is up +91% in 2024 compared to 2023.

United Airlines announced the launch of new nonstop flights from San Francisco (SFO) to Belize (BZE). Direct Non-Stop Flights Begin December 21, 2024.

Much like New York direct flights, San Francisco will have a large impact on Belize’s tourism growth!

The flights are also timed to sync with United’s TransPacific schedule from SFO, enabling one-stop connections to destinations lіkе Таіреі, Hong Kong, Dubai, and Singapore.

JetBlue Non-Stop Flights New York to Belize

United Airlines Direct Flights from San Francisco to Belize

Ambergris Caye Belize

Ambergris Caye has been the epicenter of Belize tourism for years and remains the country’s top tourism destination. Ambergris Caye and San Pedro Town are the top destination for overnight tourism in Belize. With 53.2% of the Overnight Tourists coming to Ambergris Caye.

The growth in tourism to Belize and Ambergris Caye has led to higher occupancy and higher nightly rental rates (for vacation rentals).

In 2024, the average occupancy of vacation rentals from January to June was 67.5%. The nightly rental rates for Ambergris Caye vacation rentals have been $290 per night in 2024 (January to June).

The nightly rental rates for Ambergris Caye vacation rentals have been $290 USD per night in 2024 (January to June). This is for all unit types and bedroom counts, which is a +34.3% increase from 2019.

For more information on Belize real estate and investing in Belize, contact us!

Belize is experiencing a significant travel boom. According to the travel numbers for 2024, Belize is the Fastest-Growing Caribbean Destination.

The Caribbean Hotel & Tourism Association (CHTA), with lead travel analyst ForwardKeys, released a comprehensive report on Caribbean Tourism.

Surrounded by the tropical Caribbean Sea in Central America, Belize is undergoing “impressive” tourism growth, according to a study carried out by analytics firm ForwardKeys.

So far in 2024, Belize has seen a 30% increase in international tourists. These figures represent the fastest growth rate of any destination in the Caribbean.

Belize tourism is up 30% in 2024 (Jan to June). The 30% growth rate is impressive compared to similar high-growth destinations; Curacao is up 24%, while Aruba has seen arrivals climb by 20%, according to ForwardKeys.

In 2024 (January to June), Belize saw record-breaking tourist arrivals, earning Belize the position as one of the “Fastest-Growing Destinations in the Region.”

Belize has seen faster tourism growth than any other destination in the Caribbean. Belize outperformed similarly booming destinations like Puerto Rico, the Dominican Republic, Jamaica, Curaçao, Aruba, The Bahamas, and the Cayman Islands.

Belize saw a 30% increase in arrivals for the first half 2024. This growth rate is impressive compared to similar high-growth destinations; Curacao is up 24%, and Aruba is up 20%.

ForwardKeys called Belize’s growth “impressive.” The country has seen tourism growth steadily increase since post-pandemic travel relaunched.

Belize tourism and overnight arrivals, has had a record-breaking year. Belize saw a 30% increase in 2024 (January through June) compared to 2023. Belize also had an increase of 17.5% in tourism arrivals from the benchmark tourism of 2019 (compared to the same timeframe before the pandemic).

Belize Stands Out in 2024

In 2024 (January to June), Belize saw record-breaking tourist arrivals, earning Belize the position as one of the “Fastest-Growing Destinations in the Region.”

According to ForwardKeys, Belize has so far seen a 30% increase in arrivals for the first half of 2024 (compared to the same period in 2023). Belize was listed as the Fastest Growing Destination.

In 2024 (January to June), Belize saw record-breaking tourist arrivals, earning Belize the position as one of the “Fastest-Growing Destinations in the Region.” Belize saw a 30% increase in arrivals for the first half of 2024. The 30% growth rate in Belize is impressive compared to similar high-growth destinations; Curacao is up 24%, and Aruba is up 20%. Belize is the Fastest-Growing Destination in 2024.

Belize Tourism 2024

Belize is listed as the fastest-growing mid-tier destination.

Mid-tier Caribbean destinations show impressive growth in the first half of 2024. Belize leads this ranking with international arrivals up +30% year-on-year. This is again driven by the U.S. market, in this case primarily due to bookings from New York, which are +91% higher than 2023 following the launch of new direct flights in December.

Key Factors for Growth

The ForwardKeys report also includedstats on all the Caribbean markets and the factors driving regional and destination growth.

• Increased Family Travel. Belize was the second-ranked destination in the region for family travel, with a +35% increase, following only Curaçao,which saw a 38% increase.
• An Increase in Latin American visitors (Colombia, Brazil, and Argentina in particular).
• An increase in travelers visiting the Caribbean to attend carnivals and festivals.

Top Family-Travel Destinations

Belize ranks 2nd among all destinations in the Caribbean region, with a 35% increase in family travel.

Increased Family Travel. Belize was the second-ranked destination in the region for family travel, with a +35% increase, following only Curaçao, which saw a 38% increase.

Caribbean Destination Tourism & Seat Capacity

ForwardKeys Seat Capacity includes information on scheduled direct flights and their seat capacity for different destinations.

Airline capacity reflects the planned total seat capacity airlines expect to offer. Change in seat capacity is a reflection of the supply and demand for a destination.

Caribbean vs. Global Travel

Caribbean is the top growth tourism region since 2019. Belize is one of the fastest growing destination in the Caribbean region!

The Caribbean is recognized as the most tourism-dependent region in the world, with tourism serving as the largest economic contributor for many nations within the area.

Caribbean Travel 2024 vs 2023

The Caribbean is up 13% in 2024 compared to the year prior (2023 from Jan to June). Caribbean travel is 10% higher in 2024 than pre-COVID levels of 2019.

Belize tourism is up 30% in 2024 compared to the year prior (2023 from Jan to June). Belize travel is 19% higher in 2024 than pre-COVID levels of 2019.

Caribbean Travel 2024 vs 2019

Caribbean tourism has risen by 10% since 2019. Belize’s tourism is up 17.5% from 2019, which is a strong indicator of the region’s tourism rebound.

Caribbean Travel & Connectivity

Analysis of detailed air capacity data reveals that connectivity to the Caribbean is showing impressive growth, increasing +13% overall in the first half of 2024 compared to the previous year. Canada is contributing significantly to this success — with an increase in seat capacity of +17%, making it the largest origin market currently performing above the global average. Meanwhile, the largest origin market overall, the US, tracks global average growth at 13%.

Intra-Caribbean connectivity expanded by 20% year-on-year. This is a key enabler of multi-destination trips within the region.

The strong growth exhibited in tourism for the first half of 2024 — particularly in intra-regional connectivity — is crucial as the Caribbean seeks to attract more multi-destination travelers motivated to explore the diversity of the region’s tourism offer. It also enables regional destinations to target growth in high-value segments such as luxury travelers and family groups, who are more likely to travel to the Caribbean when increased international air capacity offers more flexibility in carrier choice and scheduling.

North American Travel to the Caribbean

For the Caribbean, only the US market has fully recovered or exceeded 2019 levels, while the recovery rates of European arrivals reached 88.2%, and Canada reached 88.1%, of 2019 tourism respectively. Caribbean travel from the US has risen by 12.6% from 2019.

Toronto emerges as the top-performing North American origin city for travel to the Caribbean in the first half of 2024, with arrivals up 23% year-on-year. This growth is supported by a 15% increase in seat capacity between Toronto and the Caribbean, with various airlines increasing the number of available flights.

In the United States, New York (+13%) also shows sustained growth.

Direct connectivity between North America and the Caribbean has improved significantly since 2019. In the first six months of 2024, 68% of all arrivals from the U.S. and Canada are flying directly to their Caribbean destination. 32% of arrivals will still connect via at least one connecting flight.

Increased connectivity from North American hubs expands the Caribbean and Belize’s reach into other U.S. and Canadian markets, attracting new travelers who can now reach the region’s destinations with just one stop.

Latin America Travel to the Caribbean

The BTB (Belize Tourism Board) shared strategies being implemented to introduce Belize to Latin American travelers—a strategic moveconsidering that Latin American travel within the region continues to grow. According to Forward Keys, Colombia and Brazil are the top-performing Latin American markets forCaribbean travel.

With Latin America seeing an emerging middle class, which has increasing disposable income that has led to a surge in outbound tourism.

Latin American region boasts a population of over 650 million people and a combined GDP of over $5 trillion.

Latin America is a key emerging source of tourism in the Caribbean.

The Latin American travel and tourism market is projected to expand significantly between 2024 and 2028, with its size anticipated to increase from USD $49.50 billion in 2023 to USD $64.42 billion by 2028 (Mordor Intelligence).

“Through our air ticketing data, we are observing a significant leap from the Latin Markets into the Caribbean, especially from Central America, Colombia, and Argentina. Even more encouraging is that they are flying in premium-class cabins more than before the pandemic. A worthy market to tap into,” says Olivier Ponti, VP of Insights at ForwardKeys.

“Moreover, LATAM countries have been boosting capacity to the Caribbean. Colombia (+157%), Brazil (+187%), Mexico (+55%), and Peru (+13%) all are showing strong growths and audiences interested in a Caribbean holiday,” says Juan A. Gomez, Head of Market Intelligence at ForwardKeys.

Belize and Caribbean Tourism Investment

The Caribbean region has shown tremendous growth and tourism recovery throughout the years. Destinations like Puerto Rico, the Dominican Republic, and Belize are seeing an impressive increase in tourism arrivals.

Belize is experiencing a significant travel boom. International arrivals to Belize have surged by 30% in the first half of 2024 (January to June), with air arrivals showing the same impressive growth rate compared to 2023. This makes Belize the fastest-growing destination in the Caribbean.

Unlike many international beach destinations, Belize is anEnglish-speakingcountry to makes the vacation experience for travelers even smoother. This also makes investing in Belize much easier as well, as Belize has full foreign ownership.

If you are looking to invest in Belize or purchase Belize real estate, contact RE/MAX Belize!

Record-breaking numbers for the first quarter in Belize’s overnight arrivals!

2024 has been a record-breaking year for Belize tourism! In Q1 2024, Belize has seen record-breaking tourism arrivals (January to March 2024).

This indicates that year-to-date, Belize Overnight Tourism has had a record-breaking numbers and the highest volume in the countries tourism history.

Belize Overnight Tourism Arrivals in 2024

January 2024 Overnight Tourists: 57,628

February 2024 Overnight Tourists: 59,067

March 2024 Overnight Tourists: 69,202

Total Q1 2024 Overnight Tourists: 185,897

February was record breaking with 59,067. But March saw an all-time high and new record with 69,202 arrivals. March 2024 first time Belize has had over 60,000 overnight tourism arrivals (with 69,202 overnight arrivals in the month).

Both of the record breaking months (February & March) have made Q1 2024 the highest ever quarter for overnight tourism in Belize! Total Overnight Tourists for Q1 in 2024 was 185,897.

Belize Monthly Tourism Arrivals

2024 has seen record-breaking inbound tourism numbers. This has been largely due to the increased number of direct flights and the improved accessibility to Belize (internationally).

February 2024 was a record-setting month for Belize tourism. This record-setting tourism month was quickly superseded by March 2024 which saw an impressive 69,202 overnight tourists arrive in Belize!

March 2024 has now became the highest single month for overnight tourism in Belize at 69,202 tourists. The prior single-month record (before 2024) was in March 2019 at 57,697 overnight tourists.

Total Overnight Tourists for Q1 in 2024 was 185,897. This is 27.9% higher than in 2023 (last year Q1) and 17.5% higher than the prior record set in 2019.

January to March Belize Tourism Arrivals

Belize Tourism Growth

Q1 2024 saw a 27.9% increase in overnight tourism arrivals from Q1 2023.

Q1 2024 was a 17.5% increase from Q1 in prior peak year of 2019.

Annual Q1 Belize Tourism Arrivals

Overnight tоurіѕm arrivals to Belize increased bу оvеr 27.9% іn Q1 2024 (Јаnuаrу to March), compared tо the ѕаmе реrіоd lаѕt уеаr (2023). The trend in Belize tourism is expected to have continued growth, this is seen by the 17.5% increase in overnight tourism from 2019 (Q1). This is expected to result in an оvеrаll 11% estimated growth fоr the Belize tоurіѕm ѕесtоr іn 2024.

Belize Tourism rebounded strongly in 2023 and has continued in 2024. The stats from the early months of 2024 signal that the year 2024 will be a record-breaking year for inbound tourism to Belize!

Веlіzе’ѕ tоurіѕm industry іѕ booming, as seen in Q1 of 2024 and the first few mоnthѕ оf the year setting all-time highs and hіѕtоrіс rесоrd-breaking numbers in overnight tourism. The tourism growth (the largest sector in Belizean economy) is estimated tо gеnеrаtе аn unprecedented $1.4 bіllіоn іn rеvеnuе in 2024, this was announced by Minister of Тоurіѕm Аnthоnу Маhlеr.

Belize Tourism Q1 Arrivals 2017 to 2024 (January to March)

Below is the overnight tourism trend from 2017 to 2024 for January to March (Q1 of each year);

Belize Tourism Board Data

Increased International Flights to Belize

The largest factor to the growth in Belize tourism has been the increased air transport and increase in direct international flights to Belize. In March 2024, there were 511 international flights landing at BZE (Philip S.W. Goldson International Airport in Belize City).

PGIA Philip S.W. Goldson International Airport BZE

Direct Flights to Belize 2024

Direct Flights Washington DC & Baltimore (BWI) to Belize (BZE) with Southwest Airlines

SouthWest Airlines started direct flights from BWI to Belize on March 9, 2024

SouthWest Airlines BWI to BZE

Direct Flights New York (JFK) to Belize (BZE) with JetBlue

JetBlue Starts Direct Flights from New York JFK

JetBlue Announces Direct Flights to Belize from New York JFK

JetBlue New York (JFK) to Belize (BZE)

• Monday
• Wednesday
• Saturday

Scheduled flight times are the following (all times are local):

• JFK to BZE: Departs at 8:29 a.m. and arrives at 12:14 p.m.
• BZE to JFK: Departs at 1:30 p.m. and arrives at 7:00 p.m.

JetBlue Belize Flight Deals

Ambergris Caye & San Pedro

Ambergris Caye and San Pedro Town are the top destination for overnight tourism in Belize. With 53.2% of the Overnight Tourists coming to Ambergris Caye.

Record-Breaking Tourism Leads to Airport Upgrades

The month of March 2024 was record-breaking for Belize tourism. Increased visitors to Belize means an increased demand for the facilities at the BZE Philip Goldson International Airport (PGIA). To address that need there is an ongoing, long-term project for the upgrade of the PGIA. Belize along with the BTB (Belize Tourism Board) are increasing the marketing efforts attracting regional tourism and tourism from Latin American markets.

With the Mayan Train in Mexico and increased travel and tourism from Latin America and South America. That said, the airport upgrades are important since the United States represents the largest percentage of overnight tourism arrivals.

Currently Americans (from the US) make up 69.3% of Belize tourism in 2024.

Record Breaking Tourism Prompts Airport Upgrades

Future Outlook on Regional Tourism

Belize has shown impressive tourism numbers through 2023 and now record breaking in 2024 due to quick and clever travel regulations and practices put into place. Belize has also improved the accessibility with more non-stop direct flights and increased number of airlines (and destinations).

“The success of the recovery is a testament to the power of collaboration. Tourism leaders, businesses, governments, organizations, airlines, and our hospitality professionals have achieved impressive results by working together. We are grateful for the hard work and close partnerships that continue to allow us to recover and soar to new heights,” says Nicola Madden-Greig, President of, the Caribbean Hotel and Tourism Association (CHTA).

The rise and power of the South American market in the region.

Tourism in Belize is growing, and the competition is getting stronger now that we can look at the pre-pandemic and post-pandemic trends. Diversifying the attraction and marketing of Belize by widening the net is pivotal. The 2023 data by ForwardKeys shows there is a real potential to convert more international arrivals from Latin America, specifically Colombia and Argentina.

“Through our air ticketing data, we are observing a significant leap from the Latin Markets into the Caribbean and Belize, especially from Central America, Colombia, and Argentina. Even more encouraging is that they are flying in premium-class cabins, more than before the pandemic. A worthy market to tap into,” says Olivier Ponti, VP of Insights at ForwardKeys.

Beyond the main traditional markets, the US and Canada, there are tourism opportunities to be found in the neighboring countries. Latin American markets represent an exciting opportunity for Belize and the Caribbean.

Travel demand for Belize as a destination quickly gained momentum after most regional countries dropped travel requirements. The strong pent-up demand has been propelling visitor arrivals from Latin America beyond pre-pandemic levels, up by 14% in 2023, and with greater growth potential. The best-performing markets in the region are Colombia, Peru, and Argentina.

Flight Connectivity

The restoration of air connectivity is one of the key factors driving post-COVID-19 travel demand recovery, and Latin America is no exception. After years of limited travel activity, now Latin American travelers have fewer options to get to their desired Caribbean vacation. Fewer direct flights, and lower flight frequencies, make it harder and more costly to travel. In this scenario, connections with gateway airports are fundamental to remaining competitive.

Panama City (PTY) has emerged as a key gateway hub for Latin America, particularly, for connecting this region to the Caribbean. This is a result of a decided and successful strategy to transform Panama’s Tocumen International Airport into an intra-regional airport hub. Panama has become the first choice when transitioning to the Caribbean, gaining a share over other regional airports, such as Bogota, Lima and Miami.

While it is not always feasible to develop direct flight connections with emerging markets, establishing regular and frequent connections with the right network airports is fundamental for reaching a more diverse travel audience.

Belize Real Estate & Investment Opportunities

The Belize tоurіѕm ѕесtоr rеmаіnѕ роіѕеd fоr further growth with more development and improved accessibility! This has industry experts орtіmіѕtіс and bullish on Belize as a destination (for tourists and investors).

Tourism growth, increased awareness, offshore residency, and improved connectivity have all led to higher investment yields for real estate and investment properties in Belize. Ambergris Caye remains the the top destinations in Belize for overnight tourists.

Additional Links:

Belize Tourism January & February 2024

Ambergris & Belize Tourism Data 2023

Caribbean & Regional Tourism 2023

If you are looking to learn more about Belize tourism and Belize real estate, contact us!

Belize real estate is a desirable commodity for both expats (people relocating to Belize) and investors. Belize real estate financing is not the same as many are used to in the USA or Canada.

Belize has become increasingly popular for its residency programs. It is a top relocation and retirement destination. Many people look at Belize and Belize real estate for personal use and lifestyle. That said, Belize also appeals to potential property owners and investors. What makes Belize real estate so desirable is more than just the climate. In Belize, foreigners purchasing land or property are afforded the same rights as Belize citizens regarding property ownership. Belize is also a tax haven and low-tax jurisdiction, as property taxes are low, and there are no capital gains or inheritance taxes in Belize.

Even though Belize recognizes full-foreign ownership and grants fee-simple title to foreigners (foreigners have the same ownership rights as locals), it can be challenging for a foreigner to finance a property traditionally in Belize. For offshore owners or investors, Belize does not have standard mortgages or bank financing like you are used to in the US or Canada. Most people buying real estate in Belize have to do a cash sale transaction.

The appeal and advantages of Belize property ownership are undeniable – for lifestyle/personal use or investment. Short of purchasing Belize real estate with cash, what financing options do potential property owners or investors have?

Obtaining local conventional bank financing or a standard mortgage can be challenging for a non-resident in Belize to finance real estate.

However, for non-residents (foreigners), there are creative ways to finance property in Belize. Below, you can see some Belize real estate financing options to consider:

1. Owner Financing
2. Offshore Financing
3. Co-Investing

Owner Financing

Owner or Vendor Financing is the easiest way to finance real estate in Belize. Vendor (owner) financing is a convenient and popular form of real estate financing in Belize. Vendor financing or owner financing (aka seller-carried), is when the seller offers owner financing to the buyer of the property offered for sale.

If you are looking for something with vendor financing, you will be happy to know it is an easy process.It is generally anon–recourseloanwith theseller/vendorcarryingthe note on the property (similar to how a bank carries the note on a home mortgage in the US). You take full control of the property when all parties sign the agreement and the down payment is made.

The terms vary with the seller; typically, the down payment would be a minimum of around 25% down. The seller-finance loan agreement is filed along with transfer and deed forms with the lands department in Belize to protect both buyers and sellers. The title transfer is completed once the final payment has been made and the terms of the financing agreement have been met.

Offshore Financing

Some offshore banks or international banks offer mortgage loans or financing to non-residents or foreigners looking to purchase fee-simple property in Belize. These off-shore banks can provide financing options for individuals and International Business Companies (IBCs).

The terms can range from 5-30 years. Down payment requirements are higher than what many are used to in domestic markets, as most offshore banks lend at a maximum of 60% LTV (Loan to Value). The down payment requirement is often at least 50% down. One of the big advantages of offshore lending over domestic lending is that you can choose the currency of your loan. This facilitates transactions conducted in U.S. dollars (since real estate in Belize is typically in USD) and facilitates acquisitions by Americans.

Co-Investing

Buying a home with a co-investor meansyou share your property’s equity with the investor from the start. Put simply: They’ll share in the profits if your home increases in value and the loss if it does the opposite. Also, share the revenue/passive income.

Investing in a private Belize company that acquires investment properties through pooling funds or local or offshore secured financing is another way to acquire real estate in Belize without having to deal with the headaches and paperwork of obtaining financing on your own.

Whether through pooling funds with other investors or providing the capital for the investment, co-investing is an easy and efficient way to acquire real estate in Belize.

Options for Belize Real Estate Financing

As mentioned above, financing in Belize is more complex than in domestic markets. We do not have the same standard mortgages and bank financing people are used to in the USA or Canada. Most real estate transactions in Belize are cash sales.

You can get a mortgage or loan in Belize from the banks. The bank will charge a high interest rate and require a larger down payment. Because of the conservative nature and banking policies in Belize, the banks are still at a stage where the interest rates are higher than off-shore purchasers are used to. Most banks in the US will not loan to an out-of-country real estate purchase. There are, however, real estate opportunities in Belize with seller or vendor financing. Due to the Belize real estate market conditions, most owners and investors go the route of owner/vendor financing.

Seller/vendor financing (if available) is straightforward. It is a non-recourse loan with the seller/vendor carryingthenoteon the property (similar to how a bank carries thenote on a home mortgage in the US). You take complete control of the property when all parties sign the agreement, and the down payment is made.

There are three ways for purchasers to receive financing for Belize real estate:

1. Local Belize Financing:Local banks in Belize do offer to finance land and/or property, though it is not easy (especially for foreigners). It is also important to note that the interest rates with Belize banks and terms for financing are usually higher than what people are used to at home. Local banks in Belize usually have much higher interest rates in the range of 10-18% interest with fixed terms of only 12 months. When you get financing from a local bank in Belize, the loan is closed every year and renewed at the new rate. When borrowing or lending from a local Belizean bank, it will be in Belize dollars, and most real estate transactions in Belize are in US dollars. Because most of the Belize real estate transactions take place with U.S. dollars, local financing is challenging. Local banks in Belize will also often only lend money to Belize residents or citizens.
2. Offshore or Domestic Financing:If you are not a resident or citizen of Belize and are looking for financing, you can borrow U.S. dollars through an offshore bank. In Belize,Caye International Bank is one of the only off-shore banks in the country. Interest rates with international banks in Belize are still much higher than people are used to in their domestic markets and are around 12% to 18%, and most offshore banks, when lending to people who are not Belize residents or citizens, require a high degree of collateralization with a high down payment (often 50%). Some people do acquire domestic financing in their home country through a line of credit or refinancing their home/mortgage.
3. Owner, Seller, or Vendor Financing:This is the most common way foreigners acquire financing for land in Belize. It is also far more common for someone to find land with financing than it is with a home or condo. Belize property owners and/or developers usually agree to property financing at better rates than the local banks. It is also very easy to qualify, as it is a non-recourse loan. The rates through seller or vendor financing are often less than what is available at local banks and financial institutions. Around Secret Beach, you are able to secure property with 20% down. Within Mahogany Bay, you can secure canal-front land with 25% down.

Using a Self-Directed IRA or 401K

One way to manage costs, minimize the out-of-pocket investment, and ease the burden of taxation is to purchase real estate under a Self-Directed IRA or 401K. These structures are very easy to do in Belize and allow Americans to purchase an off-shore investment property using investment funds. The benefits of ownership under these legal entities include; access to capital for investment, and less taxation on capital gains, thus earning greater profits from the Belize real estate investment.

Real estate investors (from the US) can hold investment real estate in an IRA or 401K to gain access to capital (without paying high taxation) and reduce the tax exposure (as long as the investment capital has not been distributed to the IRA owner).

Under the IRS’s self-directed IRA rules, contributions to Self-Directed IRA accounts can be used to purchase real estate (commercial, residential, or raw land) inside and outside the United States. This allows investors to use Self-Directed IRA funds or a 401K to invest in Belize real estate.

However, contributions to offshore real estate IRAs are subject to additional rules. For example, while the property in your IRA can be rented to others, you can’t rent it out to your family. The property can also not be used for your own personal use (it has to remain strictly an investment).

Another advantage is that the rental income from an offshore Belize real estate investment through IRA is deferred and can be made tax-free if purchased using a ROTH IRA. Under this setup, you could, in theory, collect decades’ worth of rental income and not pay US tax. You only need to worry about taxes when you distribute the income from the property to yourself in the future.

Belize Real Estate Financing

Here are some general steps and considerations for financing real estate in Belize:

1. Local Regulations and Laws:
   • Familiarize yourself with Belize’s real estate regulations and laws. It’s important to understand the legal framework for property ownership and financing in the country.
2. Currency Exchange:
   • Belize uses the Belize Dollar (BZD) for general transactions, but US Dollars (USD) is commonly used for real estate.
3. Local Lenders:
   • Research local banks and financial institutions in Belize that offer real estate financing. Some international banks may also have a presence in Belize.
4. Mortgage Options:
   • Explore the types of mortgages available, including fixed-rate mortgages, variable-rate mortgages, and other financing options. Mortgage terms and interest rates may vary, so compare offerings from different lenders.
5. Down Payment Requirements:
   • Understand the down payment requirements. In Belize, it’s common for lenders to require a substantial down payment, often ranging from 20% to 30% of the property value.
6. Loan Eligibility:
   • Lenders will assess your eligibility based on factors such as income, credit history, and the property’s value. Be prepared to provide documentation to support your financial stability.
7. Interest Rates:
   • Interest rates can vary, so compare rates from different lenders. It’s important to understand whether the interest rate is fixed or variable and how it may change over the life of the loan.
8. Loan Terms:
   • Review the terms of the loan, including the repayment period. Some loans may have longer or shorter terms, and this can affect your monthly payments.
9. Insurance Requirements:
   • Lenders may require you to purchase property insurance. Make sure you understand the insurance requirements and factor the cost into your overall budget.
10. Legal Assistance:
    • Consider hiring a local attorney with experience in real estate transactions in Belize. They can help navigate the legal aspects of property acquisition and financing.
11. Due Diligence:
    • Conduct thorough due diligence on the property you intend to purchase. This includes title searches, property surveys, and any potential legal or environmental issues.
12. Closing Costs:
    • Be aware of closing costs, which may include legal fees, stamp duties, and other expenses. Factor these costs into your budget.

For more information on financing in Belize and Belize real estate opportunities with financing available,contact us at RE/MAX Belize.

Ambergris Caye has been the epicenter of the Belize tourism surge and COVID recovery. This has led to growth in the Ambergris Caye Real Estate and investment in vacation rentals.

Ambergris Caye luckily has something we like to call “Island Economics.” When investing in an island, there is only so much land available. The limitations on available land create scarcity, not only scarcity of property but also a scarcity of land and completed resale homes. There is only so much land on an island. Island economics means that you see greater property appreciation on an island due to scarcity of property and limitations on how much can be built.

Tourism growth, increased awareness, offshore residency, and improved connectivity have all led to higher investment yields on vacation rental properties on Ambergris Caye. Ambergris Caye and San Pedro Town (the municipality on the island of Ambergris Caye) are by far the top destinations in Belize. Below, we look at the updated tourism data and vacation rental investment opportunities on Ambergris Caye!

Ambergris Caye Tourism

Ambergris Caye has seentourismhitting all-time highs year-over-year as we become a globally recognized destination. From 2010 to 2023 (13 years), Ambergris Caye overnighttourism(people booking rental units) has grown at an annual compounded rate of 14.8% per year increase, with overnighttourismnearly doubling from 2010 to 2023 (+81.5% increase).

Belize Overnight Tourism

Belize Tourism Board Overnight Arrivals

Ambergris Caye Vacation Rental Inventory

Even thoughtourismis growing,the total roomsforrentals have stayed stagnant, with limited new losing inventoryand often even a declineininventory.Tourismis growing, and this usually correlates to added supply; that said, Ambergris Caye, Belize, is at the perfect time for investment as we have unique market conditions that have led to increased demand and a decrease in supply inventory.

RentalInventory on Ambergris Caye has dropped by -4% from 2022 to 2023. Also dropped -13.9% over the last 3 years. This is largely due to the influx of people moving toBelizeand the growing expat community and people who can work remotely.

Ambergris Caye Vacation Rental Lodging Inventory

For lodging, as a point of reference, Ambergris Caye saw -4% from last year. Lodging inventory for vacation rentals on Ambergris Caye has seen a -13.9% decrease over the last 3 years.

Ambergris Caye has had a compounded annual tourism growth over 12 years at an average of 14.8% per year.

As you can see, the 3-year trend has been consistent, with many quarters witnessing a dip in rental inventory (even with an increase in demand). This creates a unique opportunity for investors. With the shortage in supply and increase in demand, there is a need for more lodging and rentals.

Increase in Demand + Decrease in Supply = Increase in Price & Rent

Many industry experts predict Ambergris Caye real estate prices and nightly rental rates will continue to increase. This will lead to greater equity appreciation and a higher cash-flow yield.

Even though demand is on the rise, the supply has remained stagnant. With increased awareness comes increased demand, but the lodging and vacation rental inventory supply does not meet the demand growth.

Ambergris Caye Occupancy

In 2022, Ambergris Caye had an average vacation rental occupancy of 54.8%. In 2023, the average occupancy of vacation rentals has been at 61.3%. This is an increase of +11.9% year-over-year (2022 to 2023).

Ambergris Caye Nightly Rental Rates

In 2023, Ambergris Caye has seen ADR (Nightly Rental Rates) for vacation rentals increase by +15% from 2022. In 2023, the average nightly rental rate on Ambergris Caye has been $284 USD per night, which is up from $262 USD per night in 2022.

Ambergris Caye Investment Revenue

The increase in tourism with the lodging and vacation rental supply shrinking has led to higher occupancy and higher nightly rental rates (ADR). The increased occupancy and ADR have resulted in higher revenues. On Ambergris Caye, vacation rental gross revenue is up 30% in 2023 (from 2022).

Annual Average Rental Revenue

What is fascinating is the renal income for detached homes over condos (and the % annual growth).

Detached homes on Ambergris Caye have seen an average annual gross revenue of $88,850 US in 2023 (Airbnb income). Compared to condos, which saw an average gross yearly earnings of $44,300 US. Detached homes also saw a higher % growth at 23% annual revenue growth (condos with 14%) from 2022 to 2023.

For more information on investing in Belize and Ambergris Caye rental income investment opportunities, contact us at RE/MAX Belize!

Are you considering offshore Belize residency? Belize makes immigration and residency easy for investors, expats, and retirees looking to obtain Belize residency (for personal or investment).

Belize has been gaining increased popularity among foreigners, retirees, investors, and digital nomads. The Belize residency programs provide enhanced investment and travel opportunities.

In Belize, English is the primary language, and Belize’s legal system is based on British Common Law (a member of the British Commonwealth). Because of the British Common Law and British Parliamentary Democracy, Belize has a stable, democratic government and a stable and dynamic economy (also stable currency pegged 2:1 with USD).

For expats and investors, obtaining Belize residency is not prohibitive like in other countries. Residency in Belize is relatively straightforward, with a few routes available. For expats or retirees, Belize has the Qualified Retired Persons Program and the new Retire & Invest Program. These are great incentives for individuals looking to call Belize home and looking for long-term residency in Belize.

Belize also has investment residency programs that appeal to potential property owners and investors. In Belize, foreigners purchasing land or property are afforded the same rights as Belize citizens regarding property ownership.

Belize has full foreign ownership, and foreign investors can own Belize property outright with a fee-simple title. Belize is also a low-tax jurisdiction, with no capital gains or inheritance taxes (estate tax) in Belize.

The location of Belize (close proximity to the US & Canada), its warm Caribbean climate, low taxes, and welcoming culture make it an attractive place to invest, work, retire, and reside. The Belize residency programs also provide opportunities to travel, start a business, and optimize taxation.

This post provides information on obtaining Belize residency as well as the different residency programs Belize offers and the requirements.

Types of Belize Residency

Belize offers two distinct types of Residency status for foreigners:

1. Permanent Residency: Permanent Residency would be suited for someone looking at being a resident in Belize. Permanent residency in Belize is for a person (or persons) who want to make Belize their home and will be staying in Belize for an extended period of time.
2. Temporary Residency: Temporary Residency is for a person (or persons) who have made or are in the process of making a substantial investment in Belize (often in Belize real estate) but, due to commitments outside Belize, cannot meet ordinary Permanent Residence requirements.

Permanent Residency

For persons applying for Permanent Residency in Belize, you are required to:

1. Have been legally residing in Belize for at least one year from submitting a residency application.
2. During the one-year period, you have not left Belize for more than 14 days (2 weeks).
3. Show proof to the Belize Immigration Office that you have been, and you will be able to continue financial stability and independence.
4. Have not been convicted by a competent court in any country of a criminal offense for which you may have been liable to a sentence of imprisonment of twelve months or more and have not received a free pardon for the crime.

Documents Required for Permanent Residency

1. Passport
2. Medical Certificate and Tests
3. Police Record
4. Proof of Financial Stability
5. Photographs
6. Spouse and Child’s Documentation

Temporary Residency

A Temporary Residence (Temporary Residency) status can be given for one (1) year at a time. The temporary residency must be renewed every year. The temporary residency status becomes renewable at the end of that given period.

For persons applying for Temporary Residency, you are required to:

1. Apply for temporary residency (temporary investment residency).
2. Show evidence of investments in Belize valued at not less than Two Hundred and Fifty Thousand US Dollars – US $250,000 (five hundred thousand Belize Dollar – BZ$500,000).

Learn more from Belize Immigration.

Documents Required for Temporary Residency

1. Passport
2. Police Record
3. Letter to Director
4. Evidence of Residence in Belize
5. Evidence of Investment in Belize

Belize Residency Options

Here is a general overview of residency options in Belize:

1. Tourist Visa: Most visitors to Belize can enter the country as tourists without a visa and stay for up to 30 days. Extensions for up to 90 days are possible, but they come with associated fees. This is not a long-term residency option.
2. Permanent Residency: Belize offers several pathways to permanent residency:
   • Retired Persons Program: This program is designed for retirees. To qualify, you must be at least 45 years old, provide proof of a consistent income, and meet certain financial requirements.
   • QRP (Qualified Retirement Program): The QRP is an attractive option for retirees. It provides tax benefits and allows for permanent residency. To qualify, you should be at least 45 years old, have a consistent income, and meet the financial requirements.
   • Self-Employed Program: If you plan to start a business in Belize, you can apply for permanent residency under this program. You’ll need to invest a certain amount of money in your business and meet other requirements.
3. Naturalization Residency: The typical way people achieve Belizeanresidencyis through thenaturalized residencyprogram. To obtainnaturalized residencyin Belize, you have to show you have been in Belize for a year (48 out of 50 weeks).
4. Work Permits: If you plan to work in Belize, you will need a work permit. These permits are generally tied to employment, and your employer will often need to sponsor your application.
5. Investor Residency: Belize offers opportunities for investors to obtain residency by making substantial investments in the country. The specifics of this program can vary, and it’s advisable to consult with an immigration attorney for details.
6. Dependent Residency: If you have close family members who are legal residents or citizens of Belize, you may be eligible for dependent residency. This typically applies to spouses, children, or parents of Belizean citizens or residents.

Keep in mind that the process for obtaining residency in Belize can vary from person to person. People have different processes, which may involve various documentation, fees, and specific requirements. It’s advisable to work with someone who specializes in Belizean immigration to guide you through the process and ensure that you meet all the necessary requirements.

Belize Tourist Visa

You do not need to have residency to live or invest in Belize. Residency is not required to own a property (foreigners have the same ownership rights as locals/nationals). Residency is also not needed to be in Belize or visit Belize. If you are visiting Belize (as an American or Canadian), you do not require a travel visa.

When you enter Belize (as a tourist), you are issued a 30-day tourist visa in your passport. Belize is a very easy country to travel to, and US & Canadian travelers do not require any visas when traveling to Belize. The majority of countries and passports can travel to Belize freely and without a visa for 30 days.

Visitors can continue to renew their tourist visa if they want to stay in Belize without restrictions on length (as long as they get their visa renewed).

Americans & Canadians can travel to Belize and remain in Belize without time constraints. When a visitor arrives in Belize, they are issued a 30-day

Belize Tourist Visa

Naturalized Residency Belize

Permanent residents in Belize can work without a permit and no longer need to renew their visas every month or year. The naturalized residency (which requires time) is the most common route for Belize residency.

To be eligible for permanent residency in Belize, you need to live continuously in the country for one year without leaving the country for over 14 days. You mustapply through the Department of Immigration and Nationality Services.

The typical way people achieve Belizean residency is through the standard residency program. To obtain residency in Belize, you have to show you have resided in Belize for a year, and have been in Belize for 48 weeks of the year. This is a naturalized residency.

Belize Investment Residency

The Belize Investment Residency program is designed for investors and entrepreneurs with investments in Belize valued at a minimum of $250,000 US.

The most common Belize investment for residency is through Belize real estate investment or owning Belize land. You can apply for the investment residency through proof of land or real estate in Belize valued above $250,000 US.

The most common sector is real estate investment, but there is also business investment. There are no restrictions on the business or any fixed sector to invest in. You can invest in tourism, agriculture, etc. This allows you to live, work, and conduct investments and business in Belize.

The investment residency can be done remotely. A person applying for the investment residency does not need to be in Belize to file this application.

The Belize Investment Residency is also called the “Temporary Investment Residency” and allows investors in Belize to obtain residency if they show they have invested over $500,000 BZ ($250,000 US) in Belize. This is most commonly done through real estate. The reason it is called “Temporary” is that you have to show every year that the investment continues in Belize.

Investment Residency is for one (1) year at a time. The temporary investment residency must be renewed every year.

Belize Investment Residency

Belize Qualified Retired Person Program (QRP)

If you are over the age of 45, have no intention of working in Belize, and can prove you meet the monthly retirement income requirements, you may qualify for the QRP (Qualified Retired Person) Program. The QRP program grants residency to people who hold status. The QRP is renewable each year, with the only requirement being that you spend a minimum of 30 days of the year in Belize.

Learn More About Belize QRP

Belize Work Permit

If you plan to work in Belize as a foreigner, you may require a “Work Permit.”

If you are planning to work for a company in Belize, the company hiring you will sponsor the work permit on your behalf. Suppose you are self-employed or planning to start a business in Belize (and work at the business). In that case, you likely need to apply for a self-employed foreigner or business registration.

If you do not apply for a residency status and continue to work and live in Belize, the work permit will be renewed annually.

Belize Citizenship

After living in Belize for at least five years as a permanent resident, you may be eligible to apply for citizenship through naturalization. The requirements for naturalization can change, so it’s essential to check the most recent criteria.

Once you’ve been a permanent resident for at least five years, you can apply to become a citizen of Belize. Belize allows dual citizenship, which means you can maintain Belizean and offshore citizenship (and passports). It is attractive for investors as they do not have to relinquish their domestic citizenship when they acquire Belizean Citizenship.

Belize recognizes dual citizenship. The Nationality Department does not require you to renounce citizenship from other countries.

Once you have Belize citizenship, you get the benefits of Belize’s CARICOM membership. With Belizean Citizenship, you can move freely through, live, and work in other Caribbean member countries.

Belize Residency Process

The process for residency varies depending on the person and the program. That said, generally, the residency process goes as follows;

1. Step 1: Gather the required documents
2. Step 2: Submission of application
3. Step 3: Interview with Immigration
4. Step 4: Interview with Police Department
5. Step 5: Notification by the Immigration Office
6. Step 6: Payment and Submission of Security Bond
7. Step 7: Delivery of Residence Card

Belize Residency is relatively easy to acquire. You will need to follow the necessary steps. All applications are also subject to a background check or Police Record Check.

Residency in Belize

Belize offers a good range of visa and residency options covering just about any reason for being in Belize. Which option is right for you depends on your purpose for being in Belize:

1. Long-term Scouting Trip: If you’re visiting Belize to test if it might be right for you as a new home, the Belize Tourist Visa (with renewals) will be your best choice.
2. Snowbird or Wintering in Belize: If you’re escaping the bitter cold of “home” for several months each year or using Belize as a part-time vacation home, the Belize Tourist Visa (with renewals) is also your best option.
3. Retiring in Belize: If you plan to retire and move to Belize with no intention of working (or running your own business), you should look at the Qualified Retirement Program. If you plan on opening a business or investing, you may want to look at the new Retire & Invest Program (through QRP and BTB).
4. Moving to Belize: If you want to move to Belize but plan to work (or run your own business), a Work Permit may be the right direction. After a year, you can have naturalized Belizean residency.
5. Investing in Belize: If you are looking to invest in Belize and have an offshore residency through investment, the Temporary Investment Residency could likely be a great option.

If you seek to obtain offshore residency with ease, with a minimal physical presence in the country, Belize residency may appeal to you. There are a few options and routes someone can take to obtain Belize residency. If you are looking at offshore residency or want to learn more about Belize Residency, contact us!

Are you considering investing in Belize or Caribbean region? Check out our tourism & investment data report outlining the global and regional market.

Continue reading

Belize tourism and Belize real estate is expanding the luxury market. The luxury travel industry has grown unprecedentedly in recent years due to rising spending power, an expanding middle-class population, emerging luxury trends, and the expansion of luxury hotels.

The definition of luxury travel has evolved dramatically in recent years, and people are now far more adventurous. They are more interested in experiencing local customs and cuisine.

Earlier this year, a survey from GlobalData.com found that luxury tourism has recovered quicker then budget tourism.

The global luxury travel market is expected to grow at a compound annual growth rate of 7.8% to 8.9% from 2022 to 2032, reaching a market size of USD 2.32 trillion to 2.76 trillion by 2032.

Caribbean & Central America Luxury Tourism

The Belize Region, with the Caribbean & Central America as a whole, outperforms the average recovery trends of the Americas, Europe, and Asia Pacific in the Luxury Tourism sector. This is shown in the revenue and profit trends.

The Caribbean & Central America Region (including Belize) has a higher ADR and Occupancy than other Western Hemisphere markets like Mexico, Canada & USA for luxury tourism.

The Caribbean & Central America Region is expected to have an annual tourism GDP growth rate of 5.5% to 6.7% between now and 2030.

Belize Tourism & Luxury Market

The Caribbean & Latin American (Belize) luxury tourism industry will likely be one of the fastest growing between now and 2032, with the most opportunity.

Belize, with the BTB (Belize Tourism Board), has taken steps in advancing and growing the Belize Luxury Tourism Industry.

Luxury travel services cover the most desirable and premium experiences in terms of luxury accommodations, convenient transport facilities, and authentic and exclusive travel experiences.

The Luxury Tourism program aims to provide outstanding, exclusive, and convenient tourism services and experiences to tourists and locals. In Belize, some of the recent announcements around luxury tourism include;

• Four Seasons on Caye Chapel
• Six Senses on Ambergris Caye
• FBO & Private Aviation
• Yacht & Nautical Tourism
• Filling Luxury Tourism Market Gaps
• Fine Dining & Restaurant Facilities

Regional Data on Luxury Tourism

What we have learned during every economic turn is that luxury tourism is still a driver. At CHRIS & HOLA (Caribbean Investment Summit & Hotel Operators of Latin America Summit), the data on luxury tourism was shared and how it performed in the market.

Even though luxury tourism appeals to a smaller demographic (unlike cruises and all-inclusive), they are more consistent, yield higher returns, is surprisingly not susceptible to market fluctuations, have better occupancy, and better clientele. The most interesting take is that if there are slower periods, the luxury market can lower prices and push out the “non-luxury” market.

Belize as a whole is pushing luxury tourism, making it easier for yachts, allowing FBO and private planes, creating direct flight routes from high net-worth locations, etc. With all this push, Belize is working on becoming a Cayman Islands, Maldives, Turks & Caicos, Bahamas, or St Martin, instead of a budget destination like Mexico or the Dominican Republic.

Belize is also seeing far more celebrities and high net-worth travelers visiting Belize and Ambergris Caye. But what is interesting is the fact we do not have many of the luxury villas in our lodging inventory to accommodate these travelers.

Luxury Tourism

If you build a luxury house/villa with outdoor space and amenities (even 2, 3 or 4 bedrooms), you will capture the luxury tourism market. The house or unit does not need to be large; just provide fixtures, touches, service, etc.

With luxury tourism and luxury travelers, owners/investors are able to charge any nightly rental rate you want. Example: Rolex does not compromise the price of new watches even during an economic downturn, and every store you visit is always sold out.

Earlier this year, a survey from GlobalData.com found that luxury tourism has recovered quicker then budget tourism.

The global luxury travel market is expected to grow at a compound annual growth rate of 7.8% to 8.9% from 2022 to 2032, reaching a market size of USD 2.32 trillion to 2.76 trillion by 2032.

The 2022 Global Travel Trends Report of American Express Travel study found that 58% of respondents opt for solo travel to visit their dream destination, strengthening the demand for luxury travel.

The Caribbean & Latin American luxury tourism industry is likely to be one of the fastest growing between now and 2032, with the most opportunity.

Regional Luxury Market

The luxury segment in the region (Belize) is ahead of the all-inclusive and full-service properties in profit margin growth and opportunity.

Luxury Tourism has a Higher ADR (Average Daily Rate & Nightly Rental Rate) and Better Occupancy than full-service or all-inclusive.

Luxury Tourism sees year-round bookings with better ADR and occupancy in high and low seasons. Luxury tourism has less volatility and seasonality. There is no low season in the luxury market segment in the region. Luxury has seen heightened off-season months.

Profit margins are higher in luxury tourism, with annual and quarterly revenue and profits rising due to more substantial rate increases. Luxury tourism has a much higher revenue per room or unit.

Belize Luxury Tourism Announcements

Luxury travel services cover the most desirable and premium experiences in terms of luxury accommodations, convenient transport facilities, and authentic and exclusive travel experiences. The overall aim of the Luxury Tourism program is to provide outstanding, exclusive, and convenient tourism services and experiences to tourists and locals.

• Four Seasons on Caye Chapel
• Six Senses on Ambergris Caye
• FBO & Private Aviation
• Yacht & Nautical Tourism
• Filling Luxury Tourism Market Gaps
• Fine Dining & Restaurant Facilities

Belize Travel & Facilities

Belize has a range of initiatives and infrastructure programs coming in to enhance and increase tourism. With additional flights (including New York JFK), improved transportation, etc. You can see some of the tourism enhancements and initiatives below;

• 3 million anticipated passenger movements at PGIA (Belize International Airport BZE) in 2045.
• PGIA (BZE Airport) Facility Extensive Upgrade underway and expected completion in 2040.
• Enhanced Border Facilities.
• Increased – Ground Transportation Connections.
• Domestic Airlines with expanded international routes.
• Interregional connectivity.
• Renovations at Municipal Airports to expand Private Aviation.
• Addition of FBO facilities at national and domestic airports.

Learn more about traveling to Belize internationally.

To learn more about Belize real estate and investing in Belize contact RE/MAX Belize. We look forward to sharing more information on Belize and opportunities in the luxury tourism market!

Тhе Веlіzе Іnvеѕtmеnt Ѕummіt 2023, соnсludеd оn Ѕерtеmbеr 1, and wаѕ а lаndmаrk еvеnt thаt ѕhоwсаѕеd Веlіzе’ѕ investment роtеntіаl and opportunities for investment. Ѕреаrhеаdеd bу thе Оffісе оf thе Рrіmе Міnіѕtеr аnd thе Міnіѕtrу оf Fіnаnсе, Іnvеѕtmеnt, аnd Есоnоmіс Dеvеlорmеnt, thе ѕummіt wаѕ сеntеrеd оn thе thеmе, “Еndlеѕѕ Орроrtunіtіеѕ!”. Тhіѕ еvеnt еmрhаѕіzеd Веlіzе’ѕ drіvе tо аttrасt аnd рrоmоtе іnvеѕtmеnt fоr іtѕ есоnоmіс dеvеlорmеnt.

The Belize Investment Summit 2023 focused on attracting and promoting investment for economic development in Belize, identifying opportunities, and showcasing Belize’s readiness to support global investment.

The Prime Minister addressed the Summit, highlighting the government’s vision on enhanced and strategic investments and presentations from other high-profile international experts, policymakers, and enterprise movers and shakers who shape Belize’s investment climate. Dustin Rennie from RE/MAX Belize was included as one of the industry experts for real estate and development.

Тhіѕ ѕummіt showed and presented opportunities in Belize fоr bоth dоmеѕtіс аnd іntеrnаtіоnаl іnvеѕtоrѕ. Іt wаѕ а рlаtfоrm whеrе thе gоvеrnmеnt рrоudlу dіѕрlауеd Веlіzе’ѕ rеаdіnеѕѕ tо ѕuрроrt glоbаl іnvеѕtmеnt. Іn hіѕ аddrеѕѕ, Рrіmе Міnіѕtеr Јоhn Вrісеnо undеrѕсоrеd thе gоvеrnmеnt’ѕ vіѕіоn fоr ѕtrаtеgіс іnvеѕtmеntѕ, ѕеttіng thе tоnе fоr thе rеѕt оf thе еvеnt.

Тhrоughоut thе ѕummіt, аttеndееѕ bеnеfіtеd frоm іnѕіghtѕ ѕhаrеd bу іntеrnаtіоnаl ехреrtѕ, tор-tіеr рublіс оffісіаlѕ, Сhіеf Ехесutіvе Оffісеrѕ, аnd kеу роlісуmаkеrѕ. Тhеѕе ѕtаkеhоldеrѕ, whо соllесtіvеlу ѕhаре the іnvеѕtmеnt future of Belize. The summit featured a number of presentations and panels with а соmрrеhеnѕіvе оvеrvіеw оf thе орроrtunіtіеѕ аvаіlаblе іn Belize.

Belize Tourism Board

The Belize Tourism Board (BTB), as part of their initiative to drive Tourism Investment in Belize, hosted a series of panel discussions at the Belize Investment Summit. The panels highlighted development success stories in Belize’s current and future opportunities. The panels provided guidance for persons wishing to invest in Belize.

Dustin Rennie

Dustin Rennie was a Guest Panelist on the Investment and Real Estate Opportunities in Belize. Dustin contributed valuable insight into Belize’s real estate market, investment opportunities, and future development. On the panel, Dustin Rennie discussed real estate investment and setting up business in Belize and the requisite preparation in terms of a feasibility study to connect brands or investors with projects—review of Hotel Licensing Requirements and Accommodation taxes.

Panel Included:

• Simone Bell | Investment and Innovation Specialist, Belize Tourism Board
• Dustin Rennie | Regional Director RE/MAX Belize Belize (link)
• John Lancet | Senior Managing Director & Practice Leader South & Caribbean, HVS (link)
• Abil Castaneda | Chief Tourism Officer, Ministry of Tourism & Diaspora Relations (link)

Dustin Rennie with RE/MAX Belize at the Belize Investment Summit 2023. The panel explored real estate investment and setting up business in Belize. Connecting brands and investors with projects. Dustin Rennie contributed valuable insight into Belize’s real estate market, investment opportunities, and development.

Dustin Rennie is the director of RE/MAX Belize. Dustin Rennie is a member of the RE/MAX Hall of Fame, earner of Career Achievements & Leadership, and recognized as one of the top real estate experts in the Caribbean & Central America region. Dustin Rennie won top commercial agent for RE/MAX Caribbean & Central America for 2022 and was among the top 100 global agents (residential & commercial).

Dustin has been a Diamond Award winner with RE/MAX in 2021 & 2022 and was recognized as one of the top producers.

The Belize Investment Summit 2023 focused on attracting and promoting investment for economic development in Belize, identifying opportunities, and showcasing Belize’s readiness to support global investment. This included Belize real estate investment.

Belize is a beautiful country with a lot to offer, including; tropical beaches, tax incentives, a favorable economy, and financial benefits like low-cost properties and tax-free buying for qualified retirees. When considering property in Belize, understanding your financing options may seem confusing and complicated. Thankfully, a few property financing options exist, even for non-residents.

In Belize, we do not have standardmortgages or bank financing that many investors and owners use in Canada or the US. Most real estate transactions in Belize are cash sales, but some opportunities with vendor financing are available. Even though Belize is primarily a cash sale market, there are several advantages when investing in an off-shore market that is not overly leveraged.

It is also important to note that Belize is a predominantly cash market; because of this, we don’t have overlending and real estate bubbles (which create more significant drops and volatility).

Advantages of Buying in a Cash Market

As mentioned, Belize is primarily a cash-sale transaction market. Even though investors do not have the same opportunities to leverage their investment, there are a number of advantages to investing in a cash sale market. There are many upsides when making a cash market real estate investment (like Belize). Some of the most notable include:

Diversification

• Investing in an off-shore market, investors have wider access to innovative projects and more unique opportunities than traditionally in the public or domestic marketplace. Investors are able to look at stable cash flow from a vacation market with growing popularity. For example, a private real estate investor will see that the dynamics of buying and selling in a cash market significantly lower an asset’s volatility potential. Cash sale real estate markets are less susceptible to volatility as they do not have the bank foreclosures of more traditional economies.

Lower Volatility

• Markets are known to be volatile (especially markets that are over-leveraged); it’s just the nature of an economy reliant on “borrowing money.” While cash market investments aren’t completely immune to recessions and economic fluctuations, the cash sale real estate sectors have less volatility and experience a faster recovery/smoothing out. When the global market is challenging, cash sale market investments minimizethe volatility of an investment portfolio. Low-volatility, cash sale markets see less drastic declines in value when economies adjust.

Higher Return Potentials

• In the investment industry, private markets outperform public ones due in part to the illiquidity risk premium, which is the return an investor requires for investing in something that can’t be quickly sold or exchanged for cash. This remains true in cash sale markets (like Belize). Property liquidity is more accessible as there will be less competition amongst a smaller buyer pool of qualified purchasers. In Belize, a property owned outright (cash) can be leveraged and offer seller/vendor financing, creating passive income and a higher ROI over time.

Unique Opportunities

• In Belize, investors have access to various opportunities, from rental income-producing properties to appreciating locations, Caribbean beaches to lush jungles. Belize real estate (as it is at the early stages of development) opens the door to the lifecycle of an investment – from its inception through its growth. Investors also have access to rental management options and greater visibility and ability to forecast investment growth. Being a cash off-shore opportunity leads to greater influence and control over the investment/market.

Long-Term Focus

• Public markets and real estate in the US or Canada have recently been focused on the short term. The short-term draw lead to low-interest rates, quick returns, etc. Belize as a cash investment is a long to mid-term investment strategy. The public market and real estate in the US tend to be more reactive, sometimes very dramatically, during an economic downtown. As an investor, say in Belize real estate, you have your eye on the future horizon and aren’t worried about these short-term fluctuations. One of the most important WarrenBuffettquotes on investing that you can take in is, “If you aren’t willing to own a stock for10years, don’t even think about owning it for10minutes.”

Lower Risk

• There is a certain amount of risk associated with an investment. People often view investing off-shore as high risk when there are far fewer risks in certain markets. Belize is a perfect example. In a cash market, you have less external risk. With any investment, there will be a risk; even though there is a risk, you can also mitigate the exposure. The cash market of Belize, with the string ownership rights and foreign investment incentives, has less risk, and investment is more protected. When economies turn, people no longer look for Return on Investment; they look for Return of Investment.

Associated Costs

• Compared to more traditional real estate markets or domestic real estate (that has very high costs of ownership), Belize is very low. Property taxes in Belize are very little. You own land outright without the costs of upkeep and carrying costs. Even rental properties have lower operational costs in Belize.

Diversification from Interest & Inflation

American and Canadian real estate markets are known to be volatile – it’s just the nature of an economy reliant on “borrowing money.” Interest and inflation are prominent, uncontrollable dictators of property value in these markets – often leaving property owners vulnerable to unmanageable debt and property values decreasing. This makes these markets REACTIVE, which comes with risk.

Meanwhile, in unleveraged, cash markets like Belize – property values are much more simple, driven by supply and demand. There are rarely foreclosures or defaults since most property is owned outright, in cash. Investing in areas with limited land (scarcity), like islands, means that generally, as time passes and land becomes more limited, property values rise in correlation. This makes Belize much more of a PROACTIVE market – favoring savvy investors to secure their land early; at the current price.

No market is entirely immune to risks of recessions and economic fluctuations, but these days, interest and inflation are extremely high in the USA and Canada.

However, cash sale real estate markets have less volatility and experience a faster recovery/smoothing out.

This is why owning land in a stable, less volatile market like Belize is a great way to diversify with more secure, less volatile, and cash-owned property.

Stable & Less Volatile Appreciation

Every property that is sold equals one less lot you can buy. The most strategic investors look to own land in areas with high tourism demand and low supply – like Ambergris Caye Real Estate. This way, the growth next door and in your area steadily increases your property value while you hold your land or cash flow.

This is why most investors seek to own multiple properties – giving them the freedom to build on some and increase the equity value of their others, which they can flip in the future, tax strategically.

Mutually, private real estate investors will see that the dynamics of buying and selling in a cash market significantly lower an asset’s volatility potential. Cash sale real estate markets are less susceptible to volatility as they do not have the bank foreclosures of more traditional economies. This favors a long-term investment mentality – buy, hold, grow, cash-flow, flip.

Investing in an off-shore market like Belize allows investors to look at unique short-term cash flow from a booming emerging vacation market with growing popularity – while their property appreciates.

Financing Property in Belize

Belize has become a popular location and destination for retiring expats. Belize is a low tax jurisdiction with a warm Caribbean climate, English Speaking, and retirement incentive programs like QRP. For retirees, Belize makes immigration and relocation easy. English is the primary language, and Belize’s legal system is based on British Common Law. As a result, Belize has a stable, democratic government and a stable and dynamic economy with a strong tourism sector.

Belize also has a lot of draws and appeal to property owners and real estate investors. In Belize, foreigners purchasing Belize land or property in Belize are afforded the foreign owners/investors have the same property ownership rights as Belize citizens. Belize is also a low-tax jurisdiction; there are no capital gains or inheritance/estate taxes in Belize.

There are a lot of appeals to Belize real estate – for residency and investment. Even though financing is not as readily accessible in Belize as in other countries, there are financing options owners, and investors have.

Financing real estate for residency/lifestyle or investment in Belize can be challenging through local conventional bank financing (if you are not a Belizean citizen or resident). However, for non-residents, there are creative ways to get financing. Below you can see some creative options to finance real estate in Belize:

1. Offshore Financing.
2. Owner Financing.
3. Co-Investing.

Advantages of Buying Property in Belize

Buying property in Belize can offer several advantages:

1. Affordable Real Estate: Compared to many other Caribbean or Central American destinations, property prices in Belize can be relatively affordable. This makes it an attractive option for individuals looking to invest in a second home, retirement property, or vacation rental.
2. Tax Benefits: Belize offers favorable tax benefits for property owners. There is no capital gains tax, inheritance tax, or property tax on undeveloped land. Property taxes on developed land are generally low, making it cost-effective to maintain ownership.
3. English-Speaking Environment: English is the official language in Belize, which eliminates language barriers for those considering purchasing a property. This factor makes it easier to navigate legal processes, communicate with locals, and participate in the local economy.
4. Political Stability: Belize has a long history of political stability and a democratic government. The country has a legal system based on English common law, providing a familiar framework for property ownership and the protection of individual rights.
5. Natural Beauty and Ecotourism: Belize is renowned for its natural beauty, including pristine beaches, coral reefs, tropical rainforests, and ancient Mayan ruins. Owning property in Belize allows you to immerse yourself in these stunning landscapes and capitalize on the country’s growing ecotourism industry.
6. Retirement and Second Home Destination: Belize is a popular retirement and second home destination due to its warm climate, relaxed lifestyle, and affordable cost of living. Owning property in Belize allows you to enjoy a laid-back Caribbean lifestyle, escape harsh winters, or spend quality time during vacations.
7. Growing Tourism Industry: Belize’s tourism industry has experienced significant growth in recent years, attracting visitors from around the world. This trend can make owning property in popular tourist areas a potentially lucrative investment, especially if you intend to rent your property to vacationers.
8. Diverse Culture and Expat Community: Belize is known for its cultural diversity and welcoming atmosphere. Its vibrant expatriate community allows you to connect with like-minded individuals from various backgrounds and enjoy a rich cultural experience.
9. Ease of Property Acquisition: Belize has relatively straightforward property acquisition processes, with a clear legal framework for foreign ownership. Non-citizens can purchase and own property outright, including beachfront and island properties, without the need for local partnerships or complicated legal structures.

It’s important to note that while there are advantages to buying property in Belize, it’s crucial to conduct thorough research, seek professional advice, and understand local regulations before making any purchasing decisions.

Options for Belize Real Estate Financing

As mentioned above, financing in Belize is more complex than in domestic markets. We do not have the same standard mortgages and bank financing people are used to in the USA or Canada. Most real estate transactions in Belize are cash sales.

You can get a mortgage or loan in Belize from the banks. The bank will charge a high-interest rate and require a larger down payment. Because of the conservative nature and banking policies in Belize, the banks are still at a stage where the interest rates are higher than off-shore purchasers are used to. Most banks in the US will not loan to an out-of-country real estate purchase. There are, however, real estate opportunities in Belize with seller or vendor financing. Due to the Belize real estate market conditions, most owners and investors go the route of owner/vendor financing.

Seller/vendor financing (if available) is straightforward. It is a non-recourse loan with the seller/vendor carryingthenoteon the property (similar to how a bank carries thenote on a home mortgage in the US). You take complete control of the property when all parties sign the agreement and the down payment is made.

There are three ways for purchasers to receive financing for Belize real estate:

1. Local Belize Financing:Local banks in Belize do offer to finance land and/or property, though it is not easy (especially for foreigners). It is also important to note that the interest rates with Belize banks and terms for financing are usually higher than what people are used to at home. Local banks in Belize usually have much higher interest rates in the range of 10-18% interest with fixed terms of only 12 months. When you get financing from a local bank in Belize, the loan is closed every year and renewed at the new rate. When borrowing or lending from a local Belizean bank, it will be in Belize dollars, and most real estate transactions in Belize are in US dollars. Because most of the Belize real estate transactions take place with U.S. dollars, local financing is challenging. Local banks in Belize will also often only lend money to Belize residents or citizens.
2. Offshore or Domestic Financing:If you are not a resident or citizen of Belize and are looking for financing, you can borrow U.S. dollars through an offshore bank. In Belize,Caye International Bank is one of the only off-shore banks in the country. Interest rates with international banks in Belize are still much higher than people are used to in their domestic markets and are around 12% to 18%, and most offshore banks, when lending to people who are not Belize residents or citizens, require a high degree of collateralization with a high down payment (often 50%). Some people do acquire domestic financing in their home country through a line of credit or refinancing their home/mortgage.
3. Owner, Seller, or Vendor Financing:This is the most common way foreigners acquire financing for land in Belize. It is also far more common for someone to find land with financing than it is with a home or condo. Belize property owners and/or developers usually agree to property financing at better rates than the local banks. It is also very easy to qualify, as it is a non-recourse loan. The rates through seller or vendor financing are often less than what is available at local banks and financial institutions. Around Secret Beach, you are able to secure property with 20% down. Within Mahogany Bay, you can secure canal-front land with 25% down.

For more information on financing in Belize and Belize real estate opportunities with financing available,contact us at RE/MAX Belize.

Using a Self-Directed IRA or 401K

One way to manage costs, minimize the out-of-pocket investment, and ease the burden of taxation is to purchase real estate under a Self-Directed IRA or 401K. These structures are very easy to do in Belize and allow Americans to purchase an off-shore investment property using investment funds. The benefits of ownership under these legal entities include; access to capital for investment, and less taxation on capital gains, thus earning greater profits from the Belize real estate investment.

Real estate investors (from the US) can hold investment real estate in an IRA or 401K to gain access to capital (without paying high taxation) and reduce the tax exposure (as long as the investment capital has not been distributed to the IRA owner).

Under the IRS’s self-directed IRA rules, contributions to Self-Directed IRA accounts can be used to purchase real estate (commercial, residential, or raw land) inside and outside the United States. This allows investors to use Self-Directed IRA funds or a 401K to invest in Belize real estate.

However, contributions to offshore real estate IRAs are subject to additional rules. For example, while the property in your IRA can be rented to others, you can’t rent it out to your family. The property can also not be used for your own personal use (it has to remain strictly an investment).

Another advantage is that the rental income from an offshore Belize real estate investment through IRA is deferred and can be made tax-free if purchased using a ROTH IRA. Under this setup, you could, in theory, collect decades’ worth of rental income and not pay US tax. You only need to worry about taxes when you distribute the income from the property to yourself in the future.

Bank Financing in Belize

Bank financing options in Belize can vary depending on the specific bank and the type of property you wish to purchase. Here are some key points regarding bank financing in Belize:

1. Local and International Banks: Belize has both local and international banks operating within the country. Local banks include Belize Bank, Atlantic Bank, and Heritage Bank, while international banks like Caye International Bank also have a presence in Belize. These banks offer various financial services, including mortgage loans.
2. Mortgage Loans: Banks in Belize provide mortgage loans for purchasing residential or commercial properties. The terms and conditions, interest rates, and loan-to-value ratios may vary between banks. It’s important to research and compare multiple banks to find the best mortgage options that suit your needs. It is important to note that Belize Bank mortgages are typically in Belize Dollars, while most real estate transactions are in USD.
3. Eligibility Criteria: To qualify for a mortgage loan, banks in Belize typically require applicants to meet certain criteria. Often a borrower needs to have Belizean citizenship or residency status. International Banks can lend to foreigners, often requiring a minimum of 50% down. The requirements can include proof of income, employment history, creditworthiness, and down payment. The specific requirements may vary between banks, so it’s essential to check with the individual institution for their specific eligibility criteria.
4. Down Payment: Banks in Belize usually require a down payment for mortgage loans. The percentage required can vary, but it is typically around 50% of the property’s purchase price. It’s important to have the necessary funds available for the down payment when applying for a mortgage.
5. Interest Rates and Terms: Interest rates with banks in Belize are often higher than what investors are used to in their domestic markets. The interest rates and loan terms for mortgage loans in Belize can vary depending on the bank, the type of property, and the borrower’s financial profile.
6. Property Appraisal and Legal Process: Before approving a mortgage loan, banks in Belize often require a property appraisal to assess its value. Additionally, they may require a title search and legal, due diligence to ensure there are no liens or encumbrances on the property. These processes help protect both the borrower and the bank.
7. Currency: The currency used for bank financing in Belize is typically the Belizean dollar (BZD). However, some International Banks may also offer loans in U.S. dollars (USD), particularly for properties that cater to international buyers. It is important to note that most real estate transactions in Belize are in USD. Learn more about Belize currency.

It’s crucial to consult with a Belize real estate professional or financial expert who specializes in Belizean real estate or off-shore investing.

Advantages of Not Financing a Property in Belize

There are several advantages to not financing a property:

1. Avoiding Debt: By purchasing a property outright without financing, you can avoid taking on debt. This can provide peace of mind and financial security, as you won’t have monthly mortgage payments or interest to worry about. Being debt-free can improve your overall financial well-being and provide more flexibility in managing your finances.
2. Savings on Interest Payments: Financing a property involves paying interest over the loan term, which can significantly increase the total cost of the property. By paying in full upfront, you save on interest expenses, potentially saving you a substantial amount of money in the long run.
3. Ownership and Equity: Buying a property outright means you immediately become the sole owner with 100% equity. You won’t have a lender with a claim on your property or any restrictions on what you can do with it. You can make improvements, rent it out, or sell it without any restrictions imposed by a mortgage lender.
4. Simplified Purchase Process: Financing a property involves a complex process, including loan applications, credit checks, property appraisals, and legal documentation. By not financing, you simplify the purchase process. You can negotiate directly with the seller, avoid waiting for loan approvals, and potentially complete the transaction more quickly.
5. Lower Closing Costs: When financing a property, there are various closing costs involved, including loan origination fees, appraisal fees, and mortgage insurance. By purchasing a property outright, you can eliminate or significantly reduce these closing costs, saving you money during the transaction.
6. Increased Cash Flow: Without monthly mortgage payments, you have more cash flow available for other purposes. You can use the money for investments, savings, travel, or other personal goals. This increased cash flow can provide financial flexibility and the ability to pursue other opportunities.
7. Reduced Financial Risk: By not taking on a mortgage, you eliminate the risk of defaulting on loan payments or facing foreclosure. You have full control over your property without the potential stress and consequences associated with loan repayment.

It’s important to note that buying a property outright requires a significant upfront investment and may not be feasible for everyone. Consider your financial situation, long-term goals, and consult with a financial advisor to determine if purchasing a property outright is the right decision for you.