Luxury Tourism & Luxury Market in Belize

Luxury Tourism & Luxury Market

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;

 

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!

 

 

Belize Investment Summit 2023

Dustin Rennie, John Lancet & Abil Castaneda Belize Investment Summit

Belize Investment Summit

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
  • John Lancet | Senior Managing Director & Practice Leader South & Caribbean, HVS (link)
  • Abil Castaneda | Chief Tourism Officer, Ministry of Tourism & Diaspora Relations (link)

 

Dustin Rennie, John Lancet & Abil Castaneda Belize Investment Summit
Dustin Rennie, John Lancet & Abil Castaneda Belize Investment Summit

 

Dustin Rennie Belize Investment Summit
Dustin Rennie Belize Investment Summit

 

John Lancet & Dustin Rennie Belize Investment Summit
John Lancet & Dustin Rennie Belize Investment Summit

 

Simone Bell, Dustin Rennie Belize Investment Summit
Simone Bell, Dustin Rennie Belize Investment Summit

 

Abil Castaneda with Dustin Rennie, John Lancet & Simone Bell at Belize Investment Summit
Abil Castaneda with Dustin Rennie, John Lancet & Simone Bell at Belize Investment Summit

 

Abil Castaneda with Dustin Rennie, John Lancet & Simone Bell at Belize Investment Summit
Abil Castaneda with Dustin Rennie, John Lancet & Simone Bell at Belize Investment Summit

 

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 Airbnb & Having a Top Producing Rental Income Property

Belize Airbnb & Top Rental Property

Belize Tourism has been on the rise, and the vacation rental market on Ambergris Caye has been booming!

Belize has full foreign ownership (where foreigners have the same ownership rights as locals), and when you buy a home or Belize land, you own it outright with a fee-simple title. The high occupancy and nightly rental rates make Ambergris Caye Real Estate a popular destination for Airbnb investors.

 

Rental Property Amenities

One of the driving factors of a strong Airbnb rental property is the amenities a home offers; this includes but is not limited to the following:

  1. Number of Bedrooms
  2. Private Pool
  3. Large Bedrooms with Ensuite Bathrooms
  4. King Size Beds
  5. Hot Tub or Spa
  6. High-Speed Internet

The other driving force is how well the property photographs. A well-furnished and decorated property will outperform something more standard. Take pictures that capture the character of the place, the surrounding area, and any amenities.

Below you can see the most commonly searched amenities on Airbnb based in 2023;

 

Bedroom Count for Airbnb

The units with a higher bedroom count often outperform the lower bedroom count homes. Below, you can see the inventory of rental units by bedroom count on Ambergris Caye;

From an investment standpoint, 3 or more bedrooms are a great opportunity due to the lack of inventory on the island of Ambergris Caye. There are 12 homes in the lodging inventory with 4 bedrooms. There are 9 houses with 5+ bedrooms. The lack of supply and high demand creates a high-yield rental income property.

Mahogany Bay is one of the most popular locations for development and investment in Belize (and Ambergris Caye). Mahogany Bay has a rental management program that generates hands-off passive income for owners and investors.

One of the reasons so many investors and owners love Mahogany Bay is the high degree of ownership control. You own the property outright with a fee-simple title (the strongest form of property ownership). As an owner, you have the peace of mind of having professional rental management rent out the property when it is not in use while also having unlimited use and enjoyment.

If you are considering investing in Belize and generating passive Airbnb rental income, check out the video update below;

 

Contact us to learn more about investing in Belize, the rental market, and opportunities in Belize!

 

Using a Self-Directed IRA or 401K to Invest in Belize Real Estate

Using a Self-Directed IRA or 401K to Invest in Belize

We are frequently asked, “Can I use an IRA or 401K to invest in Belize real estate?”. The answer is YES, you can! We have worked with countless Americans, helping them invest in Belize real estate using their SDIRA or 401K without paying taxes on withdrawing funds. This post covers the different investment strategies and ways you can use a 401K or Self-Directed IRA to invest in Belize.

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.

 

Self-Directed IRA

How a Self-Directed IRA Works

 

Self-Directed IRA For Rental Income

 

Benefits of a Self-Directed IRA

 

401K

 

ROTH IRA

Belize Economic Recovery Post Pandemic

Belize Economic Recovery

The tourism sector (a significant contributor to the Belize economy) was significantly impacted by the COVID-19 pandemic, with global tourism hitting a standstill. In 2019, tourism accounted for over 46% of Belize’s GDP. Fisheries, the second-largest source of employment in Belize, was also heavily affected. But Belize has made a quick comeback in the post-pandemic economic recovery.

 

Belize Tourism

In Belize, 1/4 (one in four) people are employed in the tourism sector or associated with the tourism industry. With such a large contribution to the country’s GDP and employment, the tourism sector’s strides since the pandemic has led to a quick bounce back. Belize has been aggressively marketing and expanding its reach, adding new direct international flights, broadening its reach, and positioning itself as a convenient and safe destination for sunseekers, investors, luxury tourists, eco-tourists, fishing enthusiasts, and divers. Belize’s proximity to the US (North America), affordable travel options, and the fact that Belize is English-speaking helped regain visitors’ confidence and led to a resurgence in Belize travel and the tourism industry.

In 2022, Belize witnessed an impressive 69.2% growth in overnight tourist arrivals (over 2021), with 370,524 visitors. However, it’s important to note that these numbers still fall short of the pre-pandemic levels of 2019, when over 500,000 tourists visited Belize. Additionally, cruise tourism saw a significant rebound, with 615,021 arrivals in 2022, representing a remarkable 192.6% increase compared to the previous year, 2021.

In Q1 2023, Belize saw an even higher tourism uptick than the prior year, with the highest Q1 inbound overnight tourism numbers. In Q1, 2023, Belize saw 143,319, overnight tourists. This is a 46.5% increase from Q1 2022.

Best Places to Own Property in Belize

Best Places to Own Property in Belize

Belize has many beautiful areas and destinations. Each with its own uniqueness. With a diverse landscape of islands, beaches, and jungles, there are a lot of great places to own property in Belize. The best place to own depends on what a person is looking for. That said, you have options to choose from when considering buying property in Belize.

Belize has stunning white sand beaches, lush rainforests, and Mayan ruins, with the largest barrier reef in the Western hemisphere, Belize has recently emerged as one of the top emerging tourist destinations. Belize allows full foreign ownership, which makes it a popular offshore investment destination and a great place for buying property.

The growth in tourism has been accompanied by a dramatic rise in interest in Belize real estate. Belize has become one of the hottest places to invest, and retire in the region.

Some of the best places to buy property in Belize include:

 

 

Ambergris Caye

Ambergris Caye is a popular destination for tourists and expats, with beautiful beaches and a vibrant community. Ambergris Caye (and San Pedro Town) are the top tourist destinations in Belize. With that, it is the most popular location to own and invest in property. Ambergris Caye real estate is by far the most desirable property option.

Ambergris Caye is an island on the northeastern coast of Belize. Ambergris Caye is the largest island in the country and is the most popular tourist destination. Ambergris Caye is loved for its long sandy beaches, laidback island Caribbean lifestyle, and its proximity to the Belize Barrier Reef. A lot of Ambergris Caye has been set aside as a nature preserve, marine reserve, and national park, which adds to its appeal as the most popular destination for international buyers and people looking to own property in Belize.

San Pedro Town is the municipality on Ambergris Caye. San Pedro Town and the popularity of Ambergris Caye has it among the most in-demand and developed real estate investment destination in Belize.

Ambergris Caye is one of the most sought-after locations in Belize. Not only for tourism but also for property ownership. It is the undisputed top location. As the largest island in Belize, it has been ranked as one of the top destinations for retirement and investment by Forbes, International Living, MSNBC, and more. Ambergris Caye is famous for its proximity to the Belize Reef which attracts avid divers and fishers. The reef extends the East Coast of the island, and the West Coast boasts calm waters and beautiful beaches (like the popular Secret Beach).

Ambergris Caye also offers abundant options for different kinds of water-based activities, including scuba diving the Belize Barrier Reef, deep sea fishing, snorkeling, reef fishing, jet skis, paddle boarding, kayaking, and more. Ambergris Caye also has great restaurants offering fine dining options as well as an amazing expat community.

Ambergris Caye is commonly referred to as the “Isla Bonita” (which is “the Beautiful Island”). With all it has to offer, there are few who disagree that Ambergris Caye is one of the top choices for expats who were looking to relocate to Belize or investors looking to invest in an emerging island destination.

 

San Pedro Belize Travel Guide (on Ambergris Caye)

 

 

Placencia

Placencia is a town at the very tip of a peninsula located in the southern part of Belize in the Stan Creek District. Placencia is a small, peaceful village on the southern coast of Belize with stunning beaches and a relaxed atmosphere.

Placencia has grown over the years along the peninsula to include; Seine Bight, Cocoplum, Maya Beach, and Plantation. Placencia is an ideal location for buyers looking to enjoy a tranquil lifestyle by the beach.

Placencia is a picturesque village located in the Stann Creek District of Belize, situated on a narrow peninsula along the Caribbean coast. Known for its beautiful beaches, laid-back atmosphere, and vibrant local culture, Placencia is a popular destination for travelers seeking a tropical paradise. It is often ranked in the top 3 destinations in Belize (behind Ambergris Caye & Caye Caulker).

The Placencia Peninsula (which is made up of multiple municipalities) stretches for approximately 25 miles (40 kilometers) and offers stunning white sand beaches and crystal-clear turquoise waters. The village itself is charming, with colorful wooden houses, local shops, restaurants, and beachfront bars.

In addition to water activities, Placencia offers various land-based adventures as well as lush jungles and hiking trails in the area. You can explore the Cockscomb Basin Wildlife Sanctuary, which is home to the world’s first jaguar reserve and offers hiking trails, birdwatching, and the chance to spot other wildlife. Nearby Monkey River also provides opportunities for wildlife viewing, including howler monkeys, crocodiles, and a variety of bird species.

To reach Placencia, you can fly into the Philip S. W. Goldson International Airport in Belize City and then take a domestic flight to the Placencia Airport. Alternatively, you can take a scenic drive from Belize City, which takes around three to four hours.

 

Placencia Belize Trip

 

 

Caye Caulker

Caye Caulker is the smaller island that is just south of Ambergris Caye. Caye Caulker also sees a significant volume of tourists. Though the tourism to Caye Caulker is more backpackers with a number of local hostels. While there are many water sports, and activities similar to Ambergris Caye, Caye Caulker is becoming better known for its nightlife. This makes it a popular location for the younger crowd.

Caye Caulker is also located near the Belize Barrier Reef, which makes it popular for diving and fishing enthusiasts. The southern half of the island is mostly developed and the northern portion is separated from the town by “The Split” which is a narrow waterway that runs through the middle of the island.

Caye Caulker is a smaller island than Ambergris Caye which is known for its laid-back and relaxed atmosphere, Caye Caulker attracts tourists seeking a tranquil tropical getaway. The island is approximately 8 kilometers (5 miles) long and has a narrow width of about 1.6 kilometers (1 mile). It is characterized by sandy streets, colorful wooden houses, and a car-free environment. The main mode of transportation on the island is bicycles and golf carts.

Caye Caulker offers beautiful white sandy beaches and crystal-clear turquoise waters, making it a popular destination for snorkeling, diving, fishing, and other water activities. The Belize Barrier Reef, which is the second-largest coral reef system in the world, is easily accessible from the island, offering incredible opportunities for underwater exploration.

The island has a small but lively village area with restaurants, bars, and shops. The local cuisine often features freshly caught seafood, including lobster, conch, and fish. Caye Caulker is also known for its vibrant nightlife, with various bars offering live music and entertainment.

 

Caye Caulker Island Belize

 

 

Cayo District

Cayo is near the Belize & Guatemala border (on the westward side of Belize’s mainland). Cayo is home to many Mayan ruins as well as lush jungles. Cayo is a rural area with a growing expat community, offering beautiful scenery and a laid-back lifestyle. Cayo’s most popular municipality is San Ignacio but the district is also the location of the Belizean capital of Belmopan.

The Cayo District is located in western Belize near the border with Guatemala. Cayo is a district and is the largest district in the country. Cayo is known for its natural beauty, ancient Maya ruins, and outdoor adventure opportunities. The Cayo District is home to the town of San Ignacio, which serves as a gateway to the various attractions in the area. San Ignacio offers a range of property options around Cayo. There are real estate opportunities in the jungle, farmland, remote resorts, and more.

One of the main attractions of the Cayo District is its proximity to the Maya archaeological sites. The most famous and impressive among them is Xunantunich. Other notable Maya sites in the region include Cahal Pech, Caracol, and Tikal.

Cayo also has numerous rivers and waterways throughout the district. There are also countless waterfalls including; Big Rock Falls, Thousand-Foot Falls, and Butterfly Falls to explore and enjoy.

The Cayo District is also home to several nature reserves and national parks. The Mountain Pine Ridge Forest Reserve showcases stunning waterfalls, natural pools, and the unique pine forests of Belize. The Belize Botanic Gardens and the Belize Zoo are also worth a visit for nature lovers.

 

Exploring Cayo

 

 

 

Hopkins

Hopkins is a small fishing village on the coast of Belize with a close-knit community and beautiful natural surroundings. Hopkins is just north of Placencia near the town of Dangriga. Hopkins is popular for its small-town vibe.

Hopkins is primarily a fishing village with a laid-back and friendly atmosphere. It is very much a “small town”. The village is known for its strong Garifuna heritage, and visitors have the opportunity to experience the rich traditions and music of the Garifuna people.

The beach in Hopkins stretches for several miles, offering pristine white sand and clear turquoise waters. It is an ideal destination for swimming, sunbathing, and beachcombing. The warm Caribbean Sea is also a great spot for water activities such as snorkeling, diving, kayaking, and fishing.

One of the nearby attractions is the Cockscomb Basin Wildlife Sanctuary, also known as the Jaguar Preserve. It is a vast protected area encompassing lush rainforests, waterfalls, and hiking trails. The sanctuary is home to a variety of wildlife, including jaguars, howler monkeys, toucans, and many other species.

 

 

Belize City

Belize City is the largest city in Belize and the economic hub of the country, with a range of property options available. Belize City is a coastal city and the location of the Belize International Airport (Philip Goldson International) which is the only international airport in Belize.

Belize City serves as the commercial hub and principal gateway for international travelers arriving in Belize. As the economic and cultural center of Belize, Belize City offers a mix of colonial history, bustling streets, and a vibrant local atmosphere. The city has a rich and varied heritage, with influences from the Maya civilization, European colonization, and the African, Creole, and Garifuna cultures.

Although Belize City is not typically considered a major tourist destination, it does have some points of interest worth exploring.

 

 

Corozal

Corozal is the border town between Belize and Mexico and the northeastern shore of Belize.

Corozal is a town located in northern Belize, near the border with Mexico (close to Quintana Roo & the Yucatan Peninsula). It is a coastal town/region with Chethumal across the border on the Mexico side. Corozal Town is the capital of the Corozal District and is situated on the Bay of Corozal, which connects to the Caribbean Sea. Across the bay/lagoon sea is the island of Ambergris Caye.

Most people who looking at buying property in Corozal are very underwhelmed and often pursue something elsewhere. In Corozal, there are not as many opportunities for foreign investment. Corozal is on the bayside and is more of a border town between Mexico and Belize than anything. With this, you have a lot of logistics and supply chain traffic going through. Think of it as a tropical truck stop rather than an “off-the-beaten-path real estate investment”.

The town of Corozal has a rich history, with influences from both the Maya civilization and later European colonization. It was originally inhabited by the Maya people, and several archaeological sites, such as Santa Rita, can be found in Corozal. The town of Corozal was settled by Mestizo refugees from the Yucatan Peninsula in the 19th century, and today it has a mix of cultural influences from Maya, Mestizo, and other ethnic groups.

Corozal offers a more relaxed and tranquil atmosphere compared to the busier tourist destinations in Belize. It has a small-town charm and a welcoming community. The town has a central park, known as Corozal Town Central Park, where locals gather and socialize. You can find restaurants, shops, and other amenities in the town center.

One of the main attractions in Corozal is the proximity to the beaches. The Bay of Corozal provides access to the Caribbean Sea, and there are several beach areas where you can swim, sunbathe, or enjoy water sports. Some popular nearby beaches include Consejo Shores, Sarteneja, and Corozal Bay.

Corozal is also known for its proximity to Cerros, an ancient Maya site situated on a coastal ridge. If you’re interested in exploring the natural beauty of the region, you can visit the Shipstern Nature Reserve. It is a protected area with diverse ecosystems, including mangroves, wetlands, and wildlife.

To reach Corozal, you can fly into the Philip S. W. Goldson International Airport in Belize City and then take a domestic flight or a bus to Corozal. The town is also accessible by road from Mexico, as it is located near the Mexican border.

 

 

Best Place to Own Belize Property

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 scarcity of land. 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.

Areas and destinations on the mainland with nearly endless developable land rarely see the same level of equity appreciation. One of the difficulties of investing in a property that has nearly endless room for growth (the mainland) is the fact that developers continue to build, so real estate investors don’t see the same level of appreciation that they see on an island, where the availability of land is limited.

This is basic economics, Ambergris Caye has higher demand and less supply. Mainland destinations in Belize have less demand and nearly unlimited supply. On Ambergris Caye, you have far more amenities (with the reef 400 yards off the coast), as well as beaches on the East & West Coast.

 

In Belize, there are some cheaper and less expensive property options. That said, not all Belize real estate is created equal. One of the most famous quotes from Warren Buffett is, “Price is what you pay; value is what you get.”

It is important to conduct thorough research on the area and property you are considering and to consult with a qualified real estate agent to ensure that you are making a sound investment that meets your needs and aligns with your goals. If you are looking to buy property in Belize, contact RE/MAX Belize!

 

 

Top 5 Places to Visit in Belize

Different Ways to Own Property in Belize

Belize Property Ownership

Belize is one of the most popular destinations for foreign investment in the region of the Caribbean & Central America. One of the main reasons Belize has become so popular is the fact that as a British Common Law country, there is full foreign ownership and foreigners (non-nationals) have the same ownership rights as locals. In Belize, you can own land outright (even as a foreigner) but it is still important to note that there are a few different ways to own property in Belize, and each form of Belize real estate ownership has its advantages. There are several ways to own property in Belize, including:
Types of Property Ownership in Belize

 

Different Ways to Own Property in Belize

  1. Fee Simple Ownership: This is the most straightforward way to own property in Belize. Fee simple ownership means that you own the property outright, and you have the right to use, sell, or lease the property as you see fit.
  2. Strata Title Ownership: When you buy into a Strata Scheme you own your unit (shadow footprint over the land), plus a share in common property as described in your certificate of title.
  3. Leasehold Ownership: This type of ownership grants the right to use the property for a specified period of time, typically 99 years. Leasehold ownership can be an attractive option for those who do not plan to live in Belize full-time or for long periods.
  4. Co-Ownership: Co-ownership involves two or more people sharing ownership of a property. This can be a useful arrangement for those who wish to split the costs of ownership and maintenance.
  5. Trust Ownership: A trust can be set up to own property in Belize. This can provide additional asset protection and privacy, as the property is owned by the trust rather than an individual.

 

It is important to consult with a qualified Belize real estate professional when considering any of these ownership options to ensure that you are in compliance with Belizean laws and regulations. Additionally, it is important to conduct due diligence on the property and its title to ensure that there are no liens, encumbrances, or other issues that could affect your ownership or use of the property

Owning Property in Belize as a Foreigner

One of the primary advantages to investing and owning in Belize is that foreigners can own a property outright with a fee-simple title. Belize is one of the only countries in Central America that allows foreigners to truly own property.

Belize recognizes the rights of non-nationals and the property ownership rights of foreigners. When you buy property in Belize (regardless of citizenship or residency status) you can own the property outright and your ownership rights are exactly the same as local Belizean citizens. Unlike other Central American countries and tropical tourism destinations, in Belize foreigners, who are not local to Belize, can buy a property outright with a fee-simple title (the strongest form of property ownership) rather than have to settle for leasehold ownership. With Belize’s British ties, Belize practices British Common Law and the ownership rights are very similar to that in the UK, USA, & Canada.

Another advantage of buying property in Belize is that you do not need to physically be in Belize to purchase a property, or to complete the property closing. Most real estate transactions in Belize are done remotely and the buyer does not have to physically be in Belize. This makes buying real estate in Belize as a foreigner especially easy and appealing.

There are different types of titles and ownership structures in Belize but are still good and all legal. When you buy property in Belize, you have a few options when it comes to the ownership structure.

 

Belize Real Estate & Property Ownership Options

In Belize, most land opportunities and detached single-family homes allow for fee-simple titles and have a physical copy of the title from the Belize lands department. Most condos or developments in Belize are owned with co-op shares or strata titles. Strata Title enables one to pass physical title to a ‘slice of air with a building in it’ without owning the land that is below it. An example of Strata Title would be purchasing and taking title to a 3rd-floor unit without owning the shadow footprint of the land below.

Many developers around Belize erroneously refer to their projects as ‘condos’ when they are not located in a new registration zone. It should be noted that true condominiums in Belize only exist in the New Registration zones where the Strata Act is applicable.  If the ‘condos’ are not in the new registration zone then they should be referred to as ‘units’ or ‘residences’ and, in most cases, they will be titled via corporate share certificate(s).

It is also important to note that Belize has a lot of parallels to the US & Canada when it comes to real estate and real estate appreciation. Condos rarely see the same level of appreciation and most of the condo projects in Belize (especially presales) are co-op share ownership.

 

1. Fee Simple Title

Fee Simple Title is Freehold ownership, which is by definition;

  1. A permanent and absolute tenure in land with the freedom to dispose of it at will, especially (in full fee simple absolute in possession ) a freehold tenure, which is the main type of land ownership. Fee-simple title is an interest in land.  Land owned in fee simple is owned completely, without any limitations or conditions. This type of unlimited real estate is called absolute.  A fee simple is generally created when a deed gives the land with no conditions, usually using the words like “to John Doe” or “to John Doe and his heirs”. (source)

In British Common Law, a Fee Simple, Freehold Ownership, or Fee Simple absolute is real estate in land or physical property and is of freehold ownership. A “fee” that is used as the basis for the title is a vested, inheritable, present possessory interest in land and physical property. A “fee simple” is real property held without a limit of time. This means absolute and permanent ownership of property under the governing common law.

A Fee-Simple Title and Freehold Ownership is the highest possible form of property ownership. There are also properties that are known as a “fee simple absolute,” which is without limitations on the land’s use.

As Mark Twain famously said, “Invest in land; they are not making any more of it.”

If you’ve bought land or a house in Belize, it’s likely you own the property outright with a fee-simple title. This is the strongest form of property ownership and means that you own the “real property”. The fee simple way of owning real estate is the most common type of homeownership in the USA & Canada. Belize is also one of the few countries in the region with fee-simple titles and full foreign ownership. The fact foreigners can own a property outright with a fee-simple title is one of the major draws and advantages of off-shore real estate investment in Belize.

When you buy land or a home in Belize you will receive a “fee simple” title to your property which gives you full and complete ownership, unlike some Central and South American countries where the title is held in trust by a bank or similar institution. Other countries will offer leasehold ownership to foreigners which means you only own the land/property for a set period of time.

Belize is part of the British Commonwealth and with that, Belize has a legal system that is based on British Common Law. This comes with fee-simple land and property ownership. Property purchasers can take title to freehold property in Belize.

The Land Laws of Belize and property ownership Laws of Belize are derived mainly from the Common Law and English Statutes of the 19th century. The Law of Property Act, Chapter 190 has a lot of similarities to the Real Property Act 1925 of England and are nearly mirror images of each other. Other relevant statutes and laws that Belize has used and implemented include the Registered Land Act, Chp 194 which is a statute that governs all land transactions in Belize.

 

2. Strata Title Ownership

It should be noted that true condominiums only exist in the New Registration zones where the Strata Act is applicable. This includes San Pedro Town, Seine Bight, and Belize City are the only locations that have true condos with Strata Titles. Strata Title enables one to pass physical title to a ‘slice of air with a building in it’ without owning the land that is below it. i.e.: one can purchase and take title to a 3rd-floor unit without owning the shadow footprint of the land below.

If a condo has strata title, it provides a higher level of ownership and is a true ‘condo’. In Belize, every property has an individual land title, when you purchase a home or land in Belize you receive a copy of the land title. When you buy a property with a fee-simple title you take possession of it when you purchase a house or a piece of land in Belize.

When you buy a property that is part of a strata title, you own your unit or condo. When you own a strata title property or condo, you have individual ownership over your apartment, unit, condo, or townhouse.

The Strata Titles Registration Act, Chapter 196, of the Laws of Belize, governs the issuance of titles to condominiums in Belize. These condo titles are referred to as “Strata Title”. The Strata Titles Act essentially enabled developers to construct condominium developments in Belize and to issue freehold titles to each unit created in those Developments.

Condominium structures in the Caribbean are very rarely high-rise buildings. They are commonly relatively small two to four-story buildings. This is largely due to building restrictions set by the CBA (Central Building Authority). Unlike large metropolis cities, the structures in Belize are rarely above 3 to 5 stories and are primarily used by vacationing foreign residents. Developments that offer Strata Titles are most commonly found in San Pedro, Ambergris Caye, Hopkins, and Placencia.

When a developer of a condo project applies for Strata Title, the titles of the various units are issued to the Developer and are put in the developer’s name. As each individual unit is sold, the developer transfers the strata titles to the new owners (purchasers).

A property or development in Belize can only apply for strata title when the unit is built or near completion. This makes it challenging to obtain Strata Title since most of the capital for investment is tied up in development. Because of the laws pertaining to Strata Title, and having to be at or near completion to apply (and the application takes time for approval), most condos or units offer co-op share ownership for presale, which can have risk. The tedious Strata Title process is why so many condos go the co-op share ownership route. If you are looking at buying a condo in Belize, we suggest ensuring the property at least has a strata title.

 

3. Leashold Ownership

In Belize, most residential real estate and land are owned on a fee-simple basis (this is similar to the US & Canada). This is not the case in most of Central America & The Caribbean where land and home sales are in leasehold ownership which are long-term leases with the national government or have layered trusts. Belize is one of the only countries in the region that offers full foreign ownership and fee-simple title.

Under the leasehold model, one party owns a property while the tenant can use the land for a set number of years. This is common in Costa Rica, Mexico, Panama, etc. Most countries in the region have restrictions on foreign ownership. This is not the case in Belize, where you truly own real property. Generally, Leases involved in these arrangements are usually long-term, typically lasting 55 years to 99 years or more.

Some owners may grant something called a “life lease” where the tenancy remains until the lessee passes away. This means the property itself can not be passed on or inherited. In that case, the property reverts back to the grantor.

If you enter into a leasehold arrangement, you’ll have to pay a fee to use the land, unlike fee simple ownership which requires no rent payments or renewals. With fee simple, you do not have to renew the lease as you own the property outright. With a fee-simple title, you own any home on the land forever. But with leasehold, when the lease ends, both the land and home will revert to the previous owner – unless you negotiate a new lease or renew the lease before the old one expires.

When you own a property with a leasehold property you only “own” the property or real estate for a fixed period of time. When you agree on a leasehold property, there will be a legal agreement with the landlord (sometimes known as the ‘freeholder’) called a ‘lease’. This tells you how many years you’ll have rights to the property. Ownership of the property returns to the landlord when the lease comes to an end or expires.

There are a lot of restrictions on foreign ownership in countries like; Costa Rica, Honduras, Panama, Mexico, etc. These countries often have leasehold contracts or require a trust to own real estate. That is not the case in Belize. Belize has no restrictions on what foreigners can own. There are some condo developments in Belize that are leasehold or co-op share ownership and usually use this structure if they’re bought through shared ownership or a co-op.

 

4. Co-Ownership Shares or Housing Cooperative

This ownership structure is popular and is known to North Americans as “Co-op”. This is the weakest form of ownership in Belize and the buyer does not have any form of title. There are numerous downsides to this form of ownership, mostly being that share certificates cannot be mortgaged by a lending institution, and insurance on the unit is challenging. A housing cooperative or “co-op” shares are a type of residential real estate option that is actually a corporation that owns the real estate.

The ‘owners’ within the development do not own their units outright. Instead of owning the units, each resident is a shareholder in the corporation based in part on the relative size of the unit or equity stake the unit that they live in has. A co-op share ownership in real estate is a way to own a primary residence, through the shares of the corporation. With housing cooperative or co-op share ownership owners own the shares, they however don’t own their units outright or the land itself; instead, each resident is a shareholder in the co-op.

Some co-op shares real estate options allow owners to sell their co-op shares (equity in the unit) in the open market, depending on the development. Often they have restrictive clauses that limit resales. This limits the liquidity of the property.

In Belize, when a condo appears to be cheap or “too good to be true” it is generally because they have co-op share ownership. Co-ops when it comes to real estate in Belize can be less expensive than homes or true strata title condos since they operate on an at-cost basis, collecting money from residents to pay expenses. Often padding additional profits to the developer.

Even though co-op share ownerships appear to be a great deal, they often come with more risk and a low level of ownership control. Before buying shares in a co-op ownership condo, be sure to check out the company’s financial situation and the fees involved.

A lot of presale condos use co-op share ownership. The resale is very difficult since the unit cannot be mortgaged and they are very difficult to insure in Belize.

 

5. Trust Ownership

In Belize, you can own property in a Trust. Which is commonly done through an IBC (International Business Company). Belize uses IBC laws as a form of asset protection. Trust ownership in Belize is commonly used in conjunction with an IBC (International Business Company). By using a trust to hold shares in the IBC, an additional layer of legal protection is provided for the owner of the property.

Trusts have become one of the dominant instruments to facilitate international finance and hold property internationally. The reason for setting up a Trust is that every individual or company has the desire to protect, preserve and enhance their wealth, and Belize has become one of the top destinations for international financial services looking to diversify a Trust investment. Belize real estate is a great means for realizing the goals of wealth growth, protection, and preservation. Belize allows the creation of a trust, except for a unit trust (for a co-op share ownership condo) and the trust ownership must be in writing.

The main advantages of Trust Ownership are as follows:

  • Saving on Inheritance Tax or Estate Tax: Even though Belize does not have any estate tax or inheritance tax, a country outside Belize may have enforceable taxes. Through a Trust or IBC, on death, the inheritance tax, normally assessed on the value of the shares, would generally be eradicated.
  • Asset Protection: Assets (like real estate) within a trust usually cannot be reached by creditors who might arise as a result of financial difficulties, litigation, divorce proceedings, etc.
  • Avoiding Probate: Through trust ownership, assets can be smoothly passed on to the next generation without disruption, substantial costs, delays, loss of confidentiality, etc.
  • Lifetime Tax Savings: During a lifetime, substantial income and capital gains tax advantages may result from setting up the trust.

Trust Ownership uses a Trust to own the property. A Trust is a specific legal relationship, that is used in British Common Law. By means of a Trust, the owner of certain assets (“Settlor”) transfers these assets to an independent other party (“Trustee”). The Trustee, in turn, is legally bound to maintain and manage these assets for the benefit of another person or group of persons (“Beneficiaries”).

The core principle of the Trust lies in the separation of the legal title (ownership) of the asset from the benefits derived from that asset. The control over the asset (right to dispose of) is also separated from the benefits derived from that asset.

 

IBC Property Ownership

There are different types of titles and ownership structures in Belize but are still good and all legal. When you buy property in Belize, you have a few options when it comes to the ownership structure. A lot of real estate transactions in Belize are through corporations and have property ownership in an IBC with fee-simple title. Owning a property in an IBC is still fee-simple full ownership with an added layer of asset protection and tax optimization.

When you buy a property in an IBC there is no stamp or transfer tax when a property is held in an IBC (International Business Company). When you buy a property, you own it outright. We have a lands department, which manages the titles of each property. I always suggest buying a property in an IBC or having a property put in an IBC (especially as a foreigner). There is no stamp or transfer tax when a property is in an IBC. If a property is not held in an IBC, there is an 8% stamp/transfer tax when you buy or sell the property as a foreigner or non-resident and a 5% if you are a resident or Belizean (or Belizean corporate entity). When the property is in an IBC, you don’t pay the stamp or transfer tax, you have an added layer of asset protection (if someone sues you in the US, they can’t touch your Belize asset), and you have improved liquidity when you sell the property and remove liability.
You own the IBC, and the IBC owns the property with fee simple title. The advantages are;
  1. Tax optimization as you don’t have to pay stamp or transfer tax.
  2. Asset protection.
  3. Improved liquidity.
  4. Faster transfer of ownership.
  5. Ownership ambiguity.

 

If you are looking to get the most out of your Belize investment and have the best value when it comes to Belize real estate, we suggest buying land and owning a property with a fee-simple title. We also suggest using an IBC (whether buying a property in an IBC or having it put in an IBC). The most desirable thing about Belize real estate is the fact that Belize has full foreign ownership and foreigners (Americans & Canadians) can own a property outright with a fee-simple title. When you purchase a condo (especially something with co-op share ownership) you erode the largest value of buying and investing in Belize.

 

Belize Investment Residency Requirements

Belize Investment Residency

There are two types of Residency status in Belize. If you are looking for residency status in Belize, you can apply to be a Permanent Resident or Temporary Resident.

Permanent Residency is applied when a person (or persons) wants to make Belize their home and will be staying in Belize for a long period of time. The applicant has plans to reside and live in Belize.

Temporary Residency can also be granted to people looking for status in Belize and show they have invested in Belize. A temporary resident can be a person who has made a substantial investment in Belize (often Belize Real Estate) but, due to commitments outside Belize, cannot meet ordinary Permanent Residence restrictions.

Belize Residency

 

Temporary Residency & Investment Residency

Temporary Residence status is given for a period of only one (1) year and becomes renewable at the end of that given period. If someone is applying for the investment residency, they need to show every year that the investment has remained in Belize.

The “Temporary Investment Residency” 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 money has remained in Belize.

For persons applying for Temporary Residence in Belize, you are required to

  1. Show evidence of investments in Belize valued at not less than five hundred thousand Belize Dollars – BZ$500,000 ($250,000 US)

Belize Currency

 

Temporary Residence Requirements

  1. Copy of Receipt of Acceptance (Provided by Immigration Department upon submission)
  2. Completed Application form
  3. Letter stating reasons for applying for Temporary Residence
  4. Complete Copy of Passport
  5. Police Record (From Belize)
  6. Police Record from last country of residence (no longer than 6 months from date of issue)
  7. A medical certificate, HIV, VDRL, and TB results
  8. Evidence of place of residence in Belize, i.e., rental/lease agreement with a current utility bill showing the applicant’s name and same address OR property title with property tax                   assessment
  9. Evidence of investments in Belize officially valued no less than $250,000 US ($500,000 BZ) and where available.
    1. Real Estate Ownership
    2. Business bank statements
    3. An official valuation of equipment and buildings to be used in business/investment
    4. Company Registration Certificate
    5. Articles of Association and/or Summary of Share Capital.
    6. Trade license in Belize
    7. Belize Social Security Registration
    8. Belize General Sales Tax Registration – Belize Business Tax Assessment
  10. Income Tax Letter
  11. Recent Bank Statement (If Applicable) Statement must show transactions to Belize/banking activity in Belize
  12. Marriage Certificate (If Applicable)
  13. (3) Passport-size Photographs
  14. Social Security Card (If Applicable)
  15. Contribution History from Social Security or Declaration stating non-contribution and why.

 

Inclusion of Spouse

  1. Complete Copy of Passport
  2. Police Record (From Belize)
  3. Police Record from the last country of residence (no longer than 6 months from the date of issue) 4. Medical Certificate, HIV, VDRL, and TB results
  4. Income Tax Letter
  5. Recent Bank Statement (If Applicable) Statement must show transactions to Belize/banking activity in Belize
  6. Marriage Certificate
  7. Letter of Financial Support
  8. (3) Passport-size Photographs
  9. Social Security Card (If Applicable)
  10. Contribution History from Social Security (if applicable)

 

Inclusion of Children

  1. Birth Certificate Copy
  2. Complete Copy of Passport
  3. Police record (From Belize. (If the minor is 12+years)
  4. Police Record from last country of residence (no longer than 6 months from date of issue if child 12+ years)
  5. Medical Certificate (All minors), HIV, DRL, and TB results (If the minor is 12+ years)
  6. (3) Passport-size Photographs
  7. School Letter
  8. Letter of Financial Support
  9. Notarized Letter of Authorization/Consent from the parent not making the application and
  10. Notarized copy of ID If not in Belize.

 

Belize is one of the easiest countries in the region to obtain residency. There are quite a few ways you can apply and get residency and the route will depend on your personal circumstances. When you land in Belize, you are issued a 30-day tourist visa. You can stay in Belize as long as you want as long as you renew the tourist visa.

Belize Tourism Visa Information

 

Belize Customs & Import Duties

Belize Customs & Import Duties

 

Belize imposes import duties on a wide range of goods that are imported into the country. The import duty rates can vary depending on the type of goods, their value, and their country of origin. Here are some of the main categories of goods and their corresponding import duty rates in Belize:

 

  1. Food and agricultural products: Import duties on food and agricultural products can vary depending on the type of product. For example, import duties on meat products can range from 10% to 40%, while duties on fruits and vegetables are generally lower, ranging from 0% to 25%.
  2. Vehicles: Import duties on vehicles can be high, with rates ranging from 45% to 72% depending on the type of vehicle, its value, and its age.
  3. Electronics and appliances: Import duties on electronics and appliances can range from 0% to 40%, depending on the type of product and its value.
  4. Clothing and textiles: Import duties on clothing and textiles can range from 5% to 30%, depending on the type of product.
  5. Furniture: Import duties on furniture can range from 10% to 40%, depending on the type of furniture and its value.

 

It’s important to note that Belize also imposes other taxes and fees on imports, such as a value-added tax (VAT) of 12.5% and an environmental tax of 2%. The exact import duty rates and other fees can change over time, so it’s advisable to consult with a customs broker or other professional for the most up-to-date information.