Belize Real Estate & Exodus of Expats

The Exodus of Americans Moving to Belize

Every year, more-and-more people are looking at investing and relocating off-shore. Whether it is for lifestyle or retirement, Americans & Canadians are rethinking their lives and where in the world would provide the best future. This is shown by the recent migration stats.

Americans & Canadians are leaving their home countries and seeking foreign visas in record numbers, according to immigration lawyers and expatriate organizations. Belize saw an unprecedented number of Americans not only inquiring about Belize real estate but also following through on their pledge and taking the steps to leave over the last 3-years (2020, 2021 & 2022). This is seen by the growth in the expat population on Ambergris Caye over recent years.

The number of Americans who were recorded as having given up their citizenship or U.S. residency soared to 5,816 in the first six months of 2020, compared with 2,072 in all of 2019, according to data from the Internal Revenue Service.

Dan Prescher, the senior editor of Internationalliving.com, said traffic related to “how to move out of the U.S.” surged 1,676 percent in 2020 and has been a continued trend since.

“Quieter, more stable countries start to look appealing,” he said.

The exodus has been led by not only baby boomer expats, but also young professionals looking for an opportunity and parents looking for countries with open and safe schools that provide futures for their children. No matter the age, the group largely consists of Americans with financial means and the ability to work virtually, or are in a position to relocate.

 

Why are people leaving?

The U.S. State Department reported in April that there are a record 8.7 million Americans live abroad. This number alone speaks for itself – never before has such a large group of U.S.-born citizens lived abroad. They’ve decided that it’s time for a change, to move to a new location where they are able to not just survive but thrive.

People’s motives for leaving or seeking relocation differ. But overall, the objective is a better life and a more promising future. The IMMI Group analyzed the top 10 motives for leaving the US, the list includes;

  1. Money
  2. Cost of healthcare
  3. Taxes
  4. Government regulations
  5. Freedom

 

Why People Are Looking at Belize & Ambergris Caye

Belize Real Estate & most of all Ambergris Caye Real Estate have seen a boom over recent years. Most of the buyers are people looking at living and/or investing overseas. This is seen by the growth in Belize real estate transactions over recent years;

While there is no nationwide MLS for Belize to track the total sales data and the number of real estate transactions, RE/MAX Belize is the largest real estate company in Belize with over 100 agents in 13 offices and shows a good indication of where the market is at and how it has grown. 

Total sales volume increased 8.7% from 2019 to 2020, followed by a staggering 167.7% from 2020 to 2021.  Based on current year-end projections, sales volume and real estate transactions in Belize are expected to grow by 301.5% year-over-year from 2021 through 2022.

From the beginning of 2020, at the start of the COVID pandemic, through to 2021, total Belize real estate sales volume has increased by 190.94%.

For RE/MAX Belize, the market has seen the number of sales exceed 2019 total sales volumes by 300% (299.6%).

Potential buyers are increasingly younger with more-and-more buyers being in their 40’s and 50’s (compared to retirees of earlier years).  Most of the people purchasing Belize real estate are from the US and Canada. Among the top reasons for considering Belize for second homeownership:

  • Allows diversification outside the USA or Canada
  • Provides a safe secure alternative during societal unrest
  • The only English-speaking country in Central America
  • Close geographic proximity to the USA
  • No capital gains tax, very low property taxes 
  • Tropical Caribbean climate
  • World-class fishing, diving, snorkeling, and watersports 

Second home ownership in Belize is like “going abroad with training wheels”.  It’s a very safe and easy experience, and the number one comment from those who have done it is that they wish they had done so sooner. 

 

Ambergris Caye Relocation

The top reasons people choose Belize and Ambergris Caye real estate include;

  • Safety
  • Tax protection
  • Accepting of new residence
  • Stable political climate
  • Affordability
  • English speaking
  • Schools & Education
  • Racial and cultural diversity and acceptance
  • Currency pegged 2:1 with USD
  • Climate
  • Opportunities and room to grow
  • Freedom!

Many countries have restricted accessibility to residency, which makes travel and relocation more difficult. Not Belize. Right now Belize is open and accepting tourists, expats seeking offshore residency, and citizens. Belize is a small country that is very pro-foreign investment with a small population. The country’s agricultural independence and desirable climate make it one of the top destinations for Americans & Canadians seeking relocation.

There are many other thriving places to make a life. This has led to many people seeking a brighter tomorrow, a life that provides freedom, safety, security, and support.

 

5 Misconceptions About Moving to Belize

5 Misconceptions About Moving to Belize

Belize is an amazing place to live and there are tons of opportunities for people not only looking to retire but also invest and/or start a business. Moving to Belize is much easier than in other countries with a lot of incentive programs in place. But there are a few things everyone should know before moving to Belize (to avoid any surprises). The lifestyle in Belize & Ambergris Caye is amazing and it is easy to see why so many people are making the move every year.

Here are the 5 biggest misconceptions about moving to Belize! If you’re considering moving to Belize from the US or Canada be sure to give this video a watch before doing so. We break down some of the key things you should know before making a move to Belize and 5 misconceptions people have before making the transition

 

 

Misconception 1: Belize is All the Same

Belize has a very diverse landscape ranging from the Caribbean Islands of Ambergris Caye & Caye Caulker to the lush Rainforests in Cayo & San Ignacio. If you have visited Belize, you know how different each area of the country is. If you are looking to be near the beach and reef, you will likely want San Pedro or Ambergris Caye Real Estate. If you are looking to live near Guatemala and enjoy the rainforest, you may prefer Punta Gorda or Cayo. Belize has a lot to offer, and it is important to know that not all of Belize is the same.

 

Misconception 2: How Quickly Things Can Move

Things sometimes move a little slower in Belize and the different departments handle different areas of permitting. Belize does have a slower and less stressful pace, which is one of the reasons so many people love Belize. That said, the slower lifestyle sometimes requires a little more patience and a different process. You are able to get things done in Belize, but be prepared to go through the due process.

 

Misconception 3: Everything in Belize is Cheap

A lot of things in Belize are less expensive. Anything made locally is a fraction of the cost of what you are used to in the US or Canada. That said, there are things that are more expensive. If something is imported, you will notice that you are paying more. Also, if you are on an island, there are additional logistics that are needed.

 

Misconception 4: You Need Residency or Citizenship to Move to Belize

You do not need to be a resident or citizen to move to Belize or to buy property in Belize. There are also no restrictions or time constraints on how long you are able to stay in Belize as an American or Canadian. You can stay in Belize as long as you want, as long as you renew your Tourist Visa every month.

 

Misconception 5: Finding Property in Belize is Easy

Belize does not have an MLS or standard listing platform. There are a lot of opportunities in Belize and a diverse real estate market. We do not have a formal MLS in Belize, so a real estate agent’s job is a little different. This makes it important to work with a real estate professional who knows and understands the market. We also do not have the same licensing for realtors or a standard real estate association. Make sure you are working with a realtor who has licensing and/or is a member of the different Belize Real Estate associations like AREBB (Association of Real Estate Brokers of Belize) or BNAR (Belize National Association of Realtors) or have a brand like RE/MAX which holds its brokers and agents to the highest standard.

 

If you are considering moving to Belize or investing in Belize real estate, contact us at RE/MAX Belize!

We look forward to helping you find your property in paradise.