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Purchasing in Belize

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perfectlypassive
8/8/2022 10:03 EST

If I wanted to purchase a condo or house, would I need a mortgage from Belize or my country of origin? Would I need to be able to purchase without a mortgage?

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WMiller77
8/9/2022 15:11 EST

Hello,

My name is Wendy Miller and I'm a realtor living and working in Belize since 2012.

Generally purchases in Belize are made in either all cash or seller financed transactions. Banks here won't give a mortgage to a non-resident. I have heard that Caye International Bank will do this but I have not had the opportunity to confirm this to date.

A mortgage from your own country of origin is not applicable here in Belize. Should you fail to make your payment to the bank the bank cannot come to Belize to repossess the property. However you can take out a home equity line of credit and use those funds as you see fit including a purchase in Belize. If you default your home is the collateral for those funds.

Alternatively, if you are planning on renting out your unit you are able to use funds from your 401K or IRA to purchase property as it is an investment. Talk to your investment fund manager to see what avenues are available to you for using your investment funds.

Fee free to reach out to if you wish to more information. It all starts with a conversation, Let's chat!

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BelizeBreeze23
8/9/2022 09:05 EST

If you can't buy outright your best bet is to find owner financing. From everything I've learned the banks aren't very interested in working with ex-pats. Someone putting up a new condo complex is much more likely to have financing options available. If you're keeping your home, you can refinance it to get the funds to purchase but that sounds like a lot of hoops to jump through as well!

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hrlee7804
8/8/2022 11:27 EST

99% of homes are purchased with cash. Interest is VERY high in Belize. No lender is another country would loan you money for a house in Belize. They have no way to foreclose if you don't pay. That is not done if the house is used as collateral. Expect to pay 12-15% for loans in Belize. I currently live in Mexico and same rules apply here. Some Mexicans will borrow to buy but the rate is crazy high. Borrowing at that rate is a great way to go broke. Ask the millions that have tried and failed.

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