Belize Real Estate Boom a Direct Result of Increased Tourism and Incentives for Retirees and Vacation Homebuyers
SAN DIEGO, Calif. /California Newswire/ — Legacy Global Development, the developer of the luxurious Orchid Bay, Belize community, today announced that it had a significant increase in home sales for 2019, with a total of 17 homes going under contract between January and July. The developer believes this surge in sales is thanks to Belize’s rise in tourism and the many benefits that the country offers homebuyers.
In 2018, Belize saw record growth of overnight tourists for each month of the year, over the same month in 2017. In total, Belize welcomed 489,261 visitors, a 14.6 percent increase from the year prior, and this was the most substantial rise in tourists seen in the past 10 years.
“As Belize continues to climb the ranks as a top travel destination, it offers a smart and potentially rewarding investment opportunity for those who want to buy in early,” said Chris Williams, CEO of Legacy Global Development. “While we’ve experienced robust sales at Orchid Bay, other areas of Belize, such as San Pedro and Placencia, are also enjoying a real estate boom. This is even further proof of Belize’s desirability to investors, retirees, and vacation homeowners.”
Belize is appealing to tourists for many reasons. Its official language is English. It borders Mexico and is only a 2-hour flight from major U.S. cities, and US Dollars are accepted everywhere. It is also one of the few friendly, tropical destinations that has preserved its gorgeous environment, unique wildlife, and exotic culture.
On the real estate side, Belize offers several attractive benefits to home buyers. All real estate contracts are in English, there are low property taxes, and no estate or capital gains taxes. Additionally, assets are protected by British Common Law, and the country allows 100 percent foreign ownership of properties and businesses.
Belize also offers an excellent incentive for expat retirees, called the Qualified Retirement Program (QRP). To qualify, one must be at least 45 years old, live in Belize at least one month per year, and have a monthly income of at least $2,000 or a yearly income of $24,000 from a pension or annuity (including Social Security). Those who qualify are allowed to bring $15,000 worth of personal goods into Belize tax-free and pay no Belizean taxes on any foreign-earned income.
Located in northern Belize and developed by Legacy Global Development, Orchid Bay is a gated, master-planned community situated on a 114-acre site in the Bay of Chetumal. It combines North American comforts with a spectacular Caribbean setting. The development was influenced by innovations in community design that reveal small-town accessibility, connectivity, and convenience – all with respect to the natural environment. The master plan calls for a series of canals and basins for easy navigation around the community, first-world infrastructure, and 10 percent green space set aside.
Buyers have many types of homes to choose from as the community is comprised of Beachfront Condominiums, Casitas, Waterway Villas, Bungalows, and home sites and lots where Orchid Bay homebuyers can build their own custom home. On-site amenities include the Tradewinds Beach Club and Restaurant, as well as a 7,700-square foot beach club with multiple swimming pools, a gym, restaurant, bar, lounging decks, and private beach access, which is currently in development. An on-site grocery store and medical clinic are also projected to open in the future. Orchid Bay offers many activities and tours for its residents, all with easy access to the best of Belize.
To learn more about the Orchid Bay, Belize visit https://orchidbaybelize.com – or call (877) 959-9646 or email hello@legacyglobaldevelopment.com.
Learn More: https://legacyglobaldevelopment.com/
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