If you’ve ever dreamed of owning a patch of paradise in a foreign country, you’ve got company. Interest in purchasing property abroad is on the rise among Americans who hope to either to live in these homes, rent them out, or do some combo of both. In 2022, Tennessee real estate agent Barry Richards joined in on the fun by purchasing a condo in Ambergris Caye, Belize. Here’s what he learned about navigating real estate rules abroad in case you’re inspired to follow in his sandy footsteps.
How did you end up buying this condo? “When researching investment properties, my wife and I considered Florida and Puerto Rico before looking elsewhere in the Caribbean. We had never visited Belize, but our daughter visited as an undergraduate and raved about the experience. Belize is the only Central American nation where English is the official language. Their currency is tied to the value of the US dollar, and US cash is welcomed almost everywhere. Ambergris Caye is the largest island in Belize and accounts for about 70% of the country’s annual tourist income. We specifically wanted something we could use as a vacation property to visit multiple times a year that also had the potential of generating rental income.”
How did you find the homebuying process there? “It was very eye-opening, especially compared to our experience in US real estate. Real estate agents are not licensed or regulated there. We started by identifying a reputable attorney who is experienced in both the US and Belize. We reviewed several available properties online before our first trip, narrowed them down by drive-bys once we arrived, and saw our top three choices. We returned home to the US, made an offer on our top choice, and conducted all further negotiations, inspections, and closing with a great deal of assistance from our agent and attorney.”
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How much did the condo cost? “$155,000, which included furnishings. Real estate taxes and attorney fees amounted to an additional 10%.”
How much rental income does it make? “We purchased it at the end of the pandemic with no guarantee of a recovery for tourism. Fortunately, tourism has rebounded, and 2024 resulted in a net gain of approximately $7,000 after expenses.”
What advice would you have for others? “Do as much due diligence as possible. That includes the actual property as well as the HOA (if applicable), and rental property management, which may be a different entity. If possible, make multiple trips to different areas during different seasons to give you greater confidence in your investment. Since purchasing, we have formed relationships with several local real estate agents and have heard horror stories of ill-informed buyers who have invested in developments that were never completed. We have referred several buyers to agents we trust with great results, investing in this beautiful country.”