How To Rent Property In Belize
Belize is renowned for its relaxed atmosphere and strong sense of community. Often, the best way to discover upcoming property sales or bargain rentals is through word of mouth. Expats recommend spending time visiting Belize and staying in short-term rentals to get to know the local community before committing to a lease or purchase. You might find the best deals through adverts on social media, in the post office or or by talking to your neighbors. Visiting your desired location and getting to know the area and locals before signing a long-term lease can also help you see if you will fit in the area you have selected to live or retire.
The main concern for expats finding suitable places to live in Belize and other countries in the Caribbean is safety. Renting real estate in the better part or upper class areas of a city or town, like anywhere else, will get you you a more secure property. For example in the capital of Belize, Belmopan, renting or buying property in the area where embassies and other foreign missions are located, brings better infrastructure and security. This is due to round-the-clock patrols by embassy security teams and the local police who have these areas as high priority for their own patrols and response.
The easiest way to find a rental property is by enlisting the services of an estate agent or a trusted local. Locals will know the better places to match your requirements. Enlisting the help of a reliable person on the ground in Belize can help you find unadvertised properties. Some landlords do not wish to list their properties with real estate agents. And property management companies prefer to list properties starting at US$1,500. a month and up that will bring the better commission fees.
You can save a lot of money by renting a room in a shared property. There are many large villas in Belize where you can get a room for a great price, making this a cost-effective option if you are relocating alone and willing to sacrifice some privacy. Many properties, especially shared houses, are rented furnished, which can even include crockery. However, unfurnished options are also available if you prefer to use your own furniture and appliances.
Given its popularity as a holiday destination, there is no shortage of short-term rentals in Belize. However, if you want to sign an official lease agreement on a freehold property, it must be for at least one year, as specified by the Landlord and Tenants Act. Tenancies in Belize and the law applicable generally follow English Common Law “…the tenancies defined in section 3 of this Act, comprise the relationships between landlord and tenant in Belize and, subject to this Act, have the same qualities and incidents as they would have under the common law of England.”
Property Rental Payments
Renting a property in Belize generally calls for payment of the first and last month, and a security deposit. Landlords or their property managers will require information to ascertain the identity and background of the prospective tenant, and sometimes a credit rating check. The preferred method of payment for expats is direct deposit transfers into the landlord or property manager’s bank account.
If if paying from abroad, we recommend ACH direct deposit or transfer by Zelle or other money transfer service direct into the landlord or property manager’s US bank if available. Paying rent by transferring funds from abroad to Belizean banks will take up to three or more business days for payments to clear, and will incur additional foreign exchange and incoming bank transfer fees. The local bank will deduct these fees, sometimes arbitrarily, before crediting the landlord’s account. All rentals in Belize are subject to a 3 percent tax payable to Belize Tax Services, the equivalent of the IRS in the US. Belize Tax Services is the supreme government tax agency in Belize and collects Gross Sales Tax (GST), business and income tax, and rental taxes.
Property Management
Property management companies are handy for non-resident landlords, and for those who do not want the bother of finding good tenants and handling rent collection and taxes. The property management fees here vary but may include the first month’s rent (when the company finds a tenant) plus an 8 to 12 percent fee depending on the level of services offered. An alternative for property owners is to find their own tenants, then hand over management to a property management company which then charges only an annual fee. Some companies focus on tourism properties while others cover most every area of the rental market including commercial buildings and government rentals.