by Rachel Jensen 
For many, owning property is a dream worth fulfilling. Belize, with its ideal location just south of the border and nestled in Central America, is a popular choice for property ownership. Once a haven for retirees and expatriates, this Caribbean and Central American country has caught the eye of investors seeking that ideal tropical destination. With gorgeous beaches and a vibrant Barrier Reef, lush rainforests and reserves, natural and historical sites for exploration, and friendly, English-speaking people, Belize seems like the ideal place to invest in property. The Belizean real estate market offers a variety of property ownership types; which one best suits you?
Freehold (Fee Simple) Title
The most common form of property ownership in Belize, Freehold Title ownership provides full rights to the land and the buildings on it. This ownership can be for an individual or a corporate body. Additionally, the property can be bought, sold, leased, and inherited without significant restrictions. Buyers receive a land title establishing their ownership rights, making it a secure and straightforward way to own property in Belize.
Strata Title
Condominium ownership is a popular choice of property ownership for many who seek a piece of Belize real estate, without the maintenance responsibilities that a standalone property often demands. The Strata Titles Registration Act, Chapter196, of the Laws of Belize governs the issuance of titles to condominiums in Belize. Known as strata developments, condominiums are more common on Ambergris Caye, Hopkins and Placencia, and developers can issue strata title to each unit within the condo development. The unit is owned by the buyer – essentially a shadow footprint over the land – while common areas such as the pool, gardens, hallways, etc, are jointly owned with remaining unit owners.
Leasehold Title
Leasehold title ownership in Belize entails leasing land from the government or a private individual for a specific period, most commonly up to 99 years. Leasehold property can be developed, and improvements made to the land during the lease period usually belong to the lessee. However, when the lease expires, ownership reverts to the lessor, unless a new lease is negotiated. Leasehold title tends to be a popular choice for local Belizeans. It is not as common for foreigners.
Fractional Ownership/Co-Ownership
As the title indicates, this type of ownership means multiple owners of a property. While ideal for a cost-saving venture, and perhaps the best choice for someone who wants a vacation home in Belize without a full commitment, this is the least common type of property ownership. Within a development, owners do not actually get a title, and are instead shareholders within a corporation (versus ownership of the unit and/or land).
Regardless of which type of property ownership you may be considering, it is crucial to consult with a local attorney or real estate expert in Belize. As experts in the Belize property laws, these trusted individuals should be able to guide you through the regulations and requirements associated with each of the above-mentioned types of property ownership. Your venture into owning a slice of Belizean paradise should be a sound transaction, with your biggest dilemma being choosing beachfront or jungle!
If you’re dreaming of own property in Belize, look no further than Luna Realty Belize. We specialize in Belize Real Estate and offer expert guidance for buying your ideal property. Contact us today, and let’s turn your Belize property dreams into a reality. Your piece of paradise awaits!
Also Read about Best Places to Own Property in Belize
