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Caribbean At Heart

Kathleen Peddicord by Kathleen Peddicord
Mar 09, 2010
in Retirement/Living
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ambergris caye belize property
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Caribbean At Heart

“Geographically, Belize is in Central America,” writes Correspondent from that country Phil Hahn, “yet its strongest ties are to the English-speaking Caribbean. Similarly, it is a developing country on the path of progress, but boasts a secure foundation with a history of stability. The combination of these unique qualities creates a land of opportunity.

“And nowhere in the country is that opportunity more pronounced right now than in the district known as Cayo.

“This corner of the world avoided the over-speculation that ran rampant last decade in other real estate markets around the globe, including on Belize’s own Ambergris Caye, just offshore the mainland coast. This despite the fact that there is relatively little private land available in this part of the country. Most of the land in the Cayo in protected forest reserves, archaeological sites, and national parks. As the Cayo begins to attract attention, arable land and waterfront property are increasingly in high demand.

“Right now, though, this property market remains priced primarily for the Belizean. Yes, there are gringos here, but, for the most part, they arrived decades ago and assimilated into the local culture. They came to Belize as archaeologists, scientists, farmers, and other salt-of-the-earth types. While Cayo was still completely off the world’s radar, they settled in to enjoy lives full of Indiana Jones-type adventures.

“Now the next generation of expats is arriving in the Cayo. New developments are breaking ground, and pricing is beginning to cater to this new buyer. The effect is that property choices are expanding. Brand-new one- and two-bedroom homes are available in San Ignacio for less than US$50,000. Pre-construction luxury villas in the mountains, 3 miles from town, are on offer for US$119,000. Near the capital of Belmopan, an estate is for sale–a 3,200-square-foot main house with a 1,300-square-foot guesthouse–for US$125,000.

“One thing the Cayo doesn’t have is condos, probably due to the independent spirit of the people who tend to mirgrate here, as well as to the low cost of land. Those who settle here prefer to build on their own private pieces of land.

“Property ownership in Belize is ardently protected, and foreigners are treated the same as locals. Clear title is conveyed through a Land Certificate, and title insurance is available. In addition, all contracts are in English, and the country was founded on British Common Law tradition. For these reasons, Belize is a haven for anyone looking for straightforward undisputed land ownership.

“In fact, Belizeans are so adamant about maintaining control of their real estate that they vehemently oppose any increase in property tax. Understanding the people’s position, the Belize government continues to keep these taxes low. The highest rate of property tax is imposed on waterfront property, but it is still negligible. The assessment is based on a valuation of BZ$10,000 (US$5,000) per acre if the land is within a half-mile of the water or on an island. The property owner is then taxed 1% of that value. So an acre of waterfront property is taxed US$50 a year.

“This is a democratic nation of only 300,000 people, and the elected officials are under a microscope. There are two parties, the PUP (blue) and the UDP (red), and you will find that loyalties in Belize, like history and tradition, run deep. One marker of a great democracy is a free press, where citizens openly discuss the issues. That legacy is alive and well in Belize.

“Voter turnout is always high. When the polls open, flags fly, and every town and village throughout the country takes on a festival atmosphere. It’s wonderful to be in Belize on election days to watch the fervor of a young nation. I especially enjoy talking to those Belizeans who proudly remember Sept. 21, 1981, the day this country gained its independence, and I congratulate them for doing so well after only 28 years.

“Note, though, that Belize did not gain its independence as a result of any violence. This country has not been involved in a war since 1798, when the British, along with slaves, freedmen, and privateers, repelled the Spanish at the legendary Battle of St. George’s Caye.

“As the Open Road Travel Guide puts it, ‘Peaceful and non-meddlesome, blissfully unimportant, Belize rarely merits attention in any foreign newspaper…'”

Kathleen Peddicord

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Kathleen Peddicord

Kathleen Peddicord

Kathleen Peddicord has covered the live, retire, and do business overseas beat for more than 30 years and is considered the world's foremost authority on these subjects. She has traveled to more than 75 countries, invested in real estate in 21, established businesses in 7, renovated historic properties in 6, and educated her children in 4.

Kathleen has moved children, staff, enterprises, household goods, and pets across three continents, from the East Coast of the United States to Waterford, Ireland... then to Paris, France... next to Panama City, where she has based her Live and Invest Overseas business. Most recently, Kathleen and her husband Lief Simon are dividing their time between Panama and Paris.

Kathleen was a partner with Agora Publishing’s International Living group for 23 years. In that capacity, she opened her first office overseas, in Waterford, Ireland, where she managed a staff of up to 30 employees for more than 10 years. Kathleen also opened, staffed, and operated International Living publishing and real estate marketing offices in Panama City, Panama; Granada, Nicaragua; Roatan, Honduras; San Miguel de Allende, Mexico; Quito, Ecuador; and Paris, France.

Kathleen moved on from her role with Agora in 2007 and launched her Live and Invest Overseas group in 2008. In the years since, she has built Live and Invest Overseas into a successful, recognized, and respected multi-million-dollar business that employs a staff of 35 in Panama City and dozens of writers and other resources around the world.

Kathleen has been quoted by The New York Times, Money magazine, MSNBC, Yahoo Finance, the AARP, and beyond. She has appeared often on radio and television (including Bloomberg and CNBC) and speaks regularly on topics to do with living, retiring, investing, and doing business around the world.

In addition to her own daily e-letter, the Overseas Opportunity Letter, with a circulation of more than 300,000 readers, Kathleen writes regularly for U.S. News & World Report and Forbes.

Her newest book, "How to Retire Overseas: Everything You Need to Know to Live Well (for Less) Abroad," published by Penguin Random House, is the culmination of decades of personal experience living and investing around the world.

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