The Waters off Ambergris Caye

One of the most popular destinations in Belize for both tourism and for property investment is the island of Ambergris Caye.  Located just 12 miles off the mainland of Belize, Ambergris Caye boasts a laid-back lifestyle with views of the world’s second-largest living barrier reef just offshore.  A haven for SCUBA diving, fishing and other water sports, the island also offers plenty of dining, and shopping options for those that prefer to keep their feet dry.  I’m not the only one who loves Ambergris Caye.  Islands Magazine just named it one of the Ten Best Islands to Live On in their August, 2008 issue.

Belize, a former British Colony named British Honduras, is the only English-speaking country in Central America.  As a former colony, the Brits are very familiar with Belize, but it’s been Americans and Canadians that have been the primary expats moving to Belize.  This is set to change, according to International Living Magazine.  A recent article called, “Buy Belize and Buy Now” says that the Brits are set to come back to Belize in droves as more non-stop flights from the UK to Belize are being added.  Their advice is to not wait for the Brits arrival to drive up prices.  Get in now and reap the rewards.

Some other reasons that I like Belize over some of Central America’s other countries is that it is politically stable, provides some excellent tax benefits, and offers a world-class private banking system.  Belize has a popularly elected government, and has not suffered the internal strife and war that some of the other countries in Central America have endured.  Belize also provides the same property rights to citizens and non-citizens alike.  Property rights are sacred in Belize, and I don’t fear nationalization of property like I do in a place like Nicaragua, Venezuela or even Mexico.  Americans and Canadians that own rental property in Belize can enjoy little to no taxes on their rental income by keeping the funds in a Belize bank account. And Belize’s banking system, like Switzerland or the Cayman Islands, is private and very secure.  Even better, when you go to sell your property, Belize has no capital gains tax!

Maya Ruins

It’s not just sun and beaches that bring people to Belize.  There are many cultures that you can experience, including Maya, Latin, Garifuna, Mestizo, Mennonite and more.  Enjoy a day (or more) exploring the many ancient Maya ruins and caves spread across Belize and it’s neighboring countries.

Prices for property vary greatly in Belize.  On the mainland, acreage is available a very low prices.  Once you get to the coast or the islands, prices you up.  However, Belize offers many more opportunities for bargains that you will find in other Caribbean or Central American locations.  One of the best bargains we have found is Sapphire Beach Resort on Ambergris Caye.  Sapphire Beach offers a gated community right on the shores of the Caribbean Sea, with fully furnished condos available for under $100,000.  We compared pricing at Sapphire Beach to their closest neighbors.  Blue Reef, to the south, prices start well over $500,000. Sapphire Beach also offers a 3-night stay in Belize to allow you to see their property and Belize.

For more information on Ambergris Caye try these other resources:

The New York Times

Chicago Sun Times

7 Reasons to Invest in Property in Belize

Shelter Offshore

So, what about Costa Rica’s neighbor to the north, Nicaragua?  As a child of the 1970s and 80s, the first things that come to mind when I hear about Nicaragua are Daniel Ortega, the Sandinistas and war. However, things have changed during the last 20 years, and Nicaragua has become a new hot spot for real estate investment, especially among people who love what Costa Rica offers in terms of natural beauty, but at a more affordable price.

Like Costa Rica, there are two basic locations for potential investment; coastal or inland.  We will come to the coastal opportunities in a minute, but lets first look inland.  One of the most popular inland areas for expat investment is Granada.  Located along the coast of Lake Cocibolca, the twelfth largest lake in the word, Granada offers the unique opportunity to own “coastal” land at more modest inland pricing.

Colonial Granada

In keeping with the local Colonial flavor, much of the available real estate are renovated colonial or “fixer-upper” colonial buildings.  There are other options, including buy-and-build developments close to the lake.  The prices of property I have found don’t indicate “bargain” to me, but may provide an alternative for those looking to escape the higher prices and overdevelopment of Costa RIca.

On the coast, the price difference between Nicaragua and Costa Rica are far more apparent. Ocean-view lots are still available for around $20,000, with some more upscale pre-development opportunities around $100,000.  These kinds of prices are slim to none in Costa Rica, and provide something for those with less capital to consider.  For those that like the all-inclusive mega-development lifestyle, but want something more affordable than what Costa Rica offers, there are plenty of opportunities.

Admittedly, I don’t know as much about Nicaraguan real estate as I do Costa Rican.  One of my fears, since the re-election of Daniel Ortega has been property seizure.  Having title insurance available helps to alleviate some fo these fears.  However, buyers should read the terms of the tile policy carefully to be certain that government land seizure is covered.  Clearly many people people don’t share my concerns, as evidenced by the number of expats moving to Nicaragua.

CentralAmeriCaribbean Blog would love to hear from other experts and bloggers about their experience with Nicaraguan real estate.  Please join in the conversation.

Costa Rican wildlife

My first foray into Latin America was a vacation to Costa Rica.  I chose to go to Costa Rica because of it’s reputation for being safe, “user friendly” and, of course, beautiful.  I was not disappointed, and have made many return trips to enjoy “Pura Vida!”  

Like most people, my first stop was in the capital of San Jose.  If you haven’t been to San Jose, I can’t say that you are missing too much. There are some great restaurants in the city and it’s an easy place to find all of your souvenirs and gifts.  San Jose’s central location also makes a convenient place to stay if you wish to visit various parts of the country on day trips, and the country’s famous coffee plantations thrive just outside of the city.  Other than that, there isn’t much for anyone looking for the things that bring most people to this otherwise beautiful country.

As a tourist, I highly recommend the Arenal region.

Arena Volcano

The main attraction is, of course, the volcano itself.  Constantly erupting since 1968, this is one of the few places in the world where you can safely enjoy the spectacle of an erupting volcano.  One of the best places to enjoy the view is at Tabacon Hot Springs.  A five star resort located at the foot of the volcano, you can enjoy an extended stay or just a refreshing day in the hot springs.  The resort also boasts an excellent buffet style restaurant where you can dine on some tasty local dishes while the rumble of the volcano constantly reminds you of the awesome power of nature.  For those looking for a longer stay, or investment, real estate in the Arenal area may be a good fit for those who don’t want a beach lifestyle.  The large Arenal lake is a popular place to buy larger tracts of land, and prices in this part of Costa Rica are more affordable than the coastal areas.

For those who desire a beach lifestyle, the Pacific coast has become far more popular for expats than the Atlantic side.  Especially booming is the Nicoya Peninsula.

Sunset on the Nicoya Peninsula

Large hotels and resorts and mega-developments are popping up all along the coastline of the Nicoya Peninsula.  Some places are more affordable than others, while some places like Crystal Sands keep their pricing “close to the vest” requiring that you call to get a password before you know if you can afford to consider their property.  For those looking to avoid the crowds of San Jose, Liberia offers an alternative for international flight arrivals, and is hours closer to the Pacific coast.  Some visitors may be thrilled by some of the black sand beaches, while those looking for the typical dream of white sand beaches may be put off.

So, is it “too late” to invest in Costa Rica.  Of course not.  But, for those on a tighter budget, finding your dream home in Costa Rica may take more work than in other places in Central America or the Caribbean. The down-side to being the world’s premier eco-tourism spot for so long is that the demand for development, especially along the coast, has driven prices to be nearly on par with places like California. On the positive side, the cost of living (after your initial real estate investment) still tends to be low, with food prices being very affordable.  There also are not many tax benefits that I can identify which would make Costa Rica stand out compared to other Latin American locales.  As always, we encourage you to do your own homework.  Here is just one resource to get you started: http://www.ticonet.co.cr/viewtopic.php?f=5&t=15

Your votes will guide our research.

My home base is Florida, which makes Central America and The Caribbean very easy for me to enjoy, as well as convenient for keeping and eye on my investment.  And, make no mistake, buying real estate isn’t just about immersion in the local culture… this is an investment, and I expect to make a nice return on this investment.

It is my hope that this blog will become a resource for people like myself who want to turn their wanderlust into something more; a mixture of lifestyle and investment that will provide decades of enjoyment and prosperity.