Belize is a small Central American country on the Caribbean Sea and bordered by Mexico and Guatemala.

What's so special about it?

A democracy, the country was previously known as British Honduras until 1973. It gained independence from the UK in 1981, after more than a century as a British colony;

however it remains part of the Commonwealth.

Only 22,966 square kilometres in size, approximately 65% of the country is covered in lush forests and the 386km coastline is also guarded by a barrier reef, which at 322km is the second-longest in the world.

With fewer than a third of a million people living there, Belize is a small nation, but it is emerging quickly as a forerunner for investment in Central America. Belize was recently named the best long range investment site in the Caribbean by Caribbean Datelinemagazine.

Best kept secrets Belize has strived to develop a significant niche in the eco-tourism market. As well as its jungles and reef it also has a diverse array of flora and fauna, including endangered species such as manatee and jaguar. In the forests, which have trails as high as 3,700 feet, would-be explorers can discover many caves and ancient Mayan pyramids and temples hidden in the greenery.

Tourism in the area has begun to develop at an extremely fast pace and it is now the second-biggest industry in the country, accounting for 18% of GDP.

Who lives here?

Its most notorious resident is Shyne, a Belizean-American rapper, part of P Diddy's entourage. Francis Ford Coppola, after visiting the country filming Apocalypse Now, decided to buy two resorts there. Tim Roth got married in Belize and Leonardo DiCaprio owns a Euro2.5m island off the coast.

What's the property market like?

The upsurge in tourist numbers has meant that property prices in Belize are rising steadily but real estate is still very affordable.

Local experts and those at A Life Extraordinary estimate that prices are now growing by an average of 15% a year and by as much as 30% along the coast. Belize is particularly popular with Americans, reports Ben Mason from Someplace Else, which is selling resorts in the area.

A number of factors are pushing the Belize property market besides tourism. Like Panama and Costa Rica it is targeting the American retirement market with special incentives and it is also trying to establish itself as a tax shelter, as there is no capital gains or inheritance tax and property taxes are very low, at 1% of the market value.

How do you go about buying property?

Amandala is Belize's main newspaper and it has an online version. When sourcing agents it is best to go through European agents or developers or via the Association of Real Estate Brokers of Belize.

As it is part of the British Commonwealth there are no restrictions on foreigners buying land or property in Belize and the legal system is based on British common law.

All negotiations and paperwork are also done through English. An EU citizen has the same rights as a Belizean citizen to freehold property ownership and there are no licences, permits, special permissions or conditions required.

EU citizens do not need a visa to enter the country and the process in total takes roughly 30 days. However non-nationals do need to obtain a licence from the Minister of Natural Resources to buy or hold land in excess of half an acre in the cities or towns, or 10 acres outside cities or towns.

Where are the best places to buy?

The largest city is Belize City. This was Belize's former capital until 1970 when Belmopan was built. These are the most populous areas for culture, economics and activity, but for property prices the best areas are around the coast, especially in large resorts built in Placencia Peninsula.

Ladyville, northwest of Belize City, is also close to Philip SW Goldson International Airport and so is easy for access.

What's the rental market like?

Tim Kellow from A Life Extraordinary believes that, because of the rapidly rising tourist numbers there is also a high demand for rental accommodation. This is being encouraged by generous government incentives offered to local and foreign investors to develop resorts, tourist infrastructure and services along the coast.

In Placencia guests pay up to $575 per night to stay in the apartments and the peak rental season is from November until May.

Agents estimate that in a few years a �216,000 property will generate a rental income of about Euro30,000 a year, which is a return of just over 9%.

What's the resale market like?

Most of the resale market is expected to be American. As many of the resorts were sold off-plan and are soon maturing, the resale market will come into effect.

Average property prices?

Prices are low by Irish standards: you can get a small property in rural Belize for $5,000 (Euro3,750). Simple homes in the villages cost about US$15,000 (Euro11,000) but in the top beach resorts such as San Pedro you can pay up to US$500,000 (Euro375,000). On average prices cost around US$3,000 (Euro2,250) per square metre for prime tourist locations.

What are the tax breaks between Ireland and Belize?

Belize has no capital gains or inheritance taxes. O=Income tax is currently only 1.75% and stamp duty is 15%, but is under review.

Ireland has no double taxation arrangement with Belize, therefore any gains made are liable to tax by the Irish Revenue Commissioners.

FAST FACTS

Getting there: Flights are via Miami or Los Angeles with American Airlines, Continental, Delta Air Lines or US Airways.
Area: 22,966 square kilometres
Population: 291,500
Currency: Belizean Dollar (1BZD = Euro0.37)
Weather: Sub-tropical ranging in temperature from 10�C to 35�C, with an average of 26�C
Transport: Belize has two airlines, Maya Island Air and Tropic Air; there are a number of waterways via boats, ferries and water taxis and Novelo's bus line goes around the country. Road is the preferred mode of transport as there is no rail network.
Going out: Popular late dancing is at the Bellevue Hotel, while music is played at Fort George Bar overlooking the harbour. Popular sports are soccer and basketball and the punta style of music, similar to reggae or calypso, is played across the country.
Eating out: Dinners usually feature some type of rice and beans, meat and salad or coleslaw. In rural areas the Maya use a lot of corn or maize for most meals. The Garinagu on the coast prefer seafood. There are a lot of restaurants and fast food outlets, but while fruits are popular, raw vegetables from the markets are not.
Beware talking at meals: it is considered rude!
Shopping: Handicrafts, woodcarvings, straw items and coral jewellery are seen less due to the restrictions placed by the government. 'In-Bond' shops carry watches, perfumes and other duty-free purchases, but Belize is as big as some of the other Central American or Caribbean countries when it comes to shopping for low price goods.

USEFUL CONTACTS

� Embassy in Belize in London: 0044-20 7723 3603; www. belize. embassy. uk. com
Amandala Online: www. amandala. com. bz
The Global Property Guide: www. globalpropertyguide. com
Federation of Overseas Property Developers, Agents and Consultants: 0044-870 3501223; www. fopdac. com Association of International Property Professionals: 0044-20 7409 7061; www. aipp. org. uk
Property Lawyers Abroad Network: www. plani. net
Belize Tourism Board: www. belizetourism. org
Belize Retirement: www. belizeretirement. org
BELTRAIDE - Investments, Trading, Consultancy: www. belizeinvest. org. bz
Government of Belize: www. belize. gov. bz