We own property both in Belize and in Panama. I will be happy to discuss this choice with you if you want to email me privately at the email address on my home page (www.ambergriscaye.com/paradisevillas/index.html
Both countries have their strong points and weak points, and it really depends on what factors are most important to you and what your goals are.
I will say that I disagree with Diane. Property rights are protected in countries other than those using "English common law," including Panama, but the rules and procedures for protecting it and the legal requirements are different.
I can also say that if speculating and "making a fortune" in a few years is your main goal, forget both Belize and Panama, and keep your money in the US.