Belize & Retirement

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Belize

With 8,867 square miles (22,960 km²) of territory and only 294,385 people (Belize CSO, 2007 mid year est.), the population density is the lowest in the Central American region and one of the lowest in the world. However, the country’s growth rate is 3.5% (2006 est.)

Belize is an adventure’s paradise and a true heaven on earth that offers a unique way of life. No more than two hours from 3 gateways in the United States, and just a short hop from Mexico, getting to Belize is painless

Every destination in Belize has its share of archeological and national parks, marine and nature reserves, wildlife sanctuaries. Each of these protected areas is packed with opportunities for adventure.

Belize is a member of the Caribbean Community (CARICOM) and the Sistema de Integración Centroamericana (SICA) and considers itself to be culturally both Caribbean and Central American.

Everyone around the world dreams about coming to an exotic tranquil locale, complete with sun-drenched beaches and limitless recreational activities on land and in beautiful tropical waters. Belize boasts all this and more not only for the retiree but for the entire family. Belize is well known as a travel destination around the world and this is attributed to primarily the lower cost of living, our tropical climate and the official language of Belize being English. Belize prides itself in providing schools with high academic standards and a reputation for excellence, good health care facilities, historic homes, convenient local shopping and most importantly warm and welcoming neighbors.

The charming country of Belize is on the Caribbean coast, nestled between Mexico and Guatemala and offers an intriguing mix of tropical forests rich with wildlife, majestic mountains, mysterious Maya temples, and diving and fishing experiences beyond comparison. In a single day you can go from tropical forest to the longest barrier reef in the Western Hemisphere.

With the inception of the Retired Persons Incentive Program, Belize is rapidly becoming known as a retirement destination.

Come to Belize and enjoy your retirement where you can relax and continue the adventure in our tropical paradise.

Our natural wealthy environment as well as our culturally diverse and hospitable people - our greatest asset - are only but a few reasons to retire in Belize. To list even more enticing features...

Tax Breaks

Peaceful Nation

English Speaking

Good Educational System

Sub-tropical Climate all Year Long

Easy Access to Land for Development and Construction of Retirement Home

Close Proximity to the US, Mexico, Central America and the Caribbean

Strong Stable Belize Dollar

Abundance of Natural Resources

Breathtakingly Beautiful

Friendly People

Baby Boomers And Seniors from the USA and Canada are Retiring to Belize

The dazzling palm-fringed beaches, reasonably low cost of living and charming sub-tropical climate in Belize are some of the many intriguing factors which are behind the expatriation of most North Americans to Belize. Located in Central America facing the majestic Caribbean Sea with the unruffled coastline, Belize is an ideal place for the retirees to live a relaxed comfortable life, buy some attractive property and enjoy a perfect laidback lifestyle.

Belize has long been a favorite with North American retirees seeking a peaceful way of living. It appeals to the prospective retirees mainly by low real estate costs and providing a much lesser cost of living that extends retirement pensions and social security checks much longer than in the other parts of America.

World class planned communities like Progresso Heights makes property in Belize more preferable and hassle-free. According to Larry Schneider, Director of Progresso Heights, finance for purchase of properties in this prime estate is available at minimal interest rate. This community also has facilities like club house, community pier and a boat ramp across the Caribbean Sea. The allures of this tropical paradise are very fascinating for the retired persons.

Offering a secure, stable and tax-friendly offshore environment, this English-speaking country is considered to be one of the best places with residency requirements very easy to handle. The Government of Belize has recently incepted the Retired Persons Incentive Program. Under the new act retirees can enjoy some really good tax incentives. To qualify for the Belize Retirement Program to get a break from the taxes the retirees have to be aged 45 or over with a monthly income of US $2,000 or more.

The cost of living here is relatively much lower than in the US or Canada. Expenditures regarding renting or buying an attractive house in the coastal region, property taxes, personal and auto insurance, household labor, traveling and most goods produced in Belize are less expensive than what the retirees are used to paying.

To sum up, a good educational system, warmth of its people, its close vicinity to the United States and Mexico are also some prominent features of this peaceful nation which attract scores of retirees from North America.

Every destination in Belize offers something special to the Baby boomer. Throughout Belize, the nature ecology varies significantly and adds to the intrigue and expanse of the country’s environment. Each district also possesses a unique history that has contributed to the social surroundings that exist today. Bird watching in Belize’s interior is a real treat. And Belize’s retiree program offers attractive incentives to foreigners. People are warm and friendly.

Qualifying Process

Anyone forty-five years and older can qualify for the program. A person who qualifies can also include his or her dependents in the program. Dependents include spouses and children under the age of eighteen. However, it can include a person up to the age of twenty-three if enrolled in a university.

INCOME FROM PENSION OR OTHER SOURCE

1. Qualified Retired Persons

To be designated a Qualified Retired Person under the program, applicants must receive a monthly income of not less than US $2,000 through a pension or annuity that has been generated outside of Belize.

2. Certification

i) When a company grants a pension, that company has to prove that it has been in operation for at least 20 years by submitting proof of registration.

ii) The company that grants the pension shall certify that the pension of no less than US $2,000.00 per month will be forwarded to a reputable financial institution within Belize. This letter must be signed by the manager, president, or by a legal representative of the company.

iii) Certification by a Certified Public Accountant independent of the company:

-Stating the date the company was established

-Verifying the authenticity of the above mentioned letter

-Certifying that the obligation signed in favor of the beneficiary is not less than US $2000.00 per month.

iv) The applicant must present two (2) bank references from the company that is sending the pension.

v) The company granting the pension must present a document outlining its pension scheme.

Requirement ii, iii, iv could be omitted where the company sending the pension is considered to be a Fortune Five Hundred Company.

3. Background Check

All applications are subject to a background check to be carried out by the Ministry of National Security.

INCENTIVES

All persons who have been designated a Qualified Retired Person shall be entitled, on first entering Belize, to import his or her personal effects and an approved means of transportation free of all import duties and taxes.

A Qualified Retired Person shall be exempt from the payment of all taxes and duties on all income or receipts which accrue to him or her from a source outside of Belize whether that income is generated from work performed or from an investment.

REGULATIONS

All privileges, exemptions and regulations herein included are governed by the Retired Persons (Incentives) (Amendment) Act, 2001 and the ACT will serve as the basis for all purposes of interpretation.

1. Personal Household Effects
Qualified Retired Persons have one year from the date that they officially enter the program to import their personal and household effects free of duties and taxes as determined by the Customs Department. Numerous entries are permitted within the one year period; however, your detailed master list of household and personal effects must be submitted to the Belize Tourism Board upon approval into the Program. After the year has elapsed, you will be subject to all duties and taxes under the Customs Department.

2. Transportation

a. Motor Vehicle
Qualified Retired Persons are strongly encouraged to procure a vehicle in Belize. However, we will facilitate duty and tax exemption on an imported vehicle.

b. Light Aircraft
A Qualified Retired Person is entitled to import a light aircraft less than 17,000 kg. A Qualified Retired Person is required to have a valid Private Pilot license to fly in Belize. This license can be obtained by passing the requirements set by the Civil Aviation. However, if the participant has a valid pilot's license, that license only has to be validated by Civil Aviation Department in Belize.

c. Boat
Any vessel that is used for personal purposes and for pleasure will be accepted under this program.

3. Disposal of Duty Free Items
If for whatever reason a qualified retired person decides to sell, give away, lease, or otherwise dispose of the approved means of transportation or personal effects to any person or entity within Belize, all duties and taxes must be paid by the qualified retiree to the proper authorities.

Qualified Retired Persons must note that only after 3 years and upon proof that the vehicle previously imported into Belize under the Program has been disposed of according to regulations, will another concession be granted to import a new transportation.

4. Offenses & Penalties
Any person who knowingly makes any false declaration or entry in order to qualify for or renew any exemption or privilege granted under the Retired Persons (Incentives) (Amendment) Act, 2001 commits an offence and shall be liable on summary conviction to a fine not exceeding one thousand dollars.

5. Fee Structure

a. A non-refundable application fee in the sum of US $150.00 payable to the Belize Tourism Board must be submitted with the application.

b. A Program fee in the sum of US $1,000.00 payable to the Belize Tourism Board must be submitted upon acceptance into the Program.

c. Upon acceptance into the Program a fee of US $200.00 must be paid to the Belize Tourism Board for the issuance of the Qualified Retired Person Residency Card.

d. Each dependent is required to pay a Program Fee of US $750 to enter the Program.

NOTE: All payments must be made payable to the Belize Tourism Board and be in the form of US cash, US bank draft or US cashier's check. Personal or comapny checks will not be accepted.

Take advantage of the community and join Groups of your interest. You will be able to learn about several Belize Destinations, the process of purchasing property in Belize, Belize mortgages, financing issues for Americans and Canadians, Title Insurance, VISA information, working in Belize as a foreigner, setting up a business in Belize, Health and Medical, etc.

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Baby Boomers And Seniors from the USA and Canada are Retiring to Belize

Qualifying Process

INCENTIVES

REGULATIONS

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