RETIREMENT PERSONS
(Incentive) Act- Chapter 62
This program has been
designed to attract foreign retirees (and dependents),
and their capital, to become permanent visitors
of Belize, as "Qualified Retired Persons" (QRP).
As a peaceful, English-speaking nation, Belize
has much to offer, including a lovely year-round
climate, easy access to land for construction of
retirement homes, a stable currency, abundant natural
resources, and, last but not least, friendly people.
The Retirement Persons
Act has been implemented and was designed to attract
foreign retirees (and
dependents), to become permanent visitors of Belize
as "Qualified
Retired Persons".
The main incentives
this program offers to Qualified Retired Persons
is import free duties from taxes personal
belongings such as approved means of transport, i.e.
motor vehicle, boat, or light aircraft etc. The maximum
exemption is US$ 15,000.00 in tax/duty for household
items. The income generated abroad, from work
or investments are exempt from all taxes and levies.
Although not required,
applicants may solicit the services of a local attorney
or accountant in completing the application process. English
is the official language of Belize and spanish is
also widely spoken, so communication is not
a problem in Belize.
The cost of living is
also relatively low, however it may seem expensive
if you intend to live by North American standards,
simply because Belize imports most of what it uses.
So generally
speaking
you can count on mark-ups of 30-50% on most imported
items. Prices
are slightly higher on the Cayes, primarily because
of additional transportation costs. On the other hand,
fresh locally grown tropical fruits and vegetables
are very tasty and very inexpensive. A favorite option
is to do big-ticket shopping in Chetumal, the Mexican
border town to the North or Melchor in Guatemala
on the western border.
So with some ability and willingness
to adapt, you can enjoy
a lifestyle that is healthy and relatively inexpensive.
Health is of primary importance
in the consideration by an individual who intends to
relocate or retire to a foreign country. The cost of
a typical visit to a general practitioner is about
BZ$30.00 or US$15.00.
With the completion of the
new Karl
Heusner Memorial Hospital in
Belize City, with approximately 218 more beds and
a more modern treatment facility, better health care
is now available. Common prescription medicines are
inexpensive.
Stability is also an important factor
to consider. Belize presents itself has a democratically
elected government and very open criticism from the
opposition is an integral part of the political system.
