If you are contemplating to retire in Belize, here are a few things you should keep in mind. Belize boasts competitive living costs, ideal weather conditions, not to mention stunning beaches.
To qualify for a Belize retirement visa, applicants must be at least 45 years old and provide evidence of income. Furthermore, you must satisfy several additional criteria.
1. Retire on Social Security
Retiring in Belize offers many advantages to American retirees, from tropical beaches and beautiful weather to its laidback way of life and lax residency laws. But one factor that stands out for many American expats is the affordable cost of living in Belize – according to Numbeo, which compiles data on global living costs, the monthly expense for retirees in Belize is 31% lower than in the U.S. This figure covers housing, food and transportation expenses.
Belize’s low taxes help further lower the cost of living. Homeowners pay only a fraction of property taxes they would in the United States, and it boasts one of the lowest sales tax rates worldwide – helping retirees keep more income than expected from retirement benefits.
As an added perk, Belize also provides expats with savings in utilities and vehicle costs, thanks to affordable electricity and natural gas rates as well as no import duties on vehicles imported into the country. Many expats opt to live in urban areas and drive bicycles or golf carts instead of cars – saving both costs as well as carbon emissions!
Retirees who move to Belize can also save money by taking advantage of its free public healthcare system, which offers clinics and hospitals for the local population. Most expats, however, purchase medical evacuation insurance policies in case a serious health crisis arises that requires returning back home immediately.
At this stage, it’s important to remember that Belize is still developing and may not yet offer comparable infrastructure and medical resources as those found in developed nations like the US. But its government is working toward changing this situation, offering various incentives designed to entice more retirees. Recently announced that their Qualified Retired Person Program (QRP) will soon offer more benefits comparable to similar offerings available in Costa Rica and Panama.
2. Move to Belize on a Work Permit
Numbeo states that Belize offers an affordable lifestyle at 31% less than in the U.S. However, your costs will depend on individual needs and lifestyle preferences.
If you are a native English speaker, Belize may grant you a work permit to teach the language to local students or find work with NGOs or private companies. Another possibility would be starting your own business here; however, be mindful that Belize remains a developing nation and infrastructure may be limited; for instance water and power outages occur frequently, so backup cisterns/solar systems and generators might also need to be installed to keep going during power outages.
For permanent residency in Belize, to qualify you must possess an income source that amounts to at least $24,000 annually – for instance a pension, annuity, social security from your home country, personal savings, reverse mortgage proceeds or inheritance are all suitable sources. Furthermore, you will have to pass a security clearance check and have both legal residency in the US as well as an active passport.
Expats who opt for this route do not need to work in Belize and can also avoid capital gains and inheritance taxes, bring spouse and children with them, as well as import their personal belongings tax-free.
If you are planning on moving to Belize, it is wise to seek help from a local expediter to navigate its bureaucracy. These individuals may include attorneys-at-law, retired immigration officers or Justices of the Peace with experience helping foreign nationals relocate. These experts can provide guidance for the various processes required as well as assist with finding suitable properties at reasonable rates.
3. Retire in Belize on a Retirement Visa
Belize is an ideal retirement destination, boasting affordable living, tropical weather and vibrant culture. English is spoken as its official language making adaptation easier for expats living there as they adjust and live comfortably in this warm Caribbean nation. Belize also boasts lower costs of living compared to America, saving retirees money on housing and food expenses.
The QRP visa allows qualified individuals to reside permanently in Belize. In order to be eligible, applicants must be at least 45 years old with an income of at least $2000 monthly and deposit their funds into a bank account located in Belize as well as meet other requirements.
To qualify for the QRP, a valid passport from outside Belize and its neighboring countries is necessary, along with an HIV test report from within three months and physical exam report conducted within three months from now. Furthermore, opening a bank account in Belize with a minimum deposit varying depending on your income level is also a requirement; you will then attend a residency workshop where your proficiency in English must be proven.
After you have successfully completed these steps, you will be granted permanent resident status in Belize. However, to retain it for one year without leaving for more than 14 days and eventually file for citizenship after five years.
While moving abroad for retirement may seem intimidating, it can actually be simpler than you expect. There are plenty of resources online and retirees living there who can provide insight and answer any of your queries about moving there.
Though the cost of living in Belize is considerably less than in the United States, you should still prepare to spend money on housing and groceries. Furthermore, having an emergency fund and medical evacuation insurance in case something unexpected comes up is wise as well as considering purchasing one before arriving in Belize.
4. Invest in Belize
Belize real estate provides investors with an ideal investment opportunity, offering low taxes, secure property ownership rights and a thriving vacation rental market. Before investing, however, several important considerations must be addressed. You should first determine your investment style – some investors seek capital appreciation (appreciation in value), while others focus more on income generation through rental revenue generation. You also must determine how much money is willing to be put towards purchasing Belize real estate investments.
Once you’ve determined the kind of investor you are, the next step should be researching properties in Belize. There are various approaches you can take here. For instance:
Finding a realtor in Belize who specializes in working with foreign buyers can make the process of purchasing real estate much simpler, providing someone to guide you through each step. Or you could explore online listings and visit Belizean real estate websites yourself to search for properties yourself.
An effective way to find properties in Belize is through speaking to locals. Ask friends and neighbors for recommendations or visit online real estate forums dedicated to Belize real estate. Once you’ve identified several potential properties, conduct thorough research before making any definitive decisions.
Before purchasing property in Belize, make sure that you understand its laws and regulations regarding real estate purchases. Doing so will help avoid any unpleasant legal surprises later. Also make sure that the area offers sufficient infrastructure, such as schools or hospitals nearby.
If you are considering retiring in Belize, be mindful of its living costs. Belize offers more affordable options than many North American nations and has numerous tax exemptions specifically tailored for expats.
Apply for permanent residency through the Qualified Retired Person Program (QRP). This allows you to live and work in Belize while needing only to provide proof that your bank deposits total at least $24,000 annually.
