Panama and Belize both offer a relaxed Caribbean lifestyle with all the comforts of North American living, but Belize is preferred by many for its diverse terrain and distinct expat communities. So how do you know which one is right for you? Expats like the idea of English-speaking, safe, and secure locations where they can spend time and focus on their well-being.
Both countries are located along the coast and have modern cities with convenient amenities. For those who prefer a more laid-back, inland life, Belize is an option with the beachside villages of Placencia and Ambergris Caye and inland jungle regions of Corozal District and Toledo District.
There are a few things you need to consider before deciding which is the best place for you. First, you should decide what type of lifestyle you are looking for: do you want to be close to a beach, in the mountains, or near the border?
There are countless reasons why people decide to move to Central America. One of the most common is that they are getting priced out of their home country and need to find a place that can provide them with a better quality of life in retirement.
However, choosing the right place for you can be difficult because there are so many options.
1. Low Cost of Living
Belize may not be one of the cheapest Latin American countries, but living here doesn’t need to break the bank either. A few thousand dollars should easily support most expat lifestyles in Belize – medical costs in particular are low – doctor and dental visits cost only $10-20! In terms of savings elsewhere such as housing utilities groceries transportation; automobile costs tend to be far cheaper here as well; golf carts, bicycles, or motorized transportation vehicles can easily help get around town or the countryside! Many expats find their retirement checks, stocks or investment income stretch further here than back home.
A typical day in Belize might begin with a leisurely breakfast followed by an oceanfront stroll or an afternoon reading a book on the porch. Grocery shopping in Belize is generally affordable with fresh produce, dairy, and meat easily available at supermarkets as well as smaller family-owned markets offering great bargains; an average family of four could live comfortably on $1500 monthly (if dining out expenses and entertainment costs were reduced).
Although life in Belize may seem slower than what many are used to, its slower pace can often be refreshing after experiencing hectic work schedules and gridlocked cities in the First World. Living a simpler lifestyle has many advantages – not least being the chance to enjoy nature at its finest without crowds of tourists!
Cayo District offers an active lifestyle with its lush rainforests, rivers, and Mayan ruins; Corozal also provides great value near Mexico with low costs and exceptional infrastructure.
Selecting the ideal area will depend on individual preferences and budget. Most expats who plan to build homes recommend consulting a professional architect or engineer, which will help reduce errors that could cost thousands, ensure your construction meets hurricane-safe building codes, and help make sure it stands the test of time. It may also be wise to seek legal advice when buying land; legal complications can sometimes arise that you should know about prior to making any purchases; although in general there are no restrictions against owning property overseas for foreigners; working with an established real estate agent will ease this process considerably.
2. Low Taxes
Belize stands out among developed countries by not imposing capital gains taxes on real estate sales, making it attractive to expats looking to purchase property here and then sell at a profit later without incurring tax liability on either sale. Furthermore, there is no inheritance tax in place so your wealth can pass to your heirs without fear of incurring significant tax bills on each transfer.
Additionally, income taxes in Belize are significantly lower than in the US for both citizens and noncitizens alike. It is advised to seek advice from a tax specialist regarding how this will impact your individual situation. Furthermore, Belize does not impose an exit tax when selling businesses.
Belize provides not only an economical living cost but also affordable real estate options that range from modest bungalows to beachfront properties, making life in Belize comfortable without breaking the bank. Furthermore, property taxes tend to be much less than in the US making life in Belize ideal for anyone living on a tight budget.
Belize offers lower crime rates. While caution should always be exercised when living abroad, most expats have found Belize to be a safe environment for families and single travelers alike. Belize boasts strong police forces as well as an efficient justice system that works effectively to keep violent crimes under control.
Purchase of real estate in Belize can be an effortless experience, however, you should always employ the services of a reputable real estate agent and attorney. Scam artists frequently target foreigners living there so it is crucial that you be wary of their strategies while understanding your rights as a buyer. Furthermore, cash payment should always be preferred since banks do not typically lend to buyers buying from outsiders (foreigners).
Belize stands out among other Central American nations because of its low cost of living as well as its beautiful natural environments – its beaches, lush rainforests, and Mayan ruins are an adventurer’s dream destination! From idyllic retirement retreats to starting fresh with new chapters of life experiences – Belize has something special for all types of travelers.
3. Easy Access to North America
Belize is often preferred over Panama by expats due to its accessibility from North America; flights departing Dallas or Houston will have them arriving in Belize within four hours, making visiting friends and family easier; additionally, this makes returning home relatively painless if your lifestyle in Belize doesn’t quite suit.
Belize provides many of the same conveniences found in the US, such as high-speed internet and mobile phone service, along with its predominantly English-speaking population – which allows you to dine, shop, and ask directions without being interrupted in your conversation. However, be mindful that Belize’s culture operates under what’s known as “manana,” which translates as “tomorrow, maybe.” You must accept that things won’t happen instantly here and always have an emergency fund saved up in case anything unexpected comes up.
Ambergris Caye, with its tranquil lifestyle and abundant leisure activities, is one of the country’s most beloved beach communities, welcoming expats who wish to live the Caribbean dream. Other popular beach communities are Placencia and Hopkins.
Real estate prices in Belize are quite affordable when compared with other Central American countries, allowing beachfront property for as little as US$100,000. Building costs are also reasonable and capable hurricane-proof structures typically range between US$40 and 80 per square foot for construction costs – hiring an architect or engineer as a construction supervisor could save money over time.
Belize is an ideal location for digital nomads looking for work-from-home opportunities like content writing or graphic design, realtor, accountant, bookkeeper, or property management positions. But beware if opening a business: locals tend to protect their job market so almost all job openings will likely go to them first.
4. Friendly People
Belize is home to welcoming, friendly people who welcome visitors eager to share their culture, cuisine, and festivities. Each ethnic group in Belize – whether Mayans, Creoles, Kriols, Garifunas or Mestizos – boasts its own heritage that each village celebrates with colorful festivals throughout the year.
As well as offering a friendly, welcoming society, Belizeans are friendly and willing to assist with any problems that may arise. Their relaxed lifestyle places more value on quality of life rather than quantity of goods or services provided; though this may prove challenging for those used to a quicker-paced existence, living in Belize may prove rewarding in more ways than one.
One drawback of living in Belize is its limited supply of high-quality healthcare facilities; however, this issue has been addressed and improvements are ongoing. Local hospitals should suffice for most medical needs; for specialty treatment or medication, you will have to travel further afield such as Panama or Mexico. Another downside is the petty crime in Belize City itself which can be mitigated by following basic security rules and staying in safe areas.
Apart from these minor drawbacks, Belize is an incredible place to live. Not only is its tropical paradise setting attractive but so are its lifestyle and low costs of living – not forgetting being only an hour’s flight from family and friends back home.
If you’re considering moving to Belize, we suggest carefully considering all your options and researching each destination thoroughly. Each part of the country offers something unique; find one that meets your lifestyle, hobbies, and budget needs best by researching various online resources; we can also connect you with locals in Belize who can answer any queries that arise.
