How to Live Or Retire in Style In Belize

Belize.com reviews in detail the options available for retirement and living in Belize, and yes, eventually acquiring full citizenship in thie beautiful tropical paradise and tax haven. Article researched by Belize.com contributer Lan Sluder of BelizeFirst Magazine.

Introducton

There are three options for those wishing to retire in Belize or to spend extended periods of time in the country. Each has advantages and disadvantages. The three options include Tourist Card, Qualified Retired Persons Status, and Permanent Residence that can lead to Belize Citizenship. A Work Permit is a little-known fourth option that can also lead to Permanent Residence but this is usually for individuals with special skills not available locally, or for low-paying jobs that locals tend to shun, such as manual work, farm worker, housekeepers, waitresses and so on.

Below, living it up in the countryside in Western Belize. Photo by Manolo Romero.

Belize Residency and Retirement Options

TOURIST CARD. This is the easiest, cheapest way to live in the country for a while, and it requires no long-term commitment. On entry, you get a free visitor permit good for up to 30 days. This permit can be renewed for up to three months at US$25 a month, and then for up to nine more months at US$50 a month. If you’re staying in Belize for more than three months, you are supposed to have an AIDS test (performed in Belize) though this rule is not always enforced.

To renew your tourist card, you’ll need to visit a government immigration office in Belize City or Belmopan, or a police station in district towns. You are supposed to show that you have sufficient resources to maintain yourself in Belize, at least US$60 a day, but this requirement is rarely enforced as long as you look respectable. If you fail to renew your permit in a timely way, or if you overstay your allotted time, technically you are in violation of Belize law and can be deported. As a practical matter, if you can offer a good reason why you failed to follow the law, you’ll probably be let off with a short lecture from the immigration official, and perhaps a fine.

QUALIFIED RETIRED PERSON STATUS. The Qualified Retired Persons Incentive Act passed by the Belize legislature in 1999 and implement in 2000, is being implemented by the Belize Tourist Board. The program is designed to attract more retirees to Belize. However, only about 200 participants have so far been approved for the program. Interest in the program appears to be fairly high, but because of the income requirement, inability to work for pay in Belize and other factors, the actual number of retirees under the program in Belize is as yet relatively small.

For those who can show the required monthly income from investments or pensions, this program offers benefits of official residency and tax-free entry of the retiree’s household goods and a car, boat and even an airplane. This program also eliminates some of the bureaucratic delays built into other programs. The BTB guarantees action on an application in no more than three months, but we have heard of qualified retirees getting approval for this program in only a few weeks.

Who qualifies? Anyone at least 45 years old from anywhere in the world 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 18. However, it can include children under the age of 23 if enrolled in a university.

Benefits: Besides fairly prompt approval of residency for qualifying applicants, import duties and fees for household goods and a vehicle, airplane and boat are waived. Duty-free import of personal household effects: Qualified Retired Persons under the program can qualify for duty and tax exemptions on new and used personal and household effects admitted as such by the Belize Tourism Board. A list of all items with corresponding values that will be imported must be submitted with the application. A one-year period is granted for the importation of personal and household effects. Duty-free import of a vehicle, aircraft and boat:

Income requirement: To be designated a Qualified Retired Person under the program, the applicant must have a monthly income of at least US$2,000. A couple does not need to show US$4,000 a month – just US$2,000, as the applicant is normally an individual and the applicant’s spouse is a dependent under the program. The income rules for Qualified Retired Persons are, like many things in Belize, a little confusing. On first reading, it looks like the income must derive from a pension or annuity that has been generated outside of Belize. The rules do not specifically say so, but according to Belize Tourist Board officials U.S. Social Security income can be included as part of this pension requirement. This pension and annuity information then has to be substantiated by a Certified Public Accountant, along with two bank references from the company providing the pension or annuity.

These substantiations may not be required if your pension and/or annuity is from a Fortune 500 company. That indeed is one way to show that you have the necessary income. However, there is another way. You can demonstrate that you have the necessary income by providing documentation that you have deposited the money in a Belize bank. Several retirees have told me that they were able to include other forms of income, including investment income, in the US$2,000 figure. In this latter case, the US$2,000 a month income (US$24,000 a year) can be substantiated by showing records from a bank or other financial institution in Belize that the retiree has deposited the necessary money. As a practical matter, some retirees say that they have not been asked to provide documentation, at least not yet. Background check: All applications are subject to a background check by the Ministry of National Security.

Below: Belizean women and tourists competing in the annual Ruta Maya River Challenge.

Permanent Residency in Belize

OFFICIAL PERMANENT RESIDENT: Requirements and benefits are similar to those of the Retired Persons Incentive Act. The application process and supporting documents needed are virtually the same as for retired residency. Here are the main differences: As a regular permanent resident, you do not have to deposit any particular sum in a bank in Belize. However, you do have to show financial resources sufficient to obtain residency status. You can work for pay in Belize. You must live in Belize for one full year before you can apply for regular permanent residency. During this period, you cannot leave the country for more than 14 consecutive days. It is more expensive to apply for regular permanent residency than for retired permanent residency.

Application fees vary according to your country of origin, ranging from US$125 (citizens of Mexico and Guatemala) to US$2,000. Citizens of the U.S. pay US$1,000, and most Commonwealth country residents also pay US$1,000. CARICOM citizens pay US$250. Once residency is granted, you pay a fee of US$62.50 for a residency card. Note that these fees are per-person, not per- application, as is the case for the Qualified Retired Persons program. For example, a married couple applying for permanent residency would pay US$1,250 with the application and US$125 for residency cards after approval.