March 29, 2010
Belize City, Belize
PLUS:
- "What's My Currency Risk In Panama?"...
- International Female Finding Service...
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Only 4 VIP Spots Remain!
It's time to come see for yourself what all the fuss is about down here in sunny Belize. We want to do everything we can to motivate you to make the trip.
So here's what's on the table for the first 25 readers who register for our Live and Invest in Belize Conference scheduled for June 21-23, 2010:
- VIP Transfer from the airport to your hotel (on us)...
- VIP Luncheon on the final day of the seminar featuring a special Belize Expat Panel Discussion (again, with our compliments)...
- Two Nights Free Stay at a Resort...spend two nights free savoring the Caribbean beach life on Ambergris Caye...two nights free exploring the Mayan history and peaceful way of life in Corozal...or two nights free discovering the Cayo, with its rain forest, jungle, rivers, and mountains.
What are you waiting for? Here in Belize, the sun is shining, and the future is bright. You owe it to yourself to come see for yourself.
As of this writing,
only 4 VIP spots remain available.
Read more about the event we have planned in June here.
Or contact our Events Director Sofia Hogan now to get your name on the First 25 Registered Attendees List:
SHogan@LiveandInvestOverseas.com. You can also reach Sofia by phone, toll-free from the States: 1-888-627-8834.
On behalf of our entire Belize Team, we can't wait to hear from you and to welcome you to Belize this June!
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Dear Live and Invest Overseas Reader,
"Rumors have been circulated that the QRP program is to be discontinued," began our host. "That's not the case at all. The truth is, there's a good chance the program will be expanded."
Belize's decade-old Qualified Residency Program (QRP) is perhaps the most user-friendly residency option in the world right now. Show the Belize government that you can support yourself in the country, and the Belizeans will roll out the welcome mat for you. As a QRP, you receive the Belize equivalent of a U.S. Green Card. At the same time, you are exempt from import tax on household goods, your automobile, your boat, even your airplane (should you have one!), when you bring them into the country.
Specifically, to qualify, you or your spouse must be 45 years of age or older, and you must show that you can meet the minimum income requirement of US$2,000 per month. Pension income can be shown to fulfill this financial requirement, or you can simply deposit a minimum of US$24,000 at the start of each year of residency into a Belize bank account.
The other requirement for QRP residency is that you "consider yourself to be retired." Like everything in Belize, this stipulation is open to interpretation. Bottom line, to date, it has meant that you can't apply for a work visa. This is not to say that QRP residents can't do international or Internet business, and many do. Belize offers a world of opportunity for the would-be entrepreneur. (We'll explore specific current business opportunities during our
Live & Invest in Belize Conference in Belize City in June.
Details here.)
"The talk now, though," continued the retired and very well-connected British Army logistics officer who had invited for drinks in Belize City yesterday afternoon, "is of expanding the program to allow some QRP residents to work.
"The government is very committed to this program and recognizes the flow of both capital and developed world expertise it brings to the country. That's why they're considering an option that would allow QRP residents with particular skills to obtain work permits."
Furthermore, you don't have to live full-time in Belize to enjoy the benefits of being a QRP. Originally, the physical presence requirement for the QRP was two weeks. This has been increased to four. But, again, remember, this is Belize. Everyone in the country we spoke with last week, when pressed on this particular, responded to say, "Ah, well, the truth is, no one is going to check. Two weeks...four weeks...no one is really keeping track."
"What they will track," offered friend Ann Kuffner, herself a QRP resident in Belize for two years, "is your income. As long as you're bringing the US$2,000 into the country each month (or the US$24,000 each year), you're fine."
For Americans, the situation can be complicated. As a QRP, you're exempt from any tax burden in Belize, but, if you're spending more than 35 days physically present in the United States each year, you're still liable for an annual tax payment to Uncle Sam. You don't have to be physically resident in Belize to qualify for the QRP tax benefits...but you've got to be somewhere. And you can't claim the Foreign Earned Income Exclusion (thereby
exempting yourself from tax on your first US$91,500 of income each year) if that somewhere is within U.S. borders.
Intrepid Correspondent Paul Terhorst isn't physically present in any country long enough to have to worry about the tax implications. His perpetual retiree lifestyle has a great deal to recommend it. Spend a few months a year in Belize...a few months a year in Argentina...a few months in Thailand...a few months a year in France...etc. If you're an American, return home to the States for a couple of weeks here, a couple of weeks there, to visit family, but don't stick around long enough for the IRS to claim a share of your income.
Belize is flexible in all things, including foreign residency, happy for you to come and go largely as you like (as long as US$2,000 is landing in your Belize bank account each month). I have to say, though, that, having spent the past week rediscovering life in this country, I can think of far less appealing places to spend time, certainly far less appealing places to live tax-free.
Kathleen Peddicord
P.S. If you've been reading my dispatches from the road while I was traveling in Belize last week, you've figured this out already: Belize is low-key. This is a country of fiercely independent, private, and self-sufficient souls who'll do anything for you...except give you a hard time. No one in Belize is going to hassle you, because they don't want to be hassled.
Specifically, for example, as I've explained, they don't want to make your experience as a foreign resident complicated. This is evidenced by the fact that the QRP residency program is administered not by the Ministry of Immigration, but by the Ministry of Tourism. We're inviting the Minister of Tourism, therefore, to join us in Belize City in June to detail the program for you in full. Belize legal experts will be on hand, as well, to walk you through how you qualify, how you process the paperwork, and how you claim the benefits.
Full details of our Live & Invest in Belize Conference program are here.
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Love to Travel? Love to Eat? Love to Play with Your Dog?
Whatever you love, you can turn photos of it into cash (in your spare time)--and get paid to do something you'd gladly do for free.
Listen in on a special call on April 1, 2010 as three professional photographers talk about how they do it... and how you can get started, too... no experience necessary.
Get The Details Here
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"One thing that concerns me is, if/when the U.S. dollar collapses, what will the effect be on the Panamanian dollar (balboa), since it is tied to the U.S. dollar?"
-- Judith C., United States
There is no such thing as a Panamanian dollar. Balboa coins exist, but, again, there’s no paper Panamanian currency. Panama's currency is not tied to the U.S. dollar. Panama uses the U.S. dollar as its currency. There is zero exchange risk.
"Kathleen, myself and a buddy from San Antonio, Texas, are interested in the possibilities in Panama or Costa Rica. I'm wondering if you know of any sort of introduction service in either country for finding a female for a permanent relationship?
-- Barry H., United States
I don't know of any formal service (we could speak of informal ones off-line, perhaps over an Abuelo rum and Coke when you come visit Panama).
However, I'm pleased to be able to report that our new website, long in the works and nearly ready for unveiling, will feature a private section where members will be able to connect with each other...as friends, travel companions, business or investment partners, and more.
Our IT team is working around the clock as we count down to the launch. Watch this space for details, coming soon!
