Live and Invest Overseas Budget for Cayo, Belize

Cayo, Belize

Cayo is the largest of Belize's six districts and has quietly become the harbinger of this tiny country. From natural to manmade, the region is rich in resources. Cayo has more protected land than any other district; it is the top eco-tourism destination in the country; boasts the largest underground cave system in the western hemisphere; and, of course, its landscape is dominated by rivers and mountains.

Belize is generally considered one of the best values in the Caribbean, but expensive by Central American standards. Like anywhere, the cost of living is highly dependent upon your lifestyle. But the more time you spend here, the less expensive it can be. All too many expats fall into the trap of living overseas as if they are on vacation—living in a lavish resort-type setting and buying imported wine, food, and other products. After the first few months in their new home, they have blown their budget and never get settled in.

The key to maintaining a low cost of living is getting to know the local vendors, farmers, and suppliers. I have several Belizean friends with higher standards of living than many "First World" residents. They purchase locally grown foods, which are far superior to the more expensive processed foods imported from abroad. They have more quality time with their family and friends because they can afford maids, cooks, and gardeners. They build their houses using readily available local materials and talent. If they need something that isn't on hand, they go to the Mennonites in Spanish Lookout who can fabricate just about anything for far less the cost of importing it. In Cayo you can enjoy a very fulfilling life for US$1,000 per month, if you buy locally and use the local resources.

Cayo Monthly Budget

House Rental

House Ownership

Car Ownership

By Phil Hahn

Local Cost of Living on Ambergris Caye

Ambergris Caye is the most popular and well known part of Belize. Although part of Belize, this is a colorful Caribbean island, in look and feel. So it is not surprising that the cost of living on Ambergris Caye is not cheap - by Belizean standards. But those of us who live here are happy to pay a bit higher price than what we would pay to live on the mainland… It is, after all, an island paradise surrounded by the stunning Caribbean Sea. Every day we relish the sight of the waves breaking off shore on the world's second largest barrier reef. And there is a wonderful, active community on this island.

A major cost here is that associated with either buying or renting a home or condominium. So that is the first thing to evaluate. Property values on the island are pricey due to the value of land near the Caribbean Sea and barrier reef. But when compared to other Caribbean islands, the costs of properties on this island are quite reasonable. And Ambergris Caye is easy to get to. For the person who is willing to buy an older condo, you can find a fairly nice one for under US$200,000. And if you are willing to rent off-beach, there are nice places available for under US$750/month or less. The great deals get snapped up quickly. Word of mouth is the best way to find an exceptional deal.

Your cost of living on this island and in Belize in general, will depend on the lifestyle you choose, and how well you adapt. There is a real cost associated with shipping goods from the mainland to the island. The cost of living here, in general, is higher due to tourism and the fact that there are more tourists and expats here than in other parts of the country. But there are many ways to cut the cost of daily living, if you pay attention and are a careful shopper.

You'll find that some items are much less expensive than in North America. For instance, you can design your own furniture and have it made from lovely Belizean hardwoods, such as mahogany, cabbage wood or poisonwood. It will cost about the same as a factory purchased furniture in the USA or Canada. But you will have a handmade product built to your specifications. You can also get by with a bike if you live near San Pedro Town. If you live further out, a golf cart will suffice. Even though golf carts aren't cheap, the cost of fuel and insurance are negligible compared to what you'll spend on the mainland or in North America. (Expats cannot bring a car onto the island unless they have a business that requires it.)

Expect to spend US$8000 on a newer, solid golf cart. But the insurance and fuel will amount to less than US$500/year, unless you live far from town (more than 4 miles). We spend less than US$500/year in maintenance and expect to keep our golf cart for at least five years. (Keep in mind that once out of town the roads are not paved, so wear and tear on a golf cart increases.)

On the other hand, you can spend quite a bit at nice restaurants, bar hopping, travel, and imported foods. There are certain foods here that are very reasonably priced. We have made beans one of our staples. They are cheap and wholesome. And we purchase fresh fish at the dock for US$3.50/lb. But imported, boxed cereal is about US$7/box! Many expats regularly eat street food, which is good. Recently I bought a good size, tasty chicken taco from a street vendor for US$2.
Liquors and wine prices vary significantly. A bottle of local beer or rum is very reasonable. But if you are craving a good gin and tonic, you could spend US$45 for a decent bottle of Tanqueray gin… Same deal for Jose Cuervo tequila. I wait until my next boat trip to Chetumal, where I can buy the same bottle of Tequila for less than US$20. I only buy gin when returning through Belize's duty free store at the International Airport. A bottle of Beefeaters or Tanqueray gin sells for about US$20 there.

My husband and I eat out several times a week and visit Wine de Vine to socialize on Friday nights. We splurge on nice wines, typically running US$20-25+/bottle. But we also eat a lot more beans than we ever did in the USA. They are wholesome, cheap and readily available. Beans have become one of our main staples! We also eat a lot of seafood and chicken, but seldom eat beef. We get along fine with only one golf cart, vs. the two cars we had in the USA. That really cut our transportation and insurance costs.

Medical care here is very affordable. A visit to the doctor will run from US$20-30 per visit. It depends which doctor you visit. Most prescriptions are sold over the counter and are reasonable. (I head to Belize City every six months and stock up on my meds at Brodies. It is less expansive there than on the island.) It's possible to get a full battery of medical tests for between US$200-300 at Belize Medical Associates, in Belize City. That is where many expats have their yearly annual blood, and other work, done. My husband and I have BUPA insurance. But we have yet to exceed our deductible. And dental care is very reasonable, and the quality is good. You'll find good dentists on the island.

My husband and I average about US$3,000/month here on the island. But we don't have a rent or house payment, or homeowner's dues to contend with. That doesn't include our vacations outside of Belize and nearby Mexico. But we live a very comfortable lifestyle and spend much less than when we lived in the San Francisco Bay area, a few years ago. For the two example budgets I've provided, one couple lives on US$2,565/month. The single woman is living on US$1,374/month. Assume the yearly cost of a golf cart will be around US$1,000.

In terms of real estate, I recently saw an ad for an older off beach condo on offer for US$100,000. It was a studio unit located in a good neighborhood, about 2 miles south of the downtown area. But if you are looking for a swanky house or condo on the beach, north of the bridge, you could easily spend US$800,000 and up. There are plenty of older one- or two-bedroom condos available for US$200-400,000. The newer ones, on the beach, typically start at US$350,000-US$500,000 these days and go up from there. But the new off beach development's condo prices at Grand Baymen start around US$100,000 and go up to US$374,000 for a two- or three-bedroom condo. You will still find a few good deals for older condos on the beach for as low as US$150,000 for a one-bedroom/one-bath apartment. There are no longer many of these, though. And typically they need a major facelift.

In comparison, Placencia's cost of living is very similar to that of Ambergris Caye. It is also a popular tourist area, with fantastic beaches. But you'll need a car if you live there, or on most other areas on the mainland. On the other hand, you could live in Corozal or San Ignacio for less than US$2,000/month for a couple.
To become a Qualified Retirement Person, you are required to demonstrate that you can move US$24,000/year into Belize. This is for you, your spouse, and any dependents that move with you. So apparently the Belizean government assumes a North American can live comfortably for this amount in most areas of Belize.

There are two sample budgets included. One is for a couple who is renting a condo on the beach. The second budget is for a single person who owns an older condo at Royal Palms. She has no mortgage, so only has homeowners to pay monthly homeowners. Both examples are for people who live comfortably, but not extravagantly.

Apartment or house rental - For a couple renting a condo on older beach resort

Apartment or house ownership - Single person in beach condo

Owning a golf cart