More Good News From Belize
In the 18 years since we first visited this country, we've joked perennially that "the good news from Belize is...no news from Belize." This is a sleepy Caribbean nation with but 300,000 people and three highways.
On the other hand, little Belize offers a whole lot of what many tourists, retirees, and investors are looking for: sandy beachfront, both along its mainland coast and encircling its offshore cays. Prices for a bit of sand on Ambergris, the most developed of Belize's islands, are through the stratosphere, and values along the mainland, especially south around Placencia and north at Corozal, are following suit.
Still, Belize, both its coast and its way of life, can be a great buy. We favor its interior Cayo region, which boasts Mayan ruins, caves, rivers, waterfalls, and rain forest.
For non-Americans, Belize offers the opportunity for tax-free living. Legal residency is easy to obtain through the country's Qualified Retired Persons (QRP) program. Foreign residents pay no tax in Belize on non-Belize income. Thus, be you British, German, Australian, or Irish, for example, you could become a QRP and reduce your overall tax burden to virtually nothing...
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Belize at a Glance
| Population | 294,385 (July 2007) |
| Gross Domestic Product (GDP) | $2.336 billion (2007) |
| GDP Per Capita | $7,800 (2007) |
| Inflation Rate | 2.8% (2007) |
| Currency | Belizean Dollar (BZD) |
| Exchange Rate Versus U.S. Dollar | Belizean dollars per 1 U.S. dollar (Mar 2008) |
| Languages | English (official), Belize Creole English, Spanish |
| Capital | Belmopan |
| Population of Capital City | 12,300 (2004) |
| Time Zone | GMT minus 6 |
| Seasons | Tropical; hot and humid;rainy season lasts from June to November |
| International Dialing Code | 501 |
| Electricity | 110/220 V / 60Hz; Plug Types: B, G |
| System of Government | Parliamentary Democracy |
| Name and Party Affiliation of Current Leader |
Dean Barrow United Democratic Party |
| Income Tax Rate for Residents | 15% to 45% |
| Property Tax | 2% to 9% |
| Capital Gains Tax | None |
| Inheritance Tax | None |
| Rental Income Tax | |
| Transfer Tax | 3% to 10% |
| Sales Tax | 9% |
| Restrictions on Foreign Ownership of Property |
None |
| Local Chamber of Commerce | www.belize.org/bcci/ 63 Regent St P.O. Box 291 Belize City Tel: 501-227-3148 |
| American Chamber of Commerce | www.amchambelize.org 5 1/2 Miles Western Highway Cucumber Beach Marina Belize City Tel: 501-222-4344 |
| Primary Exports | Sugar, bananas, citrus, clothing, fish, molasses, wood. |
| Residency and Visa Requirements | Tourist Visa: automatic 30 days upon entry, renewable for up to 6 months Residency: visa extended every 3 months for people living in remote areas away from the Immigration Office, potentialinvestors, and business people Citizenship: After 5 years of legal residency |
| Special Benefits for Foreign Residents or Retirees |
Qualified Retired Persons Incentive Act includes tax-free import of household goods, including vehicle, boat, or airplane; no Belize income tax |
| National Airline | None |
| Preferred Contact |
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