How To Retire In Belize?

Everything You Need To Know To Retire In Belize

An English-Speaking Caribbean Paradise Less Than 3 Hours From The States

Belize is a safe, welcoming, unassuming little country where the population values personal privacy, self-determination, and freedom.

This country was once at the heart of the Maya Empire and has some of the oldest known Maya sites such as Cahel Pech. Belize was an important trading point for the empire and a major population center. The Mayan Empire eventually fell apart but its legacy remains, strewn into the living rock of their temples.

Belize is famous for its white-sand Caribbean beaches and clear, unpolluted waters. The best weather in Belize is between December and April, making it perfect for snowbirds.

Belizeans are known as a friendly and welcoming people. Since the official language is English, it’s easy for expats and retirees to thrive. Plus, it offers one of the best residency programs you can find.

All this and more makes Belize one of the top places for you to retire in Latin America.

Cost of Living

The key to maintaining a low cost of living is to get to know the local vendors, farmers, and suppliers. You could enjoy higher standards of living than many ‘First World’ residents I know. How? Purchase locally grown foods, for example, which are far superior to the more expensive processed foods imported from abroad.

Will you be happy with a local diet of beans and rice, or do you prefer American staples? Local grocery items, like flour, rice, and sugar, are inexpensive. So, too, are local fruits and vegetables at the outdoor markets.

About 220 Belize dollars should be enough for your weekly grocery bill. You can also find American products at grocery stores… but you should plan on spending 25% to 50% more on groceries if that’s your preference.

If you’re considering retiring in Belize, check out how the cost of living in Belize can be as low as US$853 a month here.

Real Estate In Belize

Belize is a small country that offers diverse lifestyle choices, so you have to start any conversation about buying real estate in Belize with the question: What are your objectives?

To retire in Belize means you can choose to settle by the beach or somewhere in a local town. You could even decide to buy a piece of land in the country and build your dream retirement home.

Just like anywhere else in the world, each purchase has its advantages and disadvantages. Consider things like, are you planning on living in Belize full-time or part-time and, if it’s the latter, would you like to rent it out during the months you’re not there.

How does one go about buying real estate in Belize?

We recommend you rent for a few months when visiting the country before making any final decisions.  This will give you time to get a feel for the neighborhood. If possible visit the area at different times of year to get the best understanding of the climate.

Find a real estate agent and view a few different places. Once you find properties you like, hire an attorney and get them to check that the properties have the proper titles, and that the sellers are in fact the owners. From that point onward, just work closely with your attorney to get the whole purchase process finalized.

If you are thinking about spending part of your retirement in Belize and the rest of the time back in the States (or Canada), consider renting out your property. Click here to see what you need to know about property management in Belize.

Taxes In Belize

Belize is not only known for its beautiful beaches, landscapes, and its friendly and welcoming people, it’s also commonly known as a tax haven for foreigners since it has a favorable regimen on its fiscal system for citizens and residents.

If you’re looking to retire in (or relocate to) Belize, know that foreign residents pay no tax in Belize on non-Belize income.

Belize´s tax system is based on indirect taxation through three main sources of income: trade related taxes, a tax on sales, and rates. Furthermore, it has direct taxation through the Income and Business Tax.

The entity in charge of coordinating the tax policy is the Ministry of Finances.

Belize´s local tax system is divided into two: state and local.

Income Taxation On Natural Persons

The basic legislation applicable to income tax is settled in the Income and Business Tax Act, and it’s supervised by the Income Tax Department.

The general income tax rate is 25%, plus a US$50 general deduction is applied to all taxpayers after the application of the rate. Those earning less than US$13,000 in income per year are exempt from paying the income tax.

Other Taxes And Fees

• Land Tax: It’s a 1% tax rate applied to the value of the land on unconditioned land. It is paid to the Department of Lands.
• Property Tax: The tax rate varies according to the municipality where it is applied. In the case of Belmopan, the rate is 2% of the property’s cadastral value while in Belize City the rate is 2.5%.
• Stamp Duty/Transfer Tax: It’s a 5% tax rate applied to transactions on property worth more than US$10,000.
• Excise Tax: Applicable to locally produced alcohol, beer, cigarettes, and soft drinks.
• Import Duty and Revenue Replacement Duty: Tax rates vary from 0% to 40%, with the common rate being 20%, depending on the products being imported. Products that are engaging RRD have a 5% to 40% tax rate.

Visa And Residency In Belize

Belize allows U.S. citizens to enter the country without a visa and remain there as a tourist for a maximum of 30 days per trip. If you wish to stay for longer than 30 days, you need to seek permission to remain in the country.

Belize’s Qualified Retired Persons (QRP) residency program isn’t, strictly speaking, for retirees only. The only requirements to qualify for Belize’s QRP program are that you or your spouse be 45 years of age or older, that you consider yourself to be retired, and that you show that you have a minimum monthly income of at least US$2,000 per month to support yourself in Belize.

This residency program’s incentives include a permanent exemption from any Belizean taxes including income tax, capital gains tax, estate tax, and import tax on household goods, automobiles, boats, and even airplanes.

Click here for more information on what the QRP Visa is and how to apply for it.

Health Care In Belize

Retiring in Belize, you’ll likely have some questions about the health care this country offers new residents.

The good news is that the health care system is relatively well-developed and robust. However, it is not equivalent to that of the United States or the European Union.

Health care is both public and private in Belize. The Ministry of Health oversees the health sector and provides the majority of health care services to the population of Belize. There are hospitals and clinics in every major city and town as well as many other population centers.

Some doctors operate private practices offering services for fees. The private health care industry is relatively small and only serves a niche portion of the population. This means these practices can focus more on quality of care and quality improvement. The private sector is still relatively inexpensive compared to private health care in many countries such as the States.

Handling your basic health care needs in Belize is quite easy thanks to the public system. Below are some things to consider when planning to retire to Belize.

1.    Take Advantage Of The Public System

Health care through the public system is available to everyone in Belize, both residents and visitors. This is typically sufficient to deal with routine health care and minor ailments. The treatments are relatively quick and inexpensive. Many Belizeans rely solely on this system for their health care.

2.    Consider Private Insurance

Many expats, retirees, and wealthier locals prefer to see specialists. While private health care is less expensive than in some other countries, the costs can add up, especially if you have a serious condition. In such cases, it is common to carry private medical insurance.

There are a few private insurers you can work with if you retire in Belize. You may also be able to use the same insurance you have in your home country. Talk to your current insurance provider to determine if that is an option. Be extra certain by talking to your country’s embassy in Belize. They will have all the information you need on international insurance.

3.    Find a Great Doctor

In Belize City, there are two very well-regarded practices: Belize Medical Associates and Belize Healthcare Partners. In other areas, simply ask for recommendations. Word of mouth is a great way to learn about good doctors in the area.

4.    Find a Pharmacy

Many pharmacies in Belize are well-stocked with common medicines and are easy to work with. Look for a convenient pharmacy near you, and consider asking neighbors for some recommendations.

As with most of the health care in Belize, it is easiest to find well-supplied pharmacies in major urban centers.

5.    Return Home For A Time

Many American retirees in Belize travel home for a few days each year to take advantage of their Medicare benefits.

6.    Have A Plan For Serious Emergencies––Evacuation Coverage

Although the health care Belizean hospitals provide is fairly good, the country’s infrastructure is not sufficiently capable of handling major emergencies. For example, there is no equivalent to a Level I trauma center in the country.

Many people with serious conditions fly to the States for health care. Because this can be expensive, consider evacuation coverage. This will help pay for an ambulance flight––which may cost US$15,000 or more. This is especially worthy of consideration if you have any major chronic conditions.

7.    Health Care For Chronic Health Problems In Belize

People who have serious health problems should hesitate before retiring to Belize. While the country is equipped to handle routine health needs, it is not prepared for more complex diseases that require continued care.

Some retirees move to Belize but return to their home countries for periodic care. Others can find sufficient facilities in Belize.

Here are some health problems for which you may find decent care for basic cases but will have more difficulty finding appropriate care for more severe cases:

• Arthritis
• Heart Disease
• Cancer
• Respiratory Disease
• Alzheimer’s
• Diabetes
• Osteoporosis

Go here to read about  a retirees health care experience in Belize.

Move To Belize

As with any country, we recommend getting your boots on the ground first and exploring all areas of Belize until you find the one that best suits your lifestyle. Once you have found the place that you would like to call home, a move to Belize can be straightforward.

Whether you enjoy the Caribbean coast, island life, or the tranquil trails of the old Mayan empire, Belize has something to offer you.

Among the many benefits of retiring in Belize is the opportunity for self-sufficient living. There are a few different housing developments which offer self-sustaining options complete with land, housing, and even a “farm in a box” where you can grow a garden and orchard to provide yourself with food.

Shipping your household goods is a definite consideration when preparing for a move to Belize. We recommend locating a trusted and reliable shipping agent that has experience in Belize. It is often easier to find a Belizean company that works with an American company, as dealing with the Belize customs and import officials is likely to be the biggest hurdle. Finding a reliable customs broker in Belize can be very beneficial and they can help with expediting a release from customs. A good customs broker will also meet your shipment when it arrives in Belize, fill out all of the necessary paperwork, and see that your property is forwarded to the proper location.

When making the move to Belize one thing that you must consider is what to take with you and what to purchase in your newly adopted home country. You will need to decide for yourself what you are willing to part with and what you need to keep.

Some items to consider bringing with you:

• Quality linens (towels, bedspreads, sheets);
• Mattresses (high quality mattresses can be expensive in Belize);
• Dishes, pots, pans, silverware;
• Small appliances and power tools;
• Small gadgets and electronics;
• Books, craft materials;
• Guilty pleasures (some things just aren’t available in Belize).

F.A.Q. About Retiring In Belize