 Retirement Incentives Update
Belize's new retirement act is open for business
Now that Belize's Retired Persons
(Incentives) Program has been fine tuned and implemented, it's time for an update on the benefits of the program, and an
overview of the requirements for qualification.
Incentives
This program has been designed to attract foreign retirees (and dependents),
with their capital, to become permanent visitors of Belize, as "Qualified
Retired Persons" (QRP). As a peaceful, English-speaking nation, Belize
has much to offer, including a lovely year-round climate, easy access to
land for construction of retirement homes, a stable currency, abundant natural
resources, and, last but not least, friendly people. The principal incentives
the program offers QRPs are importation of household and personal effects,
and an approved means of transport, such as a motor vehicle, boat, or light
aircraft, free from import duties and taxes. The maximum exemption on household
and personal effects is US$15,000 in tax/duty; the means of transport is
permitted in addition to this. QRPs are also exempt from all taxes and levies
on income generated outside of Belize, whether from work performed, or from
investments.
General requirements
Applicants must be at least 45 years of age, and
a citizen of Canada, the United States, the United Kingdom, or Belize. Belizeans
qualify only if they are permanent residents of one of these other countries
and enter Belize under this status. All individuals must certify that either:
a) they are the recipient of a pension or annuity of a minimum of US$1000
(one thousand US dollars), per month; or b) if revenues are generated by
investments, they have deposited a minimum of US$2000 (two thousand US dollars)
per month or US$24,000 per year into an accredited financial institution
in Belize. Because the program is designed to accept US Dollars only, all
such deposits must be made in this currency. QRPs must sign a written agreement
to deposit these funds regularly. An authentic Police Record from your last
place of residency, and a Medical Certificate (including an AIDS test),
must accompany your application. Applicants are also subject to a background
check. If, at any time, a QRP wishes to leave the program and relinquish
their status, all assets imported under the program must be liquidated in
accordance with program guidelines.
Costs involved
a. A non-refundable application fee in the sum
of US$100.00 payable to the Belize Tourism Board must be submitted with
the application.
b. A program fee in the sum of US$500.00 payable to the Belize Tourism
Board must be submitted upon acceptance into the program.
c. On first entering the country, a fee of US$100 must be paid to
the Immigration Department to entitle the applicant to receive QRP status
d. A BZ$10 stamp (or equivalent) must be attached to each application
submitted for processing.
Although it is not required, applicants may solicit the
services of a local attorney or accountant in completing the application
process.
On the Web...
A Belize Retirement website is now up and running,
complete with all the details on qualifications, a downloadable application
form, and other documents necessary to apply to the program: http://www.belizeretirement.org.
You may also phone for more information: 1-800-624-0686 (USA and Canada);
or 501-2-31913 in Belize. |
Volume 6, Number 1