Retirement Plan In Belize
Belize Retired Person Program
“Rest is not idleness, and to lie sometimes on the grass under trees on a summer’s day, listening to the murmur of the water, or watching the clouds float across the sky, is by no means a waste of time.”
|We all dream of leading our retired lives in some exotic place. Belize is that dream manifest: beautiful beaches, forests teeming with wildlife, lovely hills, a vivid history (visit the Mayan ruins), diving and fishing opportunities galore, the longest barrier reef north of the equator, a sub-tropical climate, low cost of living – Belize is a paradise. It’s not just the natural environment that makes Belize so alluring – the people of Belize are hospitable, friendly and peace-loving. Retirees have access to tax benefits and high quality goods and services.
The Belize government has created a retirement program especially for those who wish to live in Belize and can prove a permanent and consistent income from investment (abroad or within Belize),
pension or other retirement benefits. In order to qualify the applicant must be forty five years or older – dependants can also be included.Dependents include spouses and their children under the age of eighteen. However, it can include a person under the age of twenty-three if enrolled in a university.
After being designated a qualified retired person you shall be entitled to import all personal effects and an approved means of transportation free of all import duties and taxes. The designated retiree is exempt from the payment of all taxes and duties on all income or receipts which accrue from sources outside of Belize, whether that income is generated from work performed or investment income.
Each application for the Retirement Program will be processed by the Belize Tourism Board and forwarded to the Immigration Department. Persons interested in the program must submit completed applications to the Belize Tourism Board with the following supporting documentation:
Birth Certificate Record: A copy of a certificate for the applicant and each dependant. Authentic Police Record: An authentic police record from the applicants last place of residency issued within one month prior to this application.
Passport: Color copies of complete passport (including all blank pages) of applicant and all dependents that have been certified by a Notary Public. The copies must have the passport number, name of principal, number of pages and the seal or stamp of the Notary Public.
Proof of Income: An official statement from a bank or financial institution certifying that the applicant is the recipient of a pension or annuity of a minimum of Two Thousand United States Dollars (US $ 2 000) per month.
Medical Examiniation: Applicants should undergo a complete medical examination including an AIDS test. A copy of the medical certificate must be attached to the application. Photos: Four front and four-side passport size photographs that have been taken recently of applicant and dependents.
OFFENSES AND PENALTIES
Any person who knowingly makes any false declaration or entry in order to qualify for or renew any exemption or privilege granted under the Retired Persons Act, 1999 commits an offence and shall be liable on summary conviction to a fine not exceeding one thousand dollars.
|Minimum Pension required per month||$2000 USD, not required to be spent in Belize.|
|Legal expenses to get this benefit||$1,350 for one person + $750 per dependent|
|Min Age requirement||45 for both men & women|
|Income Tax Benefit||No income tax on foreign source income. No capital gains tax|
|Duty free Import law||Can import items for own use duty free for 1st year of stay(No limit mentioned) Can import duty free car, light aircraft less than 17,000 kg & also boat for personal use.|
|Other conditions||Suggested stay 1 month in Belize in a calendar year to keep your status.|
So let’s say “I want to retire in belize”