| IBCs can be
used for financial management, investment holding, ship or property ownership,
shared ownership of other companies, leasing of assets, copyrighting and
licensing, and general commercial trade.
There are,
however, significant restrictions on IBCs. They’re not allowed to do business
with Belizean residents, own real estate in Belize, engage in a banking
or insurance business in Belize or act as an agent for another Belizean
IBC.
Belize’s IBC
laws are among the easiest in the world to use, and incorporation fees
are low. For an IBC with authorized capital of $50,000 or less, the incorporation
fee is usually $700, plus registered office/agent fees of $300 a year.
Fees typically include the arrangement of the incorporation of the company,
the certificate of incorporation and preparation of the minutes of the
first meeting of the director(s). To register an IBC, a memorandum and
articles of association must be submitted to the Registrar via a registered
agent. Contact information for registered agents can be obtained by viewing
the list of agents at www.ibcbelize.com.
Corozal
Just under
90 miles north of Belize City, easily accessed by the Northern Highway,
is the Corozal District, an adventurer’s paradise with rainforests, coastal
lagoons, and miles of untouched beaches. Peaceful and pristine, the Corozal
District beckons swimmers and divers to its crystal waters, sunbathers
to its shores, and hikers and homesteaders to its tracts of tropical wilderness.
The soft, white
sand and unsullied beaches of the Corozal District shoreline appeal to
a certain type of pioneer. The turquoise waters of the conjoining Corozal
and Chetumal bays provide a perfect setting for snorkeling, scuba diving,
swimming, and sunbathing. Out in the flats, sports fishermen need only
cast a line to catch their fill of ladyfish, permit, bonefish, and barracuda...while,
out on the nearby reefs, kingfish, grouper, snapper, and jack crevalle
make the twin bays a sportsman’s dream
Cost of
living
Belize is
not the most affordable place to settle in Central America. You’ll likely
find prices for some items to be more than what you’re used to paying in
the United States…but then discover that many services actually cost less.
Also, your cost of living will depend largely on where and how you choose
to live.
If you settle
on Ambergris Caye, the island that attracts the vast majority of Belize’s
tourists (and investors) for example, you’ll likely find living a bit more
expensive than back home in the States. Being an island, everything is
imported so you’ll pay extra for that transport cost. On the other hand,
if you decide to live in the north of Belize in Corozal and can take advantage
of easy shopping trips to nearby Mexico, you can enjoy all the benefits
of English-speaking Belize…but buy your goods for less just across the
border.
Belizean
fare
Dining in
Belize can be an adventure if you want it to be. You can find dishes made
of native game, which Belizeans often prepare with a spicy red sauce. Fresh
fish and lobster are delicious and readily available, straight from the
coastal waters. Beef and chicken are standard main courses and are often
served with fried potatoes. More traditional foods include rice and beans
mixed with pork, beef, and vegetables. And you’ll find the Gibnut, or paca,
(half rabbit and half rat) on exhibit at the Belize Zoo and on dinner tables
throughout the country.
Other delicacies
include iguana, brocket deer, and turtle. Some restaurants add a service
charge of up to 20% to your bill; in that case, no tip is necessary. Otherwise,
a tip of 10% to 15% is acceptable.
Health care
While medical
care in Belize is adequate, you’d be well advised to take out evacuation
insurance if you choose to live here. Though you could certainly have a
broken bone set or a cold attended to at a local clinic in Ambergris or
at a hospital in Belize City, for anything more serious you’d be better
off in Mexico or the States. There are state-of-the-art facilities over
the border, and health care in Mexico is inexpensive. If you’re prone to
health problems, you should consider this option.
Medical facilities
and personnel in Belize are sparse. However, doctors who do practice here
are first-rate, and many have been trained outside the country, often in
the United States. Also, Belize City boasts a relatively new, modern hospital.
Special
benefits for retirees
On September
15, 1999, Belize enacted some of the most attractive “retiree” legislation
available anywhere in the world today. The program is aimed squarely at
North American and UK nationals already planning to live full time outside
their native counties. And it comes with almost no fine print or red tape.
To qualify,
you need to be 45 years and older and be able to show only that you have
a monthly income of at least $2,000. In many other countries offering these
kinds of foreign retiree programs, you must make a significant financial
contribution before you can take advantage of the program’s benefits.
To keep your
“Qualified Retired Person” (QRP) status, you must spend just one month
of the year in Belize.
To entice you
to come to Belize, the law allows you to import your car as well as personal
and household effects duty-free. (Thereafter, you may import another vehicle
duty-free into Belize every five years, as long as your previous vehicle
is sold, re-exported, or disposed of in an approved manner.)
The program
will also allow you to import motor vehicles, light aircraft, boats, and
other modes of transportation without duty. As for household effects, there
are no specifications or limitations as to what constitutes such personal
property. Only in cases of abuse, such as when an individual tries to import
six refrigerators or 10 air conditioners, would the exempt status be denied.
Qualified Retired
Persons (QRPs) also receive certain tax advantages. For more information
on the benefits of the QRP program, visit: www.belizeretirement.org.
Belize really
is a country of contrasts. From the Caribbean coast to the Mayan hills,
this nation is unique. Sparsely populated, it remains untouched, for the
most part...a feast for the traveler. Whether you’re looking for a place
to bank in absolute privacy…own a second home you can visit a few months
a year…retire full-time on the beach…or simply travel in style…Belize is
a hot destination right now.
Kathleen
Peddicord - has been the editor and publisher of International Living
since 1985. For more than two decades, she has spoken and been interviewed
on radio and television on the topics of retiring overseas and investing
in real estate around the world. She has also edited several books on these
and related subjects, including The World's Top Retirement Havens and The
World's Best.. - She has traveled extensively investigating real estate
and retirement overseas, both for International Living and for personal
interest. Seven years ago, she moved with her family to the southeast coast
of Ireland to open the offices of Agora Ireland Publishing, out of which
she continues to publish International Living. She now divides her time
between Ireland, France, Nicaragua, and Panama. - Read
more International Living Articles here for FREE. International
Living publishes several free e-mail newsletters about retiring, living,
and traveling overseas. Kathleen Peddicord recommends: IL Postcards, a
daily publication on the world’s best travel and retirement opportunities.
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