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Bill Wildman, a long-time real estate agent, surveyer and developer based in Consejo Shores in Corozal District in Northern Belize, says he thinks the new program is a solid beginning. Wildman says applications are being approved quickly, typically in less than three months. He says he knows at least one couple who already have received their residency under the program. Some retirees, however, question the amount of money that retirees will have to deposit in a Belize bank -- up to US$2,000 or BZE $4,000 a month. "Even though I brought more than that amount in [to Belize] every month, I would not want to obligate myself to it -- I think there are many retired couples who come to Belize to live comfortably on less," said one U.S. expat who has spent some of his retired life in Belize. Others suggest that not all prospective retirees will be comfortable with the paperwork and background check, and those on a tight retirement budget may find the application fees of more than US$700 to be more than they can easily afford. Also, observers note that the transfer tax on Belize real estate -- for non-Belizeans, 10% of the selling price typically paid by the buyer -- is not waived under the retirement residency program, whereas it is under the economic citizenship program. The economic citizen program -- familiarly known as the buy-a-passport plan -- costs a minimum of US$25,000. The Belize Tourism Board, rather than the Immigration and Nationality Department, has charge of the program. This is generally viewed among business circles in Belize as a good idea. The BTB has been prompt in sending information on the program to real estate agents and others interested in it, although this reporter found the BTB slow in responding to specific questions. Key features of the Act include: * Open to anyone aged 45 or older who is a citizen of the U.S., the United Kingdom of Great Britain and Northern Ireland, Canada or Belize; a person who qualifies can include his or her dependents in the program, including children under 18 (up to age 23 if enrolled in college). * Applications for the program must be made to the Belize Tourism Board and include the following:Copy of birth certificate for applicant and each dependent Marriage certificate (if applicant is also applying for a spouse) - Notarized copy of complete passport of applicant and all dependentsCopy of police record from last place of residence (completed within one month of application) Copy of medical exam including AIDS testing - An official statement from a bank or financial institution certifying that the applicant is the recipient of a pension or annuity (including U.S. Social Security) of a minimum of US$1,000 per month or that the applicant's investments will generate a minimum of US$2,000 per month - Four front and four side-view photos of applicant and each dependent. * Funds from pension or investments must be deposited monthly in a bank in Belize. * Persons applying for residency are subject to a background check by the Belize Ministry of National Security. * Persons residing in Belize under the program cannot work for pay in Belize. * Persons retiring in Belize under the program are exempt from the payment of all Belize taxes on all income or receipts from a source outside of Belize whether that income is generated from work performed or from an investment. * Persons retiring in Belize under the program can qualify for duty and tax exemptions not exceeding US $15,000 on new and used personal and household effects. A list of all items with corresponding values that will be imported must be submitted with the application. * A personal vehicle, boat and light aircraft -- any of these or all three -- can be imported duty free under the law, or such transport can be purchased in Belize. * Fees for the program total US$705 including a non-refundable application fee of US$100 to be submitted with the application, a BZE$10 stamp to be attached to the application, a US$500 fee to the Belize Tourism Board when the application is accepted, and a US$100 fee to the Immigration Department to issue a Qualified Retired Persons Status. For further information and an application for the program, contact Anthony Mahler at the Belize Tourism Board -- e-mail mahler@travelbelize.org. Reportedly the BTB is developing a Web site devoted to the program. Tell Mr. Mahler that Lan Sluder of Belize First Magazine suggested you contact him. BELIZE TOURISM
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