| Emory King
Talks About Retirement In Belize |
| Belize
has a lot to offer the retiree. The retiree has a lot to offer Belize.
It can be a symbiotic relationship.
For starters,
all pensions from anywhere are tax free. Only pensions. Unfortunately,
your other income (unless you are a registered retiree in Belize--see below),
is taxable under the Income Tax Ordinance--a law I have been trying to
get repealed since 1967. Every year the Government reduces the income tax
in one way or another and releases more and more poor people from the tax,
(thank God!), but steadfastly refuses to release the middle class and rich,
those who create the jobs, the produce and the wealth of the country from
the tax. What folly! If Belize was a tax haven, (like Cayman, the Bahamas,
Bermuda and others), with its size and opportunities for development the
unemployment problem would disappear and.... |
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| But, I digress.
This article is about retirement.
In early 1999
the Government of Belize enacted a law to encourage English-speaking people
of means to retire to Belize. The main provisions of the law require a
qualified retiree to deposit $2,000 U.S.each month or an annual deposit
of $24,000 U.S. in any commercial bank in Belize.
The applicant
must be 45 years old or more to qualify.
When approved,
the applicant may bring into Belize his used household goods, personal
effects, one automotive vehicle, one boat and one airplane with no customs
duty or other taxes or fees. The Retiree may replace the vehicle, the boat
and the car every five years, tax free.
Retired persons
may not accept gainful employement in Belize. All income received by the
Retiree from whatever sourse shall be free of taxes. For full details and
application forms you may write the Ministry of Tourism, Belmopan, Belize,
Central America. Face it, we're all getting older. |
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| Who needs
the cold winters? Come to the Tropics. Two thousand dollars a month is
adequate at this writing--if you are away from the high rents in Belize
City. If you can afford to buy a house at the outset so much the better.
Living on the
Cayes is expensive too, but there are great places to live on the mainland
that are not so costly. There are no "Retirement Communities" in Belize
at this time, but one is on the drawing board and, if successful, it will
doubtless spawn a number of others.
You should
plan to spend at least two weeks in Belize travelling in the country, meeting
people, and getting a feeling for each district. When you find a place
you believe you might like, plan to move into the area for a six-month
trial period. If you do not wish to be a qualified Retiree you can enter
Belize for six months as a tourist. |
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Offshore Resources Gallery
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| You can bring
your car with you. At the end of six months you can pay the import duty
on the car or you can sell the car and let the new owner pay the duty.
The details of the car will be entered on your passport when you arrive
and you will not be able to leave the country until the import duty has
been paid or the car re-exported.
When you arrive
at the border, don't jump out of the car and yell, "Here I am, Belize.
I've come to live here the rest of my life." All that will do is make the
Customs Officer turn on his calculator and start adding up the taxes he
is going to charge you.
When you come
to retire all your USED household goods, personal effects and the tools
of your trade are allowed in duty free. Be sure they are USED and not brand
new and still in their wrappings. Your motor vehicle, boat or airplane
are not duty-free, unless you are a Qualified Retiree.
We have a lot
of good doctors in Belize but no really A-1 hospital or nursing home. This
is a problem, but it is not insurmountable. There is Wings of Hope, a charity
airline which will fly emergency cases to the excellent hospital in Merida,
Mexico. |
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| An Air Ambulance
service from Miami is available at outrageous rates. If you are not going
to be a Qualified Retiree you must apply for Permenant Residence, but a
Work Permit may be another matter. If you propose to enter a business venture
which will compete with Belizeans or take a job which a Belizean can fill,
you can expect problems from the Ministry of Labour. Don't let anyone tell
you to pay a fee to someone for a Residency Permit.
Apply directly
to the Government.
Once you are
here get involved in the affairs of the community--the Church, the Zoo,
the Rotary Club, Lions, YMCA/YWCA, Hospital Auxillary, Red Cross, etc.
There is something you can do besides just sitting around in front of a
TV set waiting to die. You must have learned something in all the years
you have lived. Pass it along to someone. |
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Offshore
Resources Gallery
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| Excerpted
from How To Invest or Retire in Belize by Emory King - For more information
on Emory, his books and his articles view his website at: http://www.emoryking.com
- The
name Emory King is probably recognized by more people in Belize, (and
thousands of people abroad), than any other except the Right Hon. George
Price, the Father of Belize, and Hon. Said Musa, the current Prime
Minister.
King arrived in Belize in 1953 when the yacht he was on
crashed onto the reef at English Caye. From that day to this he has been
talking and writing about the wonderful country of Belize. If you
want to move to Belize, the half dozen or so books by Emory King are required
reading. |
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