It's been
years in the making but finally on September 15 1999 the government of
Belize announced it's new residency program for gringos. Officially
called the Belize Retired Persons Program it has a lot to offer a
select group of people.
The law offers
so much freedom that attorneys are saying it is the best program of it's
kind anywhere in the world. You don't really have to be retired , you don't
have to spend a certain amount of time in Belize and you can live tax free.
You have to admit that sounds almost too good to be true.
Who Can
Qualify?
Any citizen
of the United States , Canada , The U.K. and Northern Ireland or Belize
who is at least 45 years old. Dependants of the qualifying person include
spouses and children under 18, or up to 23 if enrolled in a university.
The qualifying
person must have either a pension or annuity of any type, including
Social Security of at least $1,000 U.S. per month , or $12,000 U.S. annually
. Or an income from any source outside of Belize of $2,000 U.S. or
$24,000 U.S. per year. Bear in mind this could be from virtually
any source, business, investments, stocks, bonds, rental property , as
long as it is generated outside of Belize. The income requirement
would remain the same regardless of the number of dependants the applicant
has. Once accepted into the program , the qualified retired person would
be required to deposit this money in U.S. funds in any bank in Belize,
either monthly or by April 1st each year.
What If
I'm Not Reade To Retire?
Even though
this is called a program for retirees you do not have to really be
retired to qualify and benefit. Note the following examples:
You can set
up an office in Belize and run your business from there, (taking advantage
of the low overhead costs , and tax free status we might add ) and still
qualify for this program, as long as none of the money your company earns
comes from a source within Belize. In this age of e-commerce and telecommuting
, this scenario could work for a vast number of people. You can be an artist
, writer , or photographer, drawing inspiration from the tropical
beauty and larger than life characters in Belize, and still qualify under
the "retiree " program, as long as you don't sell any of your work
in Belize.
Live Tax
Free In Belize
Under this
law once you become a Qualified Retired Person , you are exempted from
"the payment of all taxes and levies on all income or receipts that accrue
from a source outside of Belize...
whether such
income is passive or earned and whether or not such income is remitted
to him in Belize."
What does this
mean ? You'll be exempted from all Belizean taxes, including income tax
and business tax. Some feel this is the best benefit of the program.
Import Your
Belongings Duty Free
You will be
allowed to bring the following with you into Belize and not have to pay
customs duty:
Up to $15,000
of your personal belongings and household items. These can be new or used
and there is no specifications as to what items this can include.
Any type of
motor vehicle up to three years old. You may bring in a new vehicle every
5 years, and sell or export your previous vehicle. Any type of boat used
for personal purposes or pleasure.
Private aircraft
( weighing less than 17,000 kg.) You must have a Private Pilot license
to fly in Belize. You can get a license in Belize or have your exsisting
license validated there.
What will
It Cost?
In total
it will cost $700 U.S. to join this program . A non-refundable application
fee of $100 U.S. must be submitted with the application. Then once you
are accepted a program fee of $500 U.S. is required. Another
$100 U.S. is required at the time your Qualified Retired Person Status
identification card is issued. Remember that these fees are paid only by
the qualifying person and that his/her spouse and dependants are accorded
the same status at no additional charge.
There is no
minimum residency requirement for this program.
In other words
your free to come and go as you please , you don't have to spend a certain
amount of time per year in Belize. And you can terminate your participation
at any time. We like the freedom this affords and see it as a tremendous
advantage over other countries immigration packages.
Bill and
Claire Gray are the authors of Belize Retirement Guide: How to
live in a Tropical Paradise on $450 a Month, as well as numerous
special reports and articles on living in Belize and have just finished
a video. They are American ex-pats who have lived in Belize for over 10
years. Visit their website at www.belizeretire.com
