The Expat Retirement Scheme Of Belize

Aside from the stunning vistas and beautiful beaches

, Belize offers an innovative scheme for expatriates and retirees. This scheme together with the accessibility, language and relative standard of living, this makes Belize a veritable paradise for the elderly set.

The so-called expat retirement scheme of Belize is as follows:

1.Low Cost of Living. Compared to other tropical countries, Belize has an overall lower cost of living. This cost of living includes cheaper land and real estate, food and other amenities. While this standard may be low, it does not mean that it is a backward country. Tourism is the main industry in the country and as such, many areas of the country have adjusted to accommodate the needs of many Westerners, such as services, utilities and connectivity. Also, much of the country is self-sufficient, thus tremendously lowering the need for costly importation for its foreign guests in the country.

2.The Qualified Retired Persons Incentive Program. This program was set up to entice foreigners to choose the country as their retirement home. The requirements to qualify is as follows:

a.Age Requirement. Retirees need to be above 45 years of age but if they have a spouse and minor dependents, then these dependents can be included too;

b.Application Filed. The retiree needs to file an application with the Belize Tourism Board together with a copy sent to the Ministry of National Security and the Department of Immigration and Nationality;

c.Documentary Requirements. The form requires the submission of birth and marriage certificates, if there is a spouse, a verified copy of a police clearance within a month of filing of the application, a copy of every page of the passport duly certified, medical certificate showing no AIDS together with photos;

d.Financial Proof. The applicant-retiree should also provide proof of financial means to prove that the individual is able to support themselves while in Belize without need to be employed. This can be either a bank statement showing receipt of pension or annuity income;

e.Payment of Fees. There is a non-refundable fee of $150 and upon approval, a schedule of fees to be paid in order to qualify to the program.

There are benefits to the program. These include being taxed at a discount locally for proceeds on investments or pensions while in the country. Furthermore, the qualified applicant can enter personal effects free of tax or any duty including a vehicle. Ultimately, this can only make your days in the sun in Belize truly enjoyable.

by: Bobby Castro

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