Discover Belize; an Official publication of Belize, 2006
Retirement Incentives
Retiring in Belize is easy and financially rewarding. Anyone 45 years or older can apply for the Qualified Retirement Program. Applicants must include a color copy of the photo page of their passport and proof of sufficient incomes (at least US $2,000 a month). Income can be earned from combination of investments, retirement benefits, Social Security, pensions or annuities. Retirees receive an identification card valid for two years, and are required to reside in Belize for one month a year.
Qualified retirees are eligible for benefits including specific tax exemptions and incentives. Retirees do not have to pay tax on retirement income and are entitled to import a motor vehicle, boat, aircraft, personal effects and household items within a one-year limit. Some restrictions may apply. A useful website that contains other important information is www.belizeretirement.org.
Real Estate
With land available for development, Belize is fast becoming a prime investment opportunity. Land is sill far more inexpensive in Belize than other destinations in the Caribbean. Like elsewhere in the world, real estate prices and land values depend on location and how much development there is in close proximity. A permit from the Department of Natural Resources is required for non-Belizeans who want to purchase a half-acre of land in towns or villages and over 10 acres in rural areas of Belize.
Property tax is due annually and is around 1-1.5% of the set value of the property, as determined by the Department of Natural Resources.
Property exchange or transfer by non-Belizeans; registration and fees are approximately us$8; attorney’s fee for legal service is normally between 1-3% of the selling consideration. Closing costs are in the range of 11-13% of the selling consideration.
International Business Company
International Business Companies, or IBC’s, are easy and confidential. IBC’s offer asset protection and no exchange controls. There are tax exemptions on capital gains, income, interest, shares and debt obligation by non-residents. No minimum requirements or currency restrictions are required for directors or shareholders. Shareholders meetings may take place in any country. IBC’s may not conduct business with Belizeans or as a bank, or own real estate. A certificate of incorporation, memorandum, articles of association, a registered office and agent in Belize are the only requirements.
Export Processing & Commercial Free Zones
EPZ and CFZ programs have many benefits, among them tax and duty exemptions, no import or export licenses and the ability to open foreign currency bank accounts in Belize and abroad.
Trust Act Revised in 2000
Belize has one of the most modern and flexible trust legislations. A non-resident can create a trust and can be used alone or with an IBC. Trusts offer flexible asset protection, confidentially and can be used for estate planning. There are no capital gains or income taxes. Trusts allow the legal ownership of the property to be vested apart from the enforceable rights of use.
International/Local Banking Services
There are nine licensed offshore banks and five commercial banks currently operating under Belize’s jurisdiction. Foreign currency depositing and checking accounts are some of the other services provided. Power of attorney, notary services and ship registrations through the Belize Shipping Registry are also available. Belize Offshore Center, an association of leading offshore financial service providers, offers asset and money management and provides corporate, commercial and business, trustee and accountancy services. |
