With a Government committed to foreign investment and development, Belize's growing economy has experienced positive growth rates for the past 15 years. Belize maintains a stable democracy with a two-party political system and has a Constitution which includes a Bill of Rights. The country is governed by a Prime Minister, currently Said W. Musa (1998 - Present), and his 28 member cabinet elected every 5 years. Belize has been an independent nation since 1981, and is a member of the British Commonwealth of Nations, The United Nations and The Organization of American States as well as other international organizations. Laws in Belize, as well as its court system, are derived from English Common Law coupled with local legislation.
In this small, essentially private-enterprise economy the tourism industry is the number one foreign exchange earner followed by marine products, citrus, cane sugar, bananas, and garments. The Ministry of Economic Development conducts a comprehensive investment system which is accessible to Belizean and foreign investors through its Fiscal Incentive Program, Export Processing Zone and Commercial Free Zone.
Incentives / Advantages to Foreign Investors Include:
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No Capitol Gains Tax
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All Foreign Income is Exempt from Personal and Business Taxes; Only Income from Employment in Belize is Taxable
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Foreign Residents are Charged a Tax Rate of 25% on Income Derived in the Country (The first $10,400 of Annual Income is Exempt)
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Non-residents (Spend less than 183 Calendar Days Per Year in Country) do not Qualify for the $10,400 Exemption and are Taxed 25% on any Employment Income earned in Belize
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Belize Maintains Strong Laws That Protect Offshore Trusts, and is One of the Best Ways to Avoid Taxes in Your Country of Origin
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It is Possible to Avoid Income Tax All Together by Transferring Income & Assets (Non-Real Estate) into a Belizean International Business Corporation (IBC). The Dividends Paid to You from the IBC are Not Taxable. There are Certain Restrictions and Requirements, but the IBC is By Far One of the Most Attractive and Simple Options for Avoiding Income Tax in Belize.
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Belize places no restrictions on land ownership by U.S. citizens or other non-nationals
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The Government Offers Flexable Fiscal Incentives and Concessions
Belize Retirement Incentives Include:
Anyone Forty-Five Years and Older Can Qualify for Belize's Qualified Retired Person (QRP) Program. A Person Who Qualifies Can Also Include His or Her Dependents In The Program. Dependents Include Spouses and Children Under The Age of Eighteen. However, It Can Include A Person Up To The Age of Twenty-Three If Enrolled In A University.
QRP Requirements Include:
1. Qualified Retired Persons - To be designated a Qualified Retired Person under the program, applicants must receive a monthly income of not less than US $2,000 through a pension or annuity that has been generated outside of Belize.
2. Certification - i) When a company grants a pension, that company has to prove that it has been in operation for at least 20 years by submitting proof of registration. ii) The company that grants the pension shall certify that the pension of no less than US $2,000.00 per month will be forwarded to a reputable financial institution within Belize. This letter must be signed by the manager, president, or by a legal representative of the company. iii) Certification by a Certified Public Accountant independent of the company: Stating the date the company was established, Verifying the authenticity of the above mentioned letter , Certifying that the obligation signed in favor of the beneficiary is not less than US $2000.00 per month. iv) The applicant must present two (2) bank references from the company that is sending the pension. v) The company granting the pension must present a document outlining its pension scheme.
***Requirement ii, iii, iv could be omitted where the company sending the pension is considered to be a Fortune Five Hundred Company.
3. Background Check - All applications are subject to a background check to be carried out by the Ministry of National Security.
QRP Incentives Include:
All persons who have been designated a Qualified Retired Person shall be entitled, on first entering Belize, to import his or her personal effects and an approved means of transportation free of all import duties and taxes.
A Qualified Retired Person shall be exempt from the payment of all taxes and duties on all income or receipts which accrue to him or her from a source outside of Belize whether that income is generated from work performed or from an investment.
All privileges, exemptions and regulations herein included are governed by the Retired Persons (Incentives) (Amendment) Act, 2001 and the ACT will serve as the basis for all purposes of interpretation.
1. Personal Household Effects - Qualified Retired Persons have one year from the date that they officially enter the program to import their personal and household effects free of duties and taxes as determined by the Customs Department. Numerous entries are permitted within the one year period; however, your detailed master list of household and personal effects must be submitted to the Belize Tourism Board upon approval into the Program. After the year has elapsed, you will be subject to all duties and taxes under the Customs Department.
2. Transportation - (a) Motor Vehicle - Qualified Retired Persons are strongly encouraged to procure a vehicle in Belize. However, we will facilitate duty and tax exemption on an imported vehicle. (b) Light Aircraft - A Qualified Retired Person is entitled to import a light aircraft less than 17,000 kg. A Qualified Retired Person is required to have a valid Private Pilot license to fly in Belize. This license can be obtained by passing the requirements set by the Civil Aviation. However, if the participant has a valid pilot's license, that license only has to be validated by Civil Aviation Department in Belize. (c) Boat - Any vessel that is used for personal purposes and for pleasure will be accepted under this program.
3. Fee Structure - (a) A non-refundable application fee in the sum of US $150.00 payable to the Belize Tourism Board must be submitted with the application. (b) A Program fee in the sum of US $1,000.00 payable to the Belize Tourism Board must be submitted upon acceptance into the Program. (c) Upon acceptance into the Program a fee of US $200.00 must be paid to the Belize Tourism Board for the issuance of the Qualified Retired Person Residency Card. (d) Each dependent is required to pay a Program Fee of US $750 to enter the Program.
NOTE: All payments must be made payable to the Belize Tourism Board and be in the form of US cash, US bank draft or US cashier's check. Personal or comapny checks will not be accepted.
The above was taken from:
The Belize Tourism Board
www.belizeretirement.org
*DISCLAIMER* Information contained on this site is deemed reliable but not guaranteed. Information is subject to change.