Here is the answer: When you arrive into the country your passport is stamped for a 30 day visa. If you want to stay longer then 30 days then all you need to do is to go to any immigration department with your passport and pay $25 U.S. and they will stamp you good for another 30 days.
You can keep doing this for as long as you’d like. If you stay for more then 6 months the fee goes up to $50 U.S. for each additional 30 days.
I’ve known many vacation home owners to come down every year for 3-6 months a year who have been doing this for 5, 10 and 15 or more years in a row.
Once you know that you want to become a permanent resident of Belize and stay here for long stretches at a time and come and go as you please then its worth it to look at getting your “Permanent Residency Stamp”. It’s not hard to get and doesn’t cost much and once you have it its good for life.
I would say about half of all of my clients will end up with some type of permanent residency at some point, but in the meantime all they do is make the quick trip upstairs to see immigration once a month.
P.S. – The immigration office is located right about our RE/MAX Island Real Estate office across from Tropic Air.
INCOME FROM PENSION OR OTHER SOURCE
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.
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 500 Company.
3. Background Check
All applications are subject to a background check to be carried out by the Ministry of National Security.
A copy of a certificate for the applicant and each dependent
(if married and spouse is a dependent)
Authentic Police Record:
An authentic police record from the applicants last place of residency issued within one month prior to this application
Clear copies of complete passport (including all blank pages) of applicant and all dependents that have been certified by a Notary Public. The copies must have the passport number, name of principal, number of pages and the seal or stamp of the Notary Public.
Proof of Income:
(a.) An official statement from a bank or financial institution certifying that the applicant is the recipient of a pension or annuity of a minimum of Two Thousand United States Dollars (US $ 2 000) per month.
Applicants should undergo a complete medical examination including an AIDS test. A copy of the medical certificate must be attached to the application.
Four front and four-side passport size photographs that have been taken recently of applicant and dependents.
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.
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.
Any vessel that is used for personal purposes and for pleasure will be accepted under this program.
3. Disposal of Duty Free Items
If for whatever reason a qualified retired person decides to sell, give away, lease, or otherwise dispose of the approved means of transportation or personal effects to any person or entity within Belize, all duties and taxes must be paid by the qualified retiree to the proper authorities.
Qualified Retired Persons must note that only after 3 years and upon proof that the vehicle previously imported into Belize under the Program has been disposed of according to regulations, will another concession be granted to import a new transportation.
4. Offenses & Penalties
Any person who knowingly makes any false declaration or entry in order to qualify for or renew any exemption or privilege granted under the Retired Persons (Incentives) (Amendment) Act, 2001 commits an offense and shall be liable on summary conviction to a fine not exceeding one thousand dollars.
5. 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 company checks will not be accepted.
2. Qualified Retired Persons are not allowed to seek employment or work for pay while in this program or in Belize.
3. Qualified Retired Persons within this program must inform the Belize Tourism Board regarding any changes stated on the application form. Failure to do so may result in the revocation of applicant’s status.
4. Qualified Retired Persons must adhere to all existing laws of Belize, in addition to the Retired Persons (Incentives) (Amendment) Act, 2001.
5. All benefits provided by this program will be exclusively used by the Qualified Retired Persons and his or her dependents.
6. The Belize Tourism Board has the authority to carry out any investigation with respect to the validity of any document provided by the applicant under this program.
7. Participants within this program must inform the Belize Tourism Board prior to leaving the country indefinitely so that the assets purchased under this program can be liquidated.
8. All documents presented to the Belize Tourism Board become the property of the Board.
9. The applicant must not have any criminal matters with the law at the time of application.
10. Applicants must present a listing with all the necessary information with regards to his or her dependents. If the applicant has a dependent over eighteen and in school, then he or she must present a proof of enrollment from that institution.
11. Qualified Retired Persons must submit a yearly bank statement showing compliance with the financial requirements of the program.
12. Qualified Retired Persons must spend an equivalent of one month in Belize annually to maintain their status as a Retiree Resident.
Acceptance of these terms and conditions must be endorsed with the signature of the applicant in the presence of a witness.
We all know that a good portion of our income goes to paying taxes of some sort or another. Many are unavoidable. But others aren’t, especially in Belize.
As an example, there are NO capital gains taxes in Belize. So if you buy a property for $100,000 and you sell it for $200,000 and make $100,000 on the deal you don’t owe the government of Belize one dime.
Property Taxes are also very low in Belize. For instance, a 2 bedroom oceanfront condo in Miami Beach that costs around $400,000 would be taxed around $5,000 U.S. per year. In comparison a 2 bedroom ocean front condo on Ambergris Caye that costs $400,000 will only run you $275 U.S. per year! You can see immediately how the cost of ownership would be much much less on a property here then in the U.S.
Rental Income is also taxed at a very low rate. Let’s say you rent out your home or condo when you are not here to make some extra income. In the U.S. or Canada the tax on such income can be viewed as personal income and taxed accordingly from 25-35%. Here in Belize the tax rate is only 1.75%. So if you rent out your home or condo for $200 a night then your tax on that income is only $3.00
There are other tax advantages to consider. Buying and selling property using IBC’s (International Business Companies) is a way to legally eliminate or postpone the paying of taxes that may be required by your home country. For more information on how to set this up please email me or register to view one of our Investing in Belize Webinars which breaks down the details of this type of ownership structure.
First, look at this: Since 1951 there have only been 7 hurricanes that have hit Belize directly. Other have come close but as we all know its the direct hits with the high winds surrounding the eye of the storm that causes most of the problems.
In any given year Belize has only a 17% chance of getting hit by a hurricane. By comparison the State of Florida has 65% chance of getting hit.
Why doesn’t Belize get too many hurricanes?
1. We are located very far to the west. The normal weather patterns usually turn hurricanes northward by the time they work their way across the Atlantic.
2. Also, we have a fairly short hurricane window. While the “official” window is from June through November history shows that almost all of the hurricanes to hit Belize have done so in the months of September and October. Hence we have a smaller window of opportunity then do other Caribbean Islands.
Finally, the main things that cause damage in a hurricane are high winds and storm surge. Most everything that is built here is built to withstand such high winds. We use solid concrete construction with hurricane resistant windows and doors. We also pour solid concrete roofs. When looking at the damage caused by a hurricane you’ll find that most of it is due to the high winds ripping of the roofs. We prevent that from happening by building the way we do.
Also, the reef acts as a huge protection for us. In some places like Cancun and in Florida the water depth can be several hundred feet just a little ways offshore. This allows for the formation of damaging waves and storm surge. Ambergris Caye has a reef running its length just a few hundred yards of shore. This reef acts like a protective wall. It takes the brunt of the wave action so those that do reach the shore are limited in the damage they can cause.
So, in looking at all of the variables involved I would say that hurricanes should not even be a concern. We rarely get them but if we do you’ll be able to get off the island to safety quickly, and most likely come back within a day or two. You property will most likely be as you left it accept for some debris in the yard. Within a few days all will be cleaned up and the skies will be blue!
All are secure forms of ownership.
Should I use my US attorney?
No. U.S. property law is significantly different from British property law.