Retiring in Belize

A New Life in Belize

Belize is a tiny country, so tiny that you can get around without a car, use a bike and walk to keep yourself fit and healthy as well. Its total population stands at barely 300,000 people.  It was an English colony until 1981, and consequently, the only English speaking country in Central America. It is admired for what people consider to be its long history of democratic government, environmental awareness, and respect for its multiple ethnicities and cultures.

The country was formerly known as British Honduras and has developed into a diverse society. It is also one of the few countries in the region where English is one of the official languages.

Living in Belize has been lauded in a post at the General Expat Discussions last July 21, 2009:

Belize is a laid back country. And the immigration laws are very friendly. Almost anybody can come here and live happily and comfortably depending on your aspiration and priorities. They are so many opportunities in Belize waiting to be explored. But for you to do so successfully, you have to understand and respect the culture. If you come in to fight with Belizeans over the small opportunities available to them already, you are in for a shock and neither being fair to them nor to yourself. But if you come toBelize with something to do, you can grow very rich with hang-ons that comes with growing rich in Belize.

Climate in Belize | Belize Government | Medical Care in Belize | Tax in Belize | Belize Real Estate | Shopping in Belize | Cost of Living in Belize

Climate in Belize

The tropical cycle of rainy and dry seasons is the distinguishing feature of  climate in Belize. The only exception is the persistently cooler weather in the southern highlands. February to April is the dry season; the wet season lasts from May to November; hurricanes visit the country anytime from June to November. One hurricane killed more than a thousand people in 1931, another flattened Belize City in 1961, while the most recent, the 1978 hurricane Greta, caused damages amounting to US$25M.  The country suffers, not only from devastating hurricanes, but also from flooding in coastal areas.

Government in Belize

Mayan city-states were located in Belize before it became a British colony called the British Honduras. Belize attained independence only in 1981 and is considered the most stable democracy in Central America. It is a parliamentary democracy.  Queen Elizabeth is still chief of state, represented by a Governor General whom she appoints. The current head of government is Prime Minister Said Wilbert MUSA who is appointed by the governor general by virtue of his position as leader of the majority party or coalition. Members of the Senate and House of Representatives are elected.
Belize’s gross domestic product has grown by almost 4 percent each year in the last eight years, primarily from its tourism industry and also from the export of agricultural raw materials such as bananas and sugar. However, Belize is plagued by a large trade deficit and its government is now negotiating with international creditors for a specific program of debt restructuring. It hopes that transfusions of international aid will fuel a program for poverty eradication.

Medical Care in Belize

While there are competent physicians and other health professionals in Belize, there are no top-notch hospitals and medical centers. However, a charity program called the Wings of Hope can assume responsibility during medical and health emergencies and fly emergency cases to nearby highly rated Mexican hospitals. This is definitely one area where the Belize government should undertake, and fast, much needed improvements that would promote more expats wishing to retire in Belize.

Tax System in Belize

The principal forms of taxes in Belize are import duties, income tax, revenue replacement duties, stamp duties, “sin” taxes, export duties and land tax. There are no capital gains or inheritance taxes. However, Belize residents can be taxed on their worldwide income.  Non-residents can be taxed only on income derived from Belize itself. Resident individuals with annual incomes that are less than 10,400 are fully exempted from paying income tax.

In 1991, Belize adopted laws to establish itself as one of the world’s most reputable and reliable tax havens. It allowed the creation of offshore corporations From 1990-1997, when about 3,000 offshore companies registered in the country. From 1998-2000, or in the space of only three years, the number of offshore corporations climbed by more than 14,000.

Real Estate in Belize

Real estate in Belize is still very reasonably priced, making the sector extremely attractive to foreign and local investors and buyers. Property prices in prime locations in  Belize have appreciated in value for the past two decades. Property prices are increasing by an annual average of 15%, and by as much as 30% along coastal areas. Government extends liberal incentives to local and foreign investors interested in developing resorts and supporting infrastructure and services as long as they observe Belize’s stringent laws and regulations to protect the environment.
Private property rights are historically respected and recognized in Belize.  It is easy to purchase property especially since Belize laws and legal system and procedures are patterned after the British system and business is conducted in English. The process of purchasing property has been made simple and easy to understand. Both foreigners and locals can buy and own property outright.  There are many hectares of land still available for homes or business ventures and there are many experts who can give advice on what kind of structures and materials are best suited for construction in Belize.

Shopping in Belize

Belize is not exactly a shopper’s paradise. Much of the handicrafts sold at Belize are, unfortunately, actually produced in Guatemala and Mexico.  You can save a lot of time and effort if you go to the National Handicrafts Center in Belize City for genuine made in Belize handicrafts. There are contemporary paintings in the Image Factory that you can use in you new Belize home. A unique Belize product is a sauce made from habañeros that can be “mild” or “fiery hot”. The chili sauce is as ever present as catsup in fast food restaurants.

Cost of Living in Belize

As in other countries, the cost of living in Belize depends on the lifestyle that you will adopt. The local people manage on a per capita income of about $6,000 but that means a very moderate and simple lifestyle without the amenities that you may be accustomed to have. You can judge the cost of living from a sampling of prices:  rent for a small apartment in Belize City will cost you about $1,000 or you can rent a large house for only $300 in a less expensive area.  If you want to build your own home, you can buy a lot priced from $5,000 to $10,000 depending on its location.  Fruits, vegetables, meat and the like are cheaper (by at least 50 percent) when produced locally and bought in season. Electricity, Internet, cable TV and telephone costs are relatively high but these are balanced out by the cheaper costs of food and housing.

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Tagged as: Expats in Belize, Retiring, Retiring in Belize