The Lowdown on Belize’s Qualified Retired Persons Incentive Program

The Lowdown on Belize’s Qualified Retired Persons Incentive Program

Belize has been getting a lot of attention as one of the hottest tourist destinations on the Caribbean, but it’s also recently become a favored spot for retirees from North America in particular. The appeal of this beautiful tropical country is obvious, and its relative lack of development in comparison to its growing demand makes it a promising choice for investors.

But what makes this a particularly unique place to retire comes down to the government’s eagerness for new migrants. In particular, something known as the Qualified Retired Persons Incentives Program (QRP) offers some truly impressive excuses to make the move.

Here’s what you can expect.

The Benefits

  1. Duty Exemption: Moving to a new country often comes with associated costs with moving your things. That’s not the case when you get approved for QRP. You can transfer your boat, aircraft, and motor vehicles and not have to worry about paying taxes or customs on them as long as you transfer them within a year.
  2. Tax Exemptions: Belize is commonly recognized as a tax shelter, and that makes it easy to live here while avoiding local taxes almost entirely. With QRP, you’ll never have to pay taxes on money earned outside of Belize or on capital gains. It will also make you applicable for cheap property and real estate taxes.
  3. Stable Residency: While tourist visas need to be renewed every 30 days, QRP members can come and go to Belize with their dependents as long as they remain within the program.

The Requirements

  1. Applicants must be at least 45 years old.
  2. They must receive at least $2,000 a month from a pension or annuity derived outside of Belize, and they need to be willing to deposit that money within a Belize bank or financial institution.
  3. They must be able to reside within the country every year for 30 consecutive days.
  4. They must be able to pass a criminal background check.
  5. They cannot be an existing resident of Belize.

If you qualify for the program, it’s one of the most promising excuses to finally make the move. Belize offers a whole host of other advantages including the fact that English is the national language and the generous exchange rates offered against the American dollar. Just know that you don’t have to do it alone. Hesed Realty Ltd is Belize’s most prestigious real estate agency, and we can help you both find the property you want and untangle the financial options to get the best deal you can.

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