Belize has become a popular place for retirement over the past few years, and you don’t have to look far to discover some pretty obvious reasons why. The country encompasses a diverse variety of ecosystems that extends from the stunning Belize Barrier Reef in the east all the way to the wild and untamed jungle frontier of the Cayo District to the west. And it’s hard to deny that English being the native language is a big selling point for Americans looking to relocate with as little culture shock as possible. But what might shock you the most is how affordably you can move to this Central American paradise.
Here’s what you should know about budgeting for a potential move to Belize.
Cost of Living
If your wealth is measured in United States currency, you can count on it to go a long way in Belize. A single American dollar is typically worth two Belizean dollars, and exchange rates between these countries have remained confidently stable for years. That said, the cost of common expenses can vary significantly depending on the part of Belize you’re in. A dinner on the tourist island of Ambergris Caye can easily cost you three times what you’d pay in the bustling but mundane metropolis of Belize City, and the cost of renting or owning a home could cost ten times as much. Having someone on your side who can help you understand the different regions and find one suitable for your budget can be a huge boon.
One of the more appealing reasons to move to Belize is the active encouragement of the Belizean government. The Qualified Retirement Program was instituted by the government as a way to bring in new residents from North America and Europe. All that’s required is that you be of retirement age and be able to prove a monthly income of at least $2,000. You can consider that a good baseline for the budget you’ll need to live in Belize. You can also consider applying to the QRP a good investment, since you won’t be required to pay customs on most of your high ticket belongings when you move.
If you decide to rent a place in Belize, you can generally expect to spend 25% of what you would in the United States on average. But that sort of spending leverage means that it will likely be in your best interest to simply invest in a new property rather than trying to rent. Whether you’re seeking out a modest and isolated home in the middle of the jungle or a party pad in the heart of Belmopan City, match up with an agent at Hesed Realty LTD so you can get some clarification about your options.
Questions about buying real estate in Belize? Contact us by email at email@example.com or by WhatsApp +501 664-1692.