On September 15, 1999, Belize enacted some of the most attractive “retiree” legislation available anywhere in the world today. The program is aimed squarely at North American and UK nationals already planning to live full time outside their native counties. And it comes with almost no fine print or red tape. 

The QRP Program for Those Who Want to Retire in Belize

Belize's low cost of living is enough to make it one of the world's great retirement havens. But the country has gone a step further. It also offers incentives to expatriates who want to retire in Belize.

Called the Retirement Persons Program, the plan is just one of the ways that Belize lets you keep more of your assets. Better still, you don't actually have to be retired or even of retirement age. To take advantage of the inducements, you must simply be aged 45 or older, have a monthly income of at least $2,000, and comply with several other minor requirements. And, almost incredibly, you must live in Belize for only one month a year!

To qualify for the QRP (Qualified Retired Person) program you must:

Be 45 years old or older. You can also include your spouse and dependents under the age of 18 in the program (or under the age of 23 if the children are in college)

Submit an application along with the following documents:

1) Birth certificate

2) Marriage certificate

3) A police record from your most recent place of residence, issued within a month prior to the application and stating that you don't have a criminal record

4) A copy of each page (including blank ones) in your passport. Retain a notary public to certify the copy with his seal and mark how many pages are in the passport, the passport number, and your name

5) Proof of income. This can be in the form of a statement from a pension of annuity company or from your bank. The statement must show that your income is at least $2,000 a month or the equivalent of at least $24,000 a year

6) Medical certificate stating that you are in good health and not HIV-positive

7) Color photos--four recent front-view and four side-view passport-size photographs of yourself and any dependents who are applying

You must also submit a non-refundable $100 application fee plus a "program fee" of $500 for yourself and $350 for each dependent. If you're accepted into the program, you'll owe an additional $100. Also figure on $2,500 to $5,000 to retain an attorney who can steer you through the application process and, often more importantly, run interference with the bureaucracy.  

Advantages of the QRP for your Belize Retirement

You pay no Belizean tax on that income--earned or passive. So you won't be taxed twice on money you're bringing into the country. This means you can still work--just as long as you work from Belize without also generating income within the country. Today, with new telephone and Internet technology, it's easy for "retirees" to direct their foreign business activities and operations from within Belize and still maintain tax-free status

As a QRP, you can import your household goods tax-free up to a total exemption amount of $15,000

You can also bring in a vehicle tax-free, which can be a car, light aircraft, or boat. In fact, every five years you can import a new vehicle tax-free as long as you sell the original vehicle outside of Belize

In many countries, you have to make a significant financial commitment in order to qualify for a program that provides financial incentives for living in the country. In Belize, you must simply prove an income of at least $2,000 a month

While as a QRP you have permanent residency in Belize, for purposes related to international financial services, you're considered a non-resident. That means that you can take advantage of all the offshore banking advantages of Belize while living there "on shore."