Belize is well known as both a tourist destination of choice and an offshore centre par excellence.
The country affords its visitors everything from a beautiful climate to stunning palm fringed beaches, from tropical forests, abundant and unusual wildlife, magnificent mountains to spectacular diving opportunities on the longest barrier reef in the Western Hemisphere, and it affords its investors a stable, secure, private and tax friendly offshore jurisdiction.
Therefore, with the inception of the Retired Persons Incentive Program in 1999 Belize managed to create a ‘best of both worlds’ scenario for retirees worldwide and as a result the country has rapidly become known as THE retirement destination for those looking to negate their taxation liability!
The structure and features of the Retired Persons Incentive Act owes much to the popular but now defunct ‘pensionado program’ from Costa Rica and in its most simple form the Act is designed to attract more retirees and their income to Belize!
If you are accepted by the program and become a “Qualified Retired Person” in Belize you benefit in the following ways: -
When you move to the country you can import all your ‘personal effects’ and an ‘approved means of transport’ free from any import duties or taxes.
‘Personal effects’ would relate to all your used personal and household belongings - from clothes to furniture, from a TV to books etc.
‘Approved means of transport’ includes a car, a boat and an aeroplane!
You are totally tax exempt - yes, you are exempt from the payment of all taxes and levies on any income you earn or receive from a source outside of Belize.
It doesn’t matter whether the income comes from work you perform or from investments or whatever.
Who qualifies for the Retired Persons Incentive Program?
If you are aged 45 or over and you have a monthly income of USD 2,000 or more and this income is derived from sources outside of Belize then you qualify for application to the Retired Persons Incentive Program.
You can also include your dependants in the program. The term ‘dependents’ in this case includes a spouse and children under the age of 18 years - or under the age of 23 years if still in full time (college) education.
