Coming in at number four in the Sunday Times list of top destinations for British retirees is Belize! The report entitled: “Revealed: the best places in the world for retirement,” decided not to look necessarily at the top places Britons were currently choosing, but at the nations they should be considering for the best retirement overseas – which is why Belize ranks above Spain, and Panama even ranks above France in the findings.
Retirement in Belize can indeed offer Brits, Europeans and North Americans a more cost effective, tax efficient lifestyle in retirement, and whilst the Sunday Times report focused a great deal on the financial aspects of the locations it rated, there are more than just fiscal facts supporting Belize’s bid for a place in the top five most favourable places to retire, as this article will hopefully demonstrate!
So, covering the fiscal facts first – there are definite incentives to retire, or even semi-retire in Belize. For a start, if you’re a resident you’ll only pay 1.75% tax anyway – but if your income comes from a pension, then it is untaxed. Additionally, there is no capital gains tax and no local inheritance tax – although Britons in Belize will still be considered domiciled in the UK for IHT purposes so their estates will not be able to avoid the UK taxman upon death necessarily. If you just want to retire early and actually continue working or at least earning (!), then the Belize Retired Persons’ Incentive Program allows those over the age of 45 to move to the country, reside there at least semi-permanently and as long as they conduct all business outside Belize and earn over USD 2,000 a month, they can have much of the income tax free with a tax cap set at USD 15,000 - and they can even import a car, aircraft, yacht and all household effects tax free!
Aside from the tax incentives – Belize has climate incentives! It’s a stunning nation where average temperatures are in the 24 – 27 degrees centigrade range – although it is tropical so it does rain hard in the rainy season! The nation is in the British Commonwealth, English is the official language and compared to other Caribbean destinations and European bolt holes, property prices are very attractive indeed in Belize!
There is a stamp duty of 5% to watch out for, but other fees and taxes associated with buying and selling property in Belize are comparatively low. To gain entry and residency is quite straightforward for retirees – just apply to the government under the Retired Persons’ Incentive Program or speak to your nearest Belizean consulate for details.
Finally, and of great importance to Brits considering living in Belize in retirement, is the healthcare side of things – well, there’s good news here too – private healthcare is probably the way to go and it is affordable and of a fairly high standard. So, if you’re seeking an ‘alternative’ retirement destination where most of the check boxes for a positive choice are definately ticked, why not take a closer look at Belize?
