Many expatriates and retirees in Belize have taken advantage of the government’s Qualified Retired Person (QRP) program to make an easy transition to life in Belize.
Do You Qualify for the QRP?
In order to take advantage of this special program, you must:
- Be 45 or older.
- Receive a pension or annuity in the amount of $2000 US every month.
- Pass a background check, police check and medical assessment.
There are other criteria, but these are the main ones. Here are five good reasons you should use it if you qualify.
1. You Can Import All Your Belongings Duty-Free
You can transfer your belongings without paying import fees, custom taxes or duties. You get a full year to move your possessions, and you can make several trips back and forth during that year.
This extends to vehicles like cars, boats and light aircraft.
2. You Won’t Pay Taxes On Your Income
Under the QRP, you won’t pay any taxes on income generated outside Belize. Note that you won’t be able to legally work in Belize. You can continue to earn income outside of Belize from any legal source.
3. You Can Include Dependents
The benefits of the program don’t just apply to you. The QRP extends to a spouse and to all children under 18. You can even include children up to age 23 if they’re enrolled in college.
4. You Don’t Have to Worry About Citizenship
If you use the QRP, you don’t have to give up your citizenship. You also won’t have to visit the immigration office to extend your tourist visa every month. With the QRP, you never have to worry about that because you’re already a legal resident.
5. You Get Tax Advantages
In Belize, property taxes are typically about one-third of what they would be for comparable properties in the US, Canada or the UK. As a foreigner, you won’t pay capital gains taxes when you sell your property.
You also won’t have to pay income tax in your home country if you’re a resident of another country for most of the year.