Retired Persons (Incentives) Program

Belize, an emerging competitor in offshore financial services and tourism has taken a bold and pioneering step is seeking to combine and enhance the attraction of both sectors through legislature's most recent innovation, the Retired Persons (Incentives) Program, which spawned from the Retired Persons (Incentives) Act, Chapter 62 of the Laws of Belize, Revised Edition 1990-2000, has an objective of being a "an act to encourage and promote the inflow of foreign capital into Belize by offering certain tax exemptions and incentives to Qualified Retired Persons," is ideal for retired persons seeking to stretch their dollars in a relaxed atmosphere set in a country of tropical beauty and diverse culture.

The Program

The Belize Tourism Board (BTB) administers the program. Its primary objective is to encourage and promote the inflow of foreign capital into Belize by offering certain tax exemptions, privileges, benefits, and incentives to Qualified Retired Persons (QRP). Such persons receive both financial and personal benefits.

Applicants

Applicants must be at least 45 years old citizens or legal permanent residents of any country who are beneficial owners of a pension or annuity. They must also give a written undertaking to deposit for personal use in a bank, credit union, building society, or other financial institution either US$2000 by the 15th day of each month, or an annual sum of US$24 000 by the first day of April of each year.

Benefits And Regulations

Benefits of the Program are vast. Major financial benefits include the following:

QRP may enter and remain in Belize with dependents for as long as the status of QRP is retained. Dependents include spouses and children under 18 years old; however, a dependent can include persons up to 23 years, provided the dependent is a student who can prove enrollment in a university.

QRP may import personal and household effects both new and used up to a maximum value of US$15 000, and approved means of transportation. Approved means of transportation means a motor vehicle, boat, and light aircraft (17 000kg) for personal use free of all import duties and other taxes (which usually average about 78%). However, a list of all items and their respective prices and condition (new or old) should be submitted with the application. New vehicles or those up to three years old are eligible for tax and import duty exemption. Applicants wishing to import a light aircraft are required to have a valid...