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- Belize...just the name, as it saunters off the tongue, sounds calm
and relaxed. Would you like to retire here? It's not for
everyone, but if you are looking for a very relaxed (some might say
boring), less expensive retirement in a tropical destination, then
consider this tiny Central American country.
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Belize, formerly British Honduras, is bordered by Mexico, Guatemala and the Caribbean
sea (it is just south of Mexico's Yucatan). Its main drawing
points are that it offers a lower cost-of-living, good health care that is about 1/3 the
cost of similar care in the United States (remember that Medicare is
not accepted outside the U.S.), a warm climate (with a rainy season), a stable economy
and democratic government (there has never been a war here),
friendly people, strong tax incentives, and English (kind of) as the official language.
It is also a place without building codes, where you will have to
repair on your own anything that breaks and where the manana attitude
is king. |
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Belize is about the size of New Hampshire and has roughly 250,000
inhabitants. Up to 10% of its population is made up of
expatriates, primarily from Britain, Canada and the U.S. It is a developing country, so you won't find many of the conveniences
or infrastructure that you do in the States or Canada, and even though you may not think of
yourself as wealthy, most likely in Belize you will be considered a
"rich gringo." It is possible to live quite well here
on about $1000 a month (for a couple). |
There are a variety of ways to retire here.
1) You can stay on a tourist visa and renew it every 30
days. After 6 months, you can get a work permit (probably),
which can cost up to $750 USD.
2) You can obtain permanent residency after being in-country
for one year and showing a stable income (currently $750/month for a
single and $1,000/mo for a couple). You can then work without a
work permit and come and go as you please (and keep your current
citizenship). This means you do not have to reside here
year-round.
3) You can apply to the Retired Persons Incentive Program,
which is an application process for relocation to the country.
In essence, you must be at least 45, pay an application fee (currently
$710 USD), submit to a background check and have at least $2,000 in
monthly income (this amount has gone up and down and may change again)
from a source outside of Belize. If you enter under this
program, you cannot work unless you work in your own business.
Belize Real Estate
You can buy real estate in Belize, and in many cases, it is a
steal. You can spend $250,000 on a beautiful 3 bedroom home
overlooking the ocean, or you can spend $10,000 for a lot just
feet from the sea. Just make sure you have a
clear title and visit the property during the rainy season before
buying to ensure that it isn't in the middle of a swamp. If
you become a permanent resident, you can also homestead land here,
leasing it from the Belize government for $5 to $17 a year. Once you develop it (which may just mean clearing brush and laying
a foundation), you can buy the land from the government for around
$250. Sound too good to be true? One thing this
country has is land and few people, so the government is willing
to essentially give away the land to people who will do something
with it. A town to check out is Corozal
Town..
Some Drawbacks?
While Belize offers a warm climate, cheap land and a
generally lower cost-of-living, it also has drawbacks. Traffic can
be a nightmare. Belize City is full of street people who will ask
for your money. Hurricanes are a potential threat, although most
don't come close. And it can be a culture shock for anyone used to
a hustle-bustle existence and modern conveniences at every turn.
But if you have a bit of adventure in you and a desire to kick-back and
take life slowly (very slowly), it could be the retirement spot of your
dreams.
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