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Belize Retired Persons (Incentive Program)
ABOUT THE PROGRAM
The Retirement Program in Belize was created especially for those people who wish to live in Belize and can prove a permanent and consistent income from investment (abroad or in Belize), pension or other retirement benefits.
WHO CAN QUALIFY FOR THIS PROGRAM?
Anyone forty-five years and older from the United States of America, the United Kingdom, Canada, Europe, Commonwealth Countries and all other countries can qualify for the program. A person who qualifies can also include his or her dependants in the program. Dependants include spouses and children under the age of eighteen. However, it can include a person up to the age of twenty-three if enrolled in a university.
SOME BENEFITS OF RETIRING IN BELIZE
- Tax Breaks
Persons intersted in the program must submit completed applications
to the Belize Tourism Board with the following supporting documentation.
1. Birth Certificate - A copy of a certificate for the applicant and
5. Proof of Income
6. Medical Examination - Applicants should undergo a complete medical
examination including an AIDS test. A copy of the medical certificate
must be attached to the application.
Please note that it is also a requirement that all dependants should submit all documents listed with exception of the proof of income.
INCOME FROM PENSION OR OTHER SOURCES
A retired pensioner is that person who qualifies under the program and receives a monthly income of not less than US $2,000 through a pension or annuity that has been generated outside of Belize.
i) When a company grants a pension, that company has to prove that it has been in operation for at least 20 years by submitting proof of registration.
ii) The company that grants the pension shall certify that the pension of no less than US $2,000.00 per month will be forwarded to a reputable financial institution within Belize. This letter must be signed by the manager, president, or by a legal representative of the company.
iii) Certification by a Certified Public Accountant independent of the company:
- Stating the date the company was established.
v) The company granting the pension must present a document outlining its pension scheme.
Requirement ii), iii), iv) could be omitted where the company sending the pension is considered to be a Fortune Five Hundred Company.
3. Background Check
All persons who have been designated a Qualified Retired Person shall be entitled, on first entering Belize, to import his or her personal effects and an approved means of transportation free of all import duties and taxes.
A Qualified retired person shall be exempt from the payment of all taxes and levies on all income or receipts which accrue to him or her from a source outside of Belize whether that income is generated from work performed or from an investment.
All privileges, exemptions and regulations herein included are governed by the Retired Persons (Incentives) Act, 1999, No 11 of 1999 and the ACT will serve as teh basis for all purposes of interpretation.
1. Personal / Household Effects
Qualified Retired Persons under the program can qualify for duty and tx exemptions on new and used personal and household effects admitted as such by the Product Development Officer in charge of the program. A list of all items with corresponding values that will be imporeted must be submitted with the application. All items must be imported in country within 1 year after approval into the program.
2. Transportation (motor vehicle, boat, aircraft)
a. Motor Vehicle
Applicants are encouraged to import new motor vehicles under the program; however, motor-vehicle three years and under will be accepted. Qualified Retired Persons may procure vehicles in country.
b. Light Aircraft
Any vessel that is used for personal purposes and for pleasure will be accepted under this program.
3. DISPOSAL OF DUTY FREE ITEMS
If for whatever reason a qualified retired person decides to sell, give away, lease, or otherwise dispose of the approved means of transportation or personal effects to any person or entity within Belize, all duties and taxes must be paid by that person or entity to the propert authorities.
Qualified Retired Persons must note that only after 3 years and upon proof that the transportation that was previously imported to Belize was adequately disposed off, will another concession be granted to import another mode of transportation.
4. OFFENSES AND PENALTIES
Any person who knowingly makes any false declaration or entry in order to qualify for or retain any exemption or privelege granted under the Retired Persons ACT 1999 commits an offence and shall be liable on summary conviction to a fine not exceeding five thousand dollars.
Visit http://www.travelbelize.org for more information and the application for the Program.
Any questions or suggestion. Please Contact us.
|Telephone Number: 501 (Belize) 222 4190 (Belize)|
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