Expats Urged To Consider Belize's Retirement Scheme

by Phillip Morton, Investors Offshore.com

03 February 2010

Regional property investment specialists Caribbean Land and Property, has said that new retirees wanting to settle in a tax benign jurisdiction from countries such as Canada, the United States and the United Kingdom should look no further than Belize's generous expat retirement scheme.

Under the Qualified Retired Persons (Incentives) (Amendment) Act, 2001, which governs the Program, approximately 1,000 Qualified Retirees have made Belize their home.

The program allows a new retiree in Belize to import household goods and 'approved' means of transportation free from all import taxes and duties for the first year after they enter the program. These include a motor vehicle, a light aircraft of less than 17,000kg in weight and a boat that is used for personal purposes.

Among the multiple benefits under the programme, expat retirees are not required to pay tax on income derived from outside of Belize, whether that income is generated from work performed or from an investment.

To qualify for the scheme, applicants must receive a monthly income of not less than USD2,000 through a pension or annuity that has been generated outside of Belize.

Wini Dean, real estate consultant at Caribbean Land and Property commented: “We are seeing increased interest from all walks of life for Belize."

"For those looking for alternative living situations, a self-sufficient lifestyle is possible in places like these," Dean added.

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