The Retired persons Incentives program act, 1998 encourages and promotes the flow of foreign capital into Belize. Exemptions from certain taxes and duties and other incentives are offered to Qualified Retired Persons. A special Retirement Program has been created especially for retirees who wish to live in this beautiful country and prove a permanent and consistent income from investment, pension or any other form of retirement benefit. Applicants whom are approved are granted special Qualified Retired Person Status (QPR status).
Advantages of QPR Status
- Exemption from all taxes on income and receipts
- Exemption from all import duties and taxes every five years on personal motor vehichle
- Exemption from all import duties and taxes on personal effects upon first importation into Belize
- Permission to conduct business from within Belize if business activities are mainly carried on outside of the country and are not conducted with Belizeans
- Spouse and children under the age of eighteen are included in the program
- Sub-tropical climate all year round
- Strong and stable Belize dollar, with parity to the US dollar.
- Peaceful nation
- Good education system
- Easy access to land for development and construction of a retirement home
- Close proximity to North America, easy access to the rest of the world.
Any Retire person over 45 years of age who is a citizen or permanent resident of the USA, UK, Canada or Belize may apply for Qualified Retired Persons status.
Requirements for Application
Applications forms fully completed must be submitted to the registered agaen along with the following documentations:
- Birth Certificate
- Marriage Certificate (if married and spouse is a dependant)
- Authentic Police Record
- Passport (notarized copies)
- 4 front and 4 profile passport size photos
- Proof of Income
- Medical Examination
- A Financial Statement from a financial institution, bank, credit union, or building society in Belize certifying that the applicant's investment will generate the sum of a minimum of US$2,000 per month or the equivalent of US$24,000 per year.
- References from an acceptable legal or accounting firm. A banker/s reference will only be accepted from an acceptable financial institution and should be an institution with which the person has had a relationship for at least two years. (Letters' content must include length of business relationship, average balances where possible and nature of the business).
- OCSL's processing fee of US$1800.00 per application.
- A non-refundable application fee in the sum of US$250.00
- A program fee in the sum of US$500.00
- Upon acceptance into the program, a fee of US$100.00 to be submitted to the Immigration Department for the issuance of Qualified Retired Persons Status.
- A Bze $10.00 stamp must be attached to each application that is submitted for processing.