Approximately 77 million Americans are going to retire this year or in the near future, but a recent study by Ernst and Young showed that as much as 60% of those retirees will have to reduce their living standards. This is one of the key reasons why more American retirees are choosing to live in Belize. Not only does Belize enjoy extremely low taxes, but the costs for ordinary daily life are far more affordable than in the United States.
Belize has been featured by the AARP and Investopia as one of the fastest-growing destinations for retirees, and it’s easy to see why. All four of the biggest airlines in the United States are competing for the lucrative Belize travel market, meaning retirees have affordable choices to fly non-stop to/from Belize.
Other reasons why Belize is becoming a popular destination is that Belize is the only country in the region where English is the official language. Not only does this free up retirees from having to rely on translator apps or hire a translator, but all documents, contracts, and laws are written in English.
Belize was once on the periphery of adventure, a country with few paved roads, little infrastructure, and expensive and unreliable internet. In the past few decades, the government of Belize has invested heavily in infrastructure, and now the entire country is accessible via paved highways. Furthermore, healthcare, internet, and satellite TV from the United States are all now affordable and easy to get.
Belize also actively welcomes retirees with its QRP program, which stands for Qualified Retired Persons. For individuals who are age 45 and older, they, along with their families, can easily get permanent residency status in Belize. QRP program members do not have to pay any taxes in Belize on their pensions or other income derived from outside of Belize. And the QRP program also allows retirees to import personal goods such as appliances, televisions, and vehicles tax-free, items that can be expensive to buy in Belize.
Belize also allows foreigners to set up International Business Corporations, sometimes known as offshore corporations. These IBCs are allowed to own and manage real estate, effectively shielding valuable assets from taxation in the United States. Belize imposes zero restrictions or extra fees for foreigners who wish to own, rent, or sell real estate. Many retirees make a handsome income from renting properties to tourists, for instance.
With a low cost of living, great year-round weather, great infrastructure, and a variety of fantastic properties to choose from, it’s easy to see why more and more Americans are retiring and buying property in Belize.
To learn more about retiring or buying real estate in Belize, please visit www.cerrossands.com.