- Featured Properties -

Placencia Village Side Walk Commercial Residential Building Building U$795,000

Placencia Village Beach House

70’ x 220’ Lot. U$398,500

1 Acres Placencia Village Beach Lot

110’ x 400’ to main road U$475,000

Belize Tax Haven

Belize is one of the most dynamically developing offshore-financial center located south of Mexico. It has excellent infrastructure, well developed banking sector, advanced telecommunication facilities, and very favourable business legislation.

Advantages of Belize

Belize offers the following advantages for international businesses:

Exemption from all local taxes for international business companies

Availability of free zones providing facilities for manufacturing and other business activities, such as warehousing, packaging, distribution of products and servicesWell developed financial services industry

Well developed professional infrastructure Strict secrecy low, which prohibits disclose of banking and financial informationCommon law legal system based on English lawExcellent telecommunications system

Easy access to the NAFTA members Mexico, USA and Canada by land, sea and airNo foreign exchange restrictions for IBC

Stable political system with long history of peaceful and democratic developmentThe country is not blacklisted by FATF and OECD

Independent country, member of well recognized political organizations, such as of the British Commonwealth, United Nations and Organization of American States.

Taxation

Belize offshore IBC is exempt from all local taxes including income tax, dividend tax, capital gain tax and stamp duty on transfer of corporate property, shares, and other corporate financial instruments.

Belize offshore company is not required to file tax returns or any other type of report or declaration to the government regarding sources of income.

Privacy and Disclosure

Information about beneficial owners, shareholders, directors and officers is not filed with the Belize government, and not available to the public.CurrencyBelize national currency is Belize Dollar (BZ$). It has a fixed exchange rate with US Dollar, which is US$1.00 = BZ$2.00.

US Dollars are widely accepted by most businesses in Belize.

Transfer of Funds

There are no currency exchange and transfer of funds controls in Belize, no approval need be obtained for the transfer of dividends, interest, royalties other profits or for repatriation of capital. Companies are permitted to repatriate all profits, dividends and management charges.Offshore IBC could open and hold accounts in any currency in banks located in and outside of Belize.

Political System

Belize received its independence on September 21, 1981.

Prime Minister is the head of the government, which includes 29-member House of Representatives and 12-member Senate.

Queen Elizabeth II of Great Britain is formally the Head of Belize State. As we all know, Elizabeth II is also the Queen of 15 other independent counties including Canada, Australia, New Zealand, Antigua and Barbuda, Bahamas, Saint Vincent, Jamaica, Saint Kitts and Nevis, Barbados and others. This nominal formality remaining from the past history does not affect ability of all those countries including Belize to develop own policy based on the national interests.

Legal System

Belize legal system is based on the English Common Law.

Geographic Location

Belize is situated on the East coast of Central America and has borders with Mexico, which is a member of NAFTA, and Guatemala.

Capital is Belize City.Local time: Central Standard Time (GMT - 6:00).

Belize is well connected with major US cities by daily flights to Houston, Dallas, Miami, Atlanta, and other destinations.

Belize Free Zones

Such close proximity to members of NAFTA creates ideal conditions for establishment and development of Belize Free Zones.

Commercial Free Zone (CFZ) at Corozal CFZ is located right beside the Mexican border. It has facilities suitable for manufacturing, packaging, distribution of different kind of products and services.All business located in the CFZ have 10 years tax holiday. They pay income tax from 2% to 8% thereafter. Employment of local residents decreases the tax rate by up to 2%. All imported and exported products, materials and supplies are exempt from any customs duties, quotas, etc.

Export Processing Zones (EPZ)

There are three EPZ in Belize. The San Andres EPZ is located close to the border with Mexico. The Philip Goldson International Airport EPZ and Price Barracks EPZ are situated close to Belize City.

Companies approved by the Ministry of National Development receive EPZ status, which gives them rights to conduct business in EPZ. Such companies are exempt from all taxes including income tax, withholding tax and capital gain tax for 20 years

Official Language

English is the official language of Belize. Spanish is the second widely spoken language.

Options For Living In Belize by Lan Sluder

Excerpted from Easy Belize: How to Live, Retire, Work or Invest in the Little Frost-Free, English-Speaking Paradise on the Caribbean Coast by Lan Sluder, available as a paperback book or Kindle eBook from Amazon.com and elsewhere.

There are three options for those wishing to live or retire in Belize or to spend extended periods of time in the country. Each has advantages and disadvantages.

TOURIST CARD

This is the easiest, cheapest way to live in the country for a while, and it requires no long-term commitment. The procedure is simple: You get a 30-day entry free (via a passport stamp) when you arrive in the country by air, land or sea. After 30 days, you can go to an immigration office (or police station in remote areas) and renew the tourist card monthly for US$25 a month for up to six months, and then US$50 a month after that. After six months, you also must register as an alien. Citizens of the U.S., European Community, the U.K., Canada, Australia, New Zealand, Mexico, Costa Rica, Guatemala, Suriname, Fiji, Hungary, Iceland, Kenya, Latvia, Lithunania, Seychelles, South Africa, Singapore, Slovakia, Soloman Islands, Malawi, Malaysia, Maldives, Mauritius, Czech Republic, Namibia, Papua New Guinea, Chile, Norway, Sierra Leone, Sweden, Tanzania, Turkey, Uganda, Uruguay, Zambia, Western Samoa, Zimbabwe, Tuvalu, Venezuela, Hong Kong, CARICOM member states and some other countries get a tourist card without having to apply in advance for a tourist visa. Nationals of more than 75 other countries must apply in advance for a tourist visa, and there is a fee. See the Belize Tourism Board web site, www.travelbelize.org for details.

As a tourist cardholder, you can enjoy Belize without a long-term commitment. You can buy or rent property, but you cannot work for pay. In theory, when you renew your tourist card, you are supposed to be able to prove that you have sufficient resources, set at US$60 a day, to stay in Belize, but this requirement is not usually enforced. Of course, there is no guarantee that you will be able to renew your card indefinitely, as rules and conditions can change, as you have no official residency status. If you fail to renew your permit in a timely way, or if you overstay your allotted time, technically you are in violation of Belize law and can be deported. As a practical matter, if you can offer a good reason why you failed to follow the law, and are very friendly to Immigration officers, you’ll probably be let off with a short lecture from the official, and perhaps a fine. However, some people who overstay their tourist cards are sent packing.

Duty-free import of a vehicle, aircraft and boat:

a. Motor Vehicle: Applicants are encouraged to import new motor vehicles under the program, but the vehicle must be no more than three years old. (An exception may be made in the case of an older vehicle with low mileage, but this would be decided on a case-by-case basis.) A Qualified Retired Person may also buy a vehicle duty-free in country.

b. Light Aircraft: A Qualified Retired Person is entitled to import a light aircraft less than 17,000 kg. A Qualified Retired Person is required to have a valid Private Pilot license to fly in Belize. This license can be obtained by passing the requirements set by the Civil Aviation. However, if the participant has a valid pilot’s license, that license only has to be validated by Civil Aviation Department in Belize.

Income requirement: To be designated a Qualified Retired Person under the program, the applicant must have a monthly income of at least US$2,000. A couple does not need to show US$4,000 a month – just US$2,000, as the applicant is normally an individual and the applicant’s spouse is a dependent under the program. The income rules for Qualified Retired Persons are, like many things in Belize, a little confusing. On first reading, it looks like the income must derive from a pension or annuity that has been generated outside of Belize. The rules do not specifically say so, but according to Belize Tourism Board officials U.S. Social Security income can be included as part of this pension requirement. This pension and annuity information then has to be substantiated by a Certified Public Accountant, along with two bank references from the company providing the pension or annuity. These substantiations may not be required if your pension and/or annuity is from a Fortune 500 company. Several retirees have told me that they were able to include other forms of income, including investment income, in the US$2,000 figure, if supported by a CPA’s statement that the income would continue indefinitely. In this latter case, the US$2,000 a month income (US$24,000 a year) can be substantiated by showing records from a bank or other financial institution in Belize that the retiree has deposited the necessary money.

Background check: All applications are subject to a background check by the Ministry of National Security.

Application: Applications for the program must be made to the Belize Tourism Board in Belize City and include the following:

• Birth certificate: A certified copy of a certificate for the applicant and each dependant.

• Marriage certificate if applicant is married and spouse is a dependent.

• Police record: A police record from the applicant’s last place of residency issued within one month prior to the application.

• Passport: Color copies of complete passport (including all blank pages) of applicant and all dependents that have been certified by a Notary Public. The copies must have the passport number, name of principal, number of pages and the seal or stamp of the Notary Public.

• Proof of income: An official statement from a bank or financial institution certifying that the applicant is the recipient of a pension or annuity of a minimum of US$2,000 per month.

• 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.

• Photos: Four front and four-side passport size photographs that have been taken recently of applicant and dependents.

The application form for the Qualified Retired Persons Program is available for download on the Belize Tourism Board Website at www.belizeretirement.org. Application fees and costs for the QRP program total US$1,350 for an individual or US$2,100 for a couple.

For information on the program, contact: Belize Tourism Board, P.O. Box 325, Belize City, Belize, Central America; tel: 501-223-1913 fax: 501-223-1943. If you have questions or problems, try contacting the Program Officer.

QUALIFIED RETIRED PERSON STATUS

The Qualified Retired Persons Incentive Act passed by the Belize legislature in 1999 is being implemented by the Belize Tourism Board. The program is designed to attract more retirees to Belize. In the first years of operation, the program attracted considerable interest and a number of applications. But the Belize Tourism Board now declines to disclose publicly how many applications it has received and how many have been approved. However, we understand that there are at most a few hundred participants in the program. Interest in the program appears to be fairly high, but because of the income requirement, inability to work for pay in Belize and other factors, the actual number of retirees under the program in Belize is as yet relatively small and far fewer than are in programs in Costa Rica, Panama, Mexico and elsewhere.

For those who can show the required monthly income from investments or pensions, this program offers benefits of official residency and tax-free entry of the retiree’s household goods and a car, boat and even an airplane. This program also eliminates some of the bureaucratic delays built into other programs. The BTB guarantees action on an application in no more than three months, but we have heard of qualified retirees getting approval for this program in only a few weeks.

Who qualifies? Anyone at least 45 years old from anywhere in the world can qualify for the program. A person who qualifies can also include his or her dependents in the program. Dependents include spouses and children under the age of 18. However, it can include children under the age of 23 if enrolled in a university.

Main benefits: Besides prompt approval of residency for qualifying applicants, import duties and fees for household goods and a vehicle, airplane and boat are waived.

Duty-free import of personal household effects: Qualified Retired Persons under the program can qualify for duty and tax exemptions on new and used personal and household effects admitted as such by the Belize Tourism Board. A list of all items with corresponding values that will be imported must be submitted with the application. A one-year period is granted for the importation of personal and household effects.

Duty-free import of a vehicle, aircraft and boat:

c. Boat: Any vessel that is used for personal purposes and for pleasure will be accepted under this program. 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 to the proper authorities. The Belize Tourism Board states: “Qualified Retired Persons must note that only after three 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.”