Did you know…
25% of Belize’s land is a protected area?
See the below map of Belize’s protected area courtesy of PACT Belize.
Belize Qualified Retired Persons (QRP) Incentive Program
For years Belize has been one of the most attractive choices as a retirement destination. From being one of the ever dwindling numbers of safe tax havens in the world to the laidback lifestyle and people, Belize is one of the most desirable countries for retirement. Check out our article to find out why and where to retire in Belize.
Now, for the real question…
How do I Apply for the Qualified Retired Persons (QRP) Incentive Program?
To apply for the program, you must submit an application along with the following documents:
- Birth certificate
- Marriage certificate
- A police record from your most recent place of residence, issued within a month prior to the application and stating that you don’t have a criminal record
- A copy of each page (including blank ones) in your passport. Retain a notary public to certify the copy with his seal and state how many pages are in the passport, the passport number, and your name
- Proof of income. This can be in the form of a statement from a pension of annuity company or from your bank. The statement must show that your income is at least US$2,000 a month or the equivalent of at least US$24,000 a year
- Medical certificate stating that you are in good health and not HIV-positive
- Four recent front-view and four side-view passport-size photographs of yourself and any dependents who are applying
- You must also submit a non-refundable US$100 application fee plus a “program fee” of US$500 for yourself and US$350 for each dependent. If you’re accepted into the program, you’ll owe an additional US$100. Also figure on $2,500 to $5,000 to retain an attorney who can steer you through the application process and, often more importantly, run into interference with the bureaucracy.
Certification of Retirement
The company that grants the pension has to prove that it has been in operation for at least 20 years by submitting proof of registration. They are also required to certify that the pension, of no less than US$2000 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.
Certification of retirement must be accompanied by a letter from a Certified Public Accountant independent of the company stating the date the company was established; verification of the authenticity of the aforementioned letter, and certification that the obligation signed in favor of the beneficiary is of no less than US $2000 per month.
The Applicant must in turn present two (2) bank references from the company sending the pension and the company granting the pension must in turn present a document outlining its pension scheme.
Background Check
All applications are subject to a background check to be carried out by the Ministry of National Security in Belize.
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 any personal effects to any person or entity within Belize, all duties and taxes must be paid by that person or entity to the proper authorities.
NOTE: 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 of, will another concession be granted to import another mode of transportation.
Offenses and Penalties
Any person who knowingly makes any false declaration or entry in order to qualify for or retain any exemption or privilege granted under the Retired Persons Act 1999 commits and offence and shall be liable on summary conviction to a fine not exceeding five thousand dollars.
Fee Structure
A non-refundable application fee in the sum of US $102 payable to the BTB must be submitted with the application. Upon acceptance into the program, a fee of US$102 must be paid to the Immigration Department for the issuance of the Qualified Retired Person Status along with a program fee of US$504 to be made payable to the Belize Tourism Board (BTB). A BZE $10 stamp must be attached to each application that is submitted to the BTB for processing.
Terms and Conditions
Qualified Retired Persons are not allowed to seek employment or work for pay while in this program or in Belize. Qualified Retired Persons within this program must inform the BTB regarding any changes stated on the application form. Failure to do so may result in the revocation of applicant’s status. Qualified Retired Persons must adhere to all existing laws of Belize, in addition to the Retired Persons (Incentives) Act. All benefits provided by this program will be exclusively used by the Qualified Retired Persons and his or her dependents. The BTB has the authority to carry out any investigation with respect to the validity of any document provided by the applicant under this program. Participants within this program must inform the BTB prior to leaving the country indefinitely so that assets received under this program can be liquidated. All documents presented to the BTB become the property of the board. The applicant must not have any criminal matters with the law at the time of application. Applicants must present a listing with all necessary information with regards to his or her dependents. If the applicant has dependents over eighteen and in school, he or she must present proof of enrollment from that institution. Qualified Retired Persons must submit a yearly bank statement showing compliance with the financial requirements of the program.
A Guide to Buying Real Estate in Belize
Dubbed “Mother Nature’s best kept secret”, Belize surely steps up to the plate and hits it out the park. Diversely filled with island properties lining the coast to lush forests inland, the Belize real estate market surely has options for even the choosiest buyer. And the process here couldn’t be easier.
Purchasing property in Belize is a straight forward, uncomplicated process. You are sure to find that purchasing real estate in Belize is cheaper than purchasing from other parts of the world. Belize is a country where visitors can still find an apartment on the beach for under US $300 per month. All legal documents required for selling or purchasing property in Belize are in plain English and follow English common law traditions.
Shopping independently from overseas for a property or home in Belize can become a very tedious task at times. Even with the evolution of the internet, you’re sure to miss many available properties if you’re not actually in Belize to look around.
Most of the available properties are for sale by owner rather than being listed through brokers or real estate companies. In most cases, you won’t even see a for sale sign indicating that a property is actually for sale. Apart from the occasional listings in the local newspapers and TV Ads, your best bet at attaining a piece of this jewel is to do so through one of the local real estate companies. The local brokers maintain listing brochures and websites to make shopping for a home in Belize easy.
Unlike land ownership laws in other countries, Belize allows non-nationals to own land in exactly the same way as Belizeans. Offshore companies (Belize IBC) are allowed to own real estate properties along with any other type of property in Belize. You are only required to obtain approval from the local Ministry of Natural Resources before purchasing any island. There are many residential lots available for sale throughout the country if you want to build your own home. Many good contractors and construction companies like Streamline Construction are at your disposal to assist you in personalizing your home.
Some coastal cayes, such as Caye Caulker limit the purchase of their land by non-locals. For a non-local to purchase land in these areas, approval would have to be obtained in advance from the local village council or board.
Renting in Belize
Renting in Belize is similar to purchasing real estate. The same rules apply. You will rarely see a house being advertised for rent in the newspaper or on television Ads. Most high end rentals are handled through brokers and the only way to identify your options is by driving around in your area of interest and scoping out vacant houses or by word of mouth.
Commissions
Commissions on real estate are similar to those in the U.S. Agents typically charge 7% commission on residential property and approximately 10% on land.
Real Estate Prices
Belize’s property value varies from one area to another. It is generally highest in Belize City, Ambergris Caye and Placencia. Even with the appreciation of real estate prices in Belize over the years, purchasing real estate is still very inexpensive by U.S. and European standards.
Precautions
In Belize, money talks and if you have the cash on hand, some people who have never considered selling may decide to cash in. Realize early on that the real estate market in Belize is small and inefficient. Belize has only a small number of real estate agents, appraisers and surveyors and mortgage financing is not easily accessible for foreign buyers. This further reduces the size of the buying pool and leaves owners to require cash sales or provide financing options to prospective buyers.
Fees and Costs
When purchasing through an agent, expect to pay a percentage of the purchase price upon closing. There is also a 5% land title transfer fee or stamp duty, as it is otherwise called. Foreigners pay an additional 5% tax. If you are a resident under the Qualified Retired Persons Incentive Program, this 5% fee is waived. For about 2% of the purchase price, an attorney will draw up transfer documents and search the title of the property.
Property taxes are about 1% of the value of the undeveloped land. This tax is payable annually on April 1st. To encourage development in Belize, property taxes outside cities are based on land value rather than the developed value of the property.
Registration & Title
There are three types of property title systems in Belize:
- Registered Land Act system – An application for transfer is made, and a new Land Certificate is issued to the purchaser. Under this system, an application is made for title transfer and a new Certificate of Title is issued to the grantee. Any existing “charges” will be shown on the Land Register for that parcel of land. The owner holds a Certificate of Title, and this, together with the relevant Land Register entries is the proof of ownership.
- Conveyance system – This involves the transfer of land by conveyance and registration. In order to assure that the seller actually owns the land, a title search must be made through the Lands Department to unearth the chain of title and to uncover any encumbrances such as un-cancelled mortgages. This search is usually done by an attorney.
- Torrens system – This involves a First Certificate of Title followed by Transfer Certificates of Title. Under this system, the un-cancelled charges or encumbrances and the transfers from the title are shown on the relevant Certificate, so no further search is normally needed before the new Transfer Certificate of Title is issued, following the application for transfer.
There are three different types of property ownership in Belize:
- Deed of Conveyance – This is the oldest form for ownership of property in Belize, ownership by way of Deed of Conveyance is in fact the absolute right to ownership of property. The ownership by means of conveyance may be converted to a Certificate of Title through an application for a first registration. Thereinafter any subsequent purchaser is issued a Transfer Certificate of Title. It must always be noted that a Deed of Conveyance is a valid legal title once it has been confirmed that the seller is confirmed to have good title on the property.
- A Transfer Certificate – A Certificate of Title is a physical title to a specific portion of land. This means of ownership is secure and is the more costly and time consuming manner in which to transfer ownership in comparison to the transfer process of Deed of Conveyance. The process for Transfer Certificate may drag on for months and may incur high cost in attempts to fast track the document.
- A Land Certificate – A land Certificate is an absolute title, applying to properties in new or special developments. The Government of Belize, presently is undergoing a process which calls for the re-registration of all freehold lands under the Registered Lands Act, which the overall goal being a uniformed system of nationwide land ownership. This process, though underway, entails much work and re-surveys are yet to be scheduled.
Note that title insurance is not necessary for purchasing property, and that closing cost tend to be very minimal. The purchase price is assessed and a 5% stamp duty is charged on the declared purchase price.
Tips
Negotiate – Belize has a very limited pool of interested, financially capable buyers, thus leaving many sellers dependent on foreign buyers. Don’t jump at the first deal that comes your way.
Research and win – Try to spend as much time as you can in Belize just researching prospective buys. This will save you lots of money in the long run when you realize that you could purchase real estate that is twice as good for twice as less.
Buyers beware – This applies to just about anywhere in the world. Remember that most of the real estate agents in Belize aren’t licensed and may not provide full disclosure on properties. In Belize, there are sometimes two prices, one for locals and one for foreigners. Try to get a local agent to do the “shopping” for you.
Whats Belize #1 for?
According to Information is Beautiful, “every country is the best at something”. Where exactly in that list does Belize square off? Well, let’s just say She definitely lives up to her name as ‘Mother Nature’s Best Kept Secret’.
Learn which country is best for cocaine, serial killers, hospital beds, quality of life and even men.
See the full article here for the International Number Ones.
Space Image of Belize Barrier Reef
The Lighthouse Atoll in the Belize Barrier Reef is featured in this image acquired on 29 March 2011 by Japan’s ALOS satellite. In the upper-central part of the image, an underwater sinkhole known as the Great Blue Hole appears as a dark blue circle. Surrounded by the shallow waters of the coral reef, the Great Blue Hole measures over 300 m in diameter and about 123 m deep. Formed when the sea level was much lower, rain and chemical weathering eroded the exposed terrain. Water later filled the hole and covered the area when the sea level rose at the end of the ice age.
Also visible in the image are two coral islands – green with vegetation – called cayes. The larger to the west is Long Caye, and the smaller Half Moon Caye is to the east.
This image is featured on the Earth from Space video programme.
Image source: http://spaceinimages.esa.int/
Story Source: Belize Hub
Happy Birthday Dr. Manuel Esquivel
Dr. Manuel Esquivel (born 2 May 1940) is a Belizean politician. As leader of the United Democratic Party, he served as Prime Minister from 1984 to 1989, and then again from 1993 to 1998.
Learn more about Dr. Manuel Esquivel here.
The Voice of the Service Sector
The Belize Coalition of Service Providers (BCSP) is an alliance of service sector organizations and associations that functions as a lobby and channel for addressing economic development issues and trade-in-services issues that impact the services sector. The BCSP was established to help the services sector stakeholders advocate for the creation of an enabling environment which will allow the Belizean services sector to survive in the competitive, global marketplace and meet the challenges encountered in exporting their services.
Services in Belize account for 63% of GDP and 55% of employment. Based on the fact that the services sector is the fastest growing component of world trade and recognizing that the Belizean economy is export driven; initiatives promoting the growth and competitiveness of the service sector are critical to Belize’s development. Read more…