Under the Qualified Retired Person Incentive Program (QPR), the Belize Tourism Board grants resident visas to individuals aged 45 or older, who prove a foreign source pension or annuity or other acceptable source of income of at least USD2,000 per month. Applicants must sign an undertaking to transfer the aforementioned income into a bank, credit union or any financial institution in Belize
Usually this requirement is met by making a deposit of US$24,000 in a Belize local bank.
With the program, you will get a residency visa, which must be renewed every December 31st. You must meet the required requirements in each renewal and remain in the country a consecutive period of 30 days per year. The program allows the inclusion of dependents.
Along with the visa, you will benefit from an exemption of customs duties for the first year on importing household and personal effects, a ship, an aircraft and a vehicle every three years.
With the QPR card you will not be able to work for a company in Belize, but you can keep your companies abroad, work online or for clients from abroad.
After 1 year legally residing in Belize, you will be eligible for permanent residency, and after 5 years of permanent residency you may apply for citizenship.
Requirements
- Be at least 45 years of age. - 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, or a Financial Statement from a financial institution, bank, credit union, or building society in Belize certifying that the applicant’s investment or deposit will generate the sum of a minimum of US$2000 per month, or the equivalent of US$24,000 per year. - No criminal record. - Be in good health and do not have any contagious disease.
Restricted Nationalities
No nationality is officially restricted
dual citizenship
Dual citizenship is recognized in Belize. You are not required to renounce your previous nationality to become a citizen of Belize.
Documents Required
Original or Certified copy of Birth Certificate (if applicable)
Original or Certified copy of Marriage Certificate (if applicable)
Original Police Clearance Certificate
Certified copy of passport
Proof of income
Medical Certificate
Four passport-size photos
Original Bank Reference Letter (Not older than 6 month)
Belize, formerly British Honduras, is a CARICOM and SICA member. Located in the northeastern corner of Central America, bordering Mexico to the north and to the south and the west with Guatemala. The capital is the city of Belmopan and the most populated city is Belize City, which is also the main port of the country. Although it is the only Central American country with English as its official language, its just over 380,000 inhabitants speak predominantly Spanish and Creole. Its currency is the Belize Dollar (BZD), which is currently pegged to the US$ (2:1).
Visa Free Travel
With your new passport from Belize you'll be able to access 99 countries visa free
Taxes
To be a tax resident in Belize you must reside in the country more than half the year. Tax residents and non-residents are subject to income tax on their income derived from Belize. Income from foreign source is not subject to taxation.
The personal income tax rate is progressive up to 25%. Capital gains are tax-exempt.
Belize levies a real property tax of 12.5% of the annual rental value for an occupied property, and a 2% tax on the annual rental value for an unoccupied property. Property tax may not exceed 2% of the market value of the property. There is a land tax of 1% for unimproved lands.
There is a stamp duty on the transfer of assets; rates depend on asset class. Purchase of real property is subject to a 10% stamp duty.
In Belize, you may incorporate a limited liability company or an international company, that besides being tax exempt, provided that business is done abroad, benefits from confidentiality and easy accounting requirements. For further information on Belize corporations, visit incorporations.io/belize.
This should not be construed as tax advice. We have access to a global network of qualified attorneys and accountants who can give you the proper advice for your particular circumstances. Contact us for further information.
Our qualified attorney in Belize will handle all paperwork, and guide you through each step of the process to ensure that it is as fast, efficient and pain-free as possible.
First, our lawyers will conduct a due diligence check on you to ensure that you are eligible and meet the criteria to apply for the program, and that your application will be approved. We will send you the application forms and provide assistance to complete the questionnaires, translate and authenticate documents. You must undergo a medical examination (we may recommend clinics in your jurisdiction) and provide us the medical assessment. We will introduce you to the best banks in Belize in order that you can open a bank account to make the deposit or receive your pension.
We will handle all paperwork with the Belize Government, which will conduct a due diligence check. Once your application is approved, you will receive your QPR card. The whole process takes within 1-2 months.
For further information on Belize Qualified Retired Person Incentive Program and detailed procedures, contact us for a free private consultation.