Belize’s Qualified Retirement Program (QRP) aims to attract retirees and individuals wanting to spend their retirement in the country. Here’s a brief summary:
The QRP allows qualified individuals who meet specific criteria to obtain residency status in Belize. This program grants participants various benefits designed to enhance the attractiveness of retirement living in Belize.
Key features of the Qualified Retirement Program include:
Residency Status:
Participants in the QRP are granted permanent residency in Belize. This allowes them to reside in the country without limitations on the duration of their stay.
Tax Benefits:
Qualified retirees under the QRP are exempt from paying taxes on their foreign income, including pensions, investments, and other earnings outside of Belize.
Import Duty and Tax Exemptions:
Participants in the program have the entitlement to import personal belongings, including vehicles, household goods, and other items, without incurring import duties or taxes.
Travel and Reentry:
QRP beneficiaries can travel in and out of Belize without any restrictions and have the freedom to enter and exit the country at their convenience.
Retire and Invest:
QRP Members will be entitled to carry on business in Belize with approval, if the member meets the following qualifications:
- A Business Plan
- Proof of Investment of at least 1 Million Belize dollars (US$500,000.00)
- If the person has resided in Belize for at least 180 non-consecutive days.
- The Business must employ at least five Belizean citizens.
Benefits Include:
A QRP Member granted approval to carry on business in Belize will be eligible for the following:
- Permanent residency after designation as a QRP for five (5) years;
- For the grant of any other license or permit necessary for carrying on business in Belize;
- Practice philanthropy in Belize.
Eligibility Requirements:
To qualify for the QRP, applicants must now only be at least 40 years old, demonstrate a regular income meeting the minimum financial requirements of $2000 USD per month and prove their ability to financially support themselves without seeking employment in Belize.
Other means of income sources that are now acceptable include:
- Pensions
- Periodic Payments
- Social Security Benefits
- Legacy funds
- Reverse Mortgages
- Real Estate Assets
- Private Funds
- Pension Contribution Schemes
Application Process:
Individuals interested in the QRP must submit an application, including supporting documents and a fee, to the Belize Tourism Board (BTB). Once approved, participants are required to meet certain obligations to maintain their QRP status.
The QRP in Belize aims to encourage retirees to choose Belize as their retirement destination by offering attractive incentives. This includes residency, tax benefits, and import duty exemptions. It’s essential for potential applicants to thoroughly understand the program’s requirements and benefits before applying.
For the most up-to-date information on the Qualified Retired Persons program in Belize, contact the Belize Tourism Board directly.