How to Retire in Belize in 2022

How to Retire in Belize in 2022

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Introduction

Here are important information on how to retire in Belize, including costs and visa requirements.

While many Americans are considering where to retire domestically, some are also thinking about retiring abroad. This is primarily because other countries, like Belize, frequently provide more affordable housing options and alluring weather. And in some nations, a couple can get by on a single social security check comfortably.

There isn’t a single retirement strategy that works for everyone. How much it will cost you to relocate to and retire in Belize depends on you and your lifestyle.

How to Retire in Belize: Cost of Living

According to Numbeo, a website that compiles information on global cost of living, the cost of living in Belize is roughly 31% less than that in the US. But how much do you need for your monthly allowance? That sum may vary depending on where you live and how you manage your finances, but you might very well be able to get by on a monthly spending cap of between $1,200 and $1,500. Overall, your choices regarding housing, food, and transportation costs, for example, could significantly increase or decrease your monthly expenses.

How to Retire in Belize: Food and Housing

How much you’ll pay for housing and food largely depends on the exact retirement location you opt for.  Wherever you choose to live in Belize, you’ll probably be able to save a lot of money on living costs. According to Numbeo, the average rent in the country is roughly 75% less expensive than the rent in the US. For instance, a one-bedroom apartment in Belize City would cost about $300 a month if you were to retire there. In the same city, a three-bedroom apartment would cost you over $1,000 a month.

Apartments with three bedrooms typically cost more than $700 outside of Belize City’s central district, whereas one-bedroom apartments cost around $240.

However, if you choose to reside on an island in Belize, such as expat area Ambergris Caye, your expenses will increase. For one- and three-bedroom apartments, the rent may range from roughly $650 to $1500 a month, according to Numbeo.

When it comes to buying a house, a simple Belize-style home in a rural area could be yours for as little as $15,000 compared to a luxury villa in San Pedro which might cost you $500k or more. In Ambergris Caye, resort-style living quarters will cost about $200k.

As you can see, there are significant regional differences in the average house price. The undeveloped Cayo and Punta Gorda are among the less expensive areas, where you can purchase several acres of land and have a house constructed for less than $100,000.

Prices for food vary by city as well. A mid-range meal for two may cost $50 in Belize City, while a similar meal for two in Ambergris Caye would probably cost around $73.

How to Retire in Belize: Visa Requirements

Belize offers two primary residency options for retirees. Expatriates have the option of applying for Belize’s Qualified Retirement Persons (QRP) program or obtaining permanent residency status. But it’s crucial to recognize the variations between the two choices.

You must reside in Belize for at least 50 consecutive weeks out of a full year before you can apply for permanent residence. You cannot leave the country for more than 14 straight days during this time or your application may be rejected. However, in order to stay for that length of time, you will need to obtain a visitor’s visa, also known as a tourist card, and renew it each month until your application for permanent residency has been approved. You can renew your card for a small fee if you want to stay in Belize for up to 30 days without a visa.

Although it’s not the only option, this path does come with some noteworthy benefits for prospective retirees. One benefit of having permanent residency in Belize is the ability to work there without a work permit. Additionally, there won’t be any restrictions on your ability to travel inside and outside the country. If your application is accepted, you have five years to submit an application for full citizenship.

On the other hand, the QRP option gives its accepted members a more flexible residency path. The program currently costs around $2,100 per couple and applications are accepted from people aged 45 and above who have a minimum fixed income of $2,000 a month. Your spouse and kids can also take advantage of the program. To keep their QRP status, members only need to spend one month in Belize each year, and they are free to travel in and out as they please. Additionally, you’ll need to demonstrate that you have access to $24,000 in annual bank deposits in Belize. You can demonstrate your income with the help of a pension, retirement savings, or Social Security-related fund.

The QRP also allows you to move all of your possessions to Belize tax and duty-free. If you select this residency option, however, you won’t be able to find employment in Belize.

How to Retire in Belize: Healthcare

Belize provides both free and paid healthcare options. You will pay less for both options than the national average for health insurance in the US. You will have a variety of public medical clinics to choose from if you move in Belize, but you won’t have much access to private clinics.

However, as long as the treatment is given by state-run establishments, the Belizean government also provides residents with free public healthcare. Public clinics typically only handle minor illnesses or injuries, while private clinics handle more serious conditions. However, expatriates also have the choice to travel back to the US for urgent medical attention. Establishing evacuation coverage through a global health insurance policy will enable you to do this. In some cases, people also travel to various cities in other nations in search of better medical services.

How to Retire in Belize: Places to Live

There are many coastal and inland cities to consider when deciding where to retire in Belize.

Ambergris Caye – San Pedro

Ambergris Caye is one of the most well-known coastal communities with more than 15,000 people living on the island, which is off the nation’s coast. Although it has a higher cost of living, it provides the best surroundings for those seeking beautiful beaches to along with a wide range of water sports.

The island of Ambergris Caye is simple to navigate. You can opt to walk or bike around in the neighborhood even in areas with higher population densities, such as San Pedro. Consider using a golf cart, which is the most popular form of transportation on the island.

The island is only about 1 mile wide and 40 miles long, so you can easily travel to a variety of entertainment venues, fantastic restaurants, favorite pubs, or a quiet area where you can take in the island’s natural beauty and sunshine.

Belize City

Belize City is a good option for people who prefer a more relaxed pace of life but still want easy access to big city amenities. Additionally, cruise ships frequently dock here, which is also where the main airport is situated. You’ll find hotels, medical services, tourist attractions, fashionable boutiques, and other features typically found in larger cities in Belize’s largest city, which also serves as the country’s financial and industrial center.

Belize City is known for its diversity. People from all cultural backgrounds frequently relocate here. Don’t be surprised if strangers start up a conversation with you in stores, restaurants, or at festivals because people in Belize City are friendly to one another.

Caye Caulker

Go slow is Caye Caulker’s catchphrase, and the island is definitely laid back. Caye Caulker has fewer residents, which makes it the perfect place for those who prefer a more relaxed pace and quieter environment. You can unwind, take it easy, and reduce your stress levels here. In addition to having lovely views, the area has reasonable living expenses.

It is smaller and less developed than Ambergris Caye, but it shares some of the same features and amenities. For instance, there are some drawbacks to the medical system and internet connection, and the streets of Caye Caulker are made of packed sand. But a 20-minute boat ride will get you to Ambergris Caye, and a high-speed water taxi will take you to Belize City in 45 minutes.

Cayo – San Ignacio

Cayo is a good place to consider if you wish to live close to nature amid lush forests, rivers, and stunning waterfalls. If you love the outdoors, you can hike as much as you want in Cayo and partake in sports like horseback riding.

Another distinguishing feature of Cayo is affordability. The cost of living in San Ignacio is among the lowest in the nation, even if you decide to live there rather than in one of the nearby small towns like Cristo Rey. Cayo regions are also great for people who want to choose a sustainable way of life with little to no reliance on the grid.

Corozal District

The Corozal District is one of the best areas for people on fixed incomes to reside because it is close to the Mexican border. Crossing the border to shop at big-box stores makes the most of limited funds and is simple to do.

There is a sizable expat community in the district, and housing is extremely affordable. Some claim that this environment offers the best way to live frugally and simply while still being close to the conveniences found in more populated areas.

Placencia Peninsula

The Placencia Peninsula could be viewed as Ambergris Caye’s mainland counterpart since you can take advantage of gorgeous beaches and water views. The larger number of nearby residents is one thing that is absent, though. Expect fewer housing options, such as condominiums, because relatively few people choose to settle there.

However, finding a place to live is not difficult. There is plenty of space to enjoy some peace and quiet, a more relaxed way of life, and lower overall costs.

You’re not too far from places that have more to offer in terms of entertainment and nightlife, like many areas of Belize. That makes it simple to leave for a bigger city when you need something while still taking in the peace and quiet of Placencia Peninsula.

Sarteneja

Sarteneja is a hidden gem in the Northern Corozal District. Certainly, the local culture and cuisine are influenced by the area’s proximity to the Mexican border. Spanish will also be spoken more frequently, though anyone who speaks English will have no trouble communicating with others.

Sarteneja offers a laid-back way of life that is ideal if you prefer to keep things straightforward. If you value the idea of a natural way of life, it can be the perfect location thanks to the warm culture and stunning beaches.

Toledo District

Some people tend to refer to the Toledo District as the “forgotten district” of Belize. The reasoning is that the chief city – Punta Gorda – isn’t known to be a destination for many expats. The result is that the city’s culture has been less impacted by tourism than some of the other areas of the country. That may change over time as more expats begin to discover the District and seriously consider it a place to settle.

The Toledo District of Belize is sometimes referred to as the country’s “forgotten district” because the main city, Punta Gorda, isn’t known to be a popular destination for many expats. As a result, compared to other parts of the country, the city’s culture has been less affected by tourism. That could change over time as more expats become aware of the district and begin to seriously consider relocating there.

The Toledo District continues to stand out for its simplicity. Beautiful beaches and straightforward pleasures like fishing are available to you. The rainforest is also easily accessible. There aren’t many options available in terms of nightlife and entertainment. You’re likely to be happy here if you want to get to know your neighbors and live in a nice, affordable community.

Should You Retire in Belize?

All things considered, Belize offers affordable living costs as well as flexible visa options for potential foreign retirees. The fact that English is also the official language of the nation may make moving easier for English-speaking Americans. You will likely hear a combination of Spanish and English, but it’s important to keep in mind that many native Belizeans still speak Spanish. In comparison to the cost of living in the US, housing and food expenses are significantly lower. You may still be able to travel to the US for emergency-related conditions, despite the potential limitations of private health care options.

Belize is quickly growing in popularity among expats looking for a simple life. In addition to stunning natural beauty, and ideal weather, Belize also has lax residency laws. Although Belize’s average income is lower than that of its neighboring Caribbean nations, such as the Bahamas, the relaxed way of life and lower cost of living make it a great place to retire.

However, before deciding to retire abroad, it’s crucial to consider a number of other aspects, such as crime, politics, and the environment. Although the country of Belize has affordable living costs and competitive housing policies for expatriates, corruption and crime still exist there (like in many other territories). Because of this, you ought to evaluate Belize from a broad perspective before deciding to call it home.  

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Adam is an internationally recognised author on financial matters, with over 760.2 million answer views on Quora.com, a widely sold book on Amazon, and a contributor on Forbes.