For decades, retirees have been catching on to the advantages of banking offshore during their retirement. During this stage of life, most people are eager to protect their assets, spend as little as possible on banking maintenance and overhead fees, provide for their loved ones in the future and still manage to enjoy a relaxing way of life.
For these reasons and many more, offshore banking is a top pick. However, with so many potential destinations to choose from, you might wonder why banking in Belize is such a popular option. Find out more about the appeal of banks in Belize for retirees from around the world.
Low Cost of Living—Low Banking Fees
One of the biggest factors in selecting the right bank or the right global destination for your retirement bank accounts are the average banking fees.
These fees are the expenses you’ll have to pay for things like maintaining an account or managing a trust fund, and they can vary considerably depending on the bank location’s average cost of living.
In places like Belize, where the cost of living is still quite low, these fees are minimal and can help you protect your assets.
No Capital Gains Taxation
Turning a profit on an offshore investment is generally considered good news, but it can be frustrating to subtract from your profits when it comes to capital gains tax. In Belize, there are no capital gains taxes for foreign investors. This translates to greater profit potential on your retirement investments and a greater chance of growing rather than subtracting from your net wealth.
Proximity to the United States and Affordable Real Estate
Logistically, Belize is a fantastic location for banking during retirement. Any retirees who want to move overseas and enjoy an affordable place to live that offers warmth, beauty and a vibrant atmosphere would be hard-pressed to find anywhere better than Belize.
Since it is so close to the United States, offers a fantastic healthcare system and is still one of the cheapest places on Earth to buy beachfront property, Belize and its banks are ideal for retirees.
Government and Banking System Stability
Finally, there is no question that stability is a major motivator for retirees. Thankfully, Belize is a destination with both a stable economy tied to the United States dollar and a reliable, non-intervening government, both of which are vital to an investor’s peace of mind.
Belize is a top pick for a number of savvy retirees. Dive deeper into the appeal of retirement banking in the country of Belize.
