Ready to Retire? Consider Banking in Belize

Retirees with LaptopIf you’re planning to retire in Belize, then consider yourself in good company. Many individuals from across the world head to Belize during retirement thanks to the wonderful climate, affordable real estate, incredible beaches and low tax rates. Of course, those who are planning to live in Belize or purchase vacation homes in the country will want to open local bank accounts.
 
Even if you aren’t planning to reside in Belize, banking in Belize can be a fantastic option for retirees. Find out some of the greatest advantages that retirees can take advantage of when opening bank accounts in Belize.

Banking in Belize Offers Lower Costs

During retirement, many people are operating on a fixed budget. In order to free up money to spend in a new area, they have to cut back somewhere else. One of the quickest and simplest ways to cut back on fixed expenses is by choosing a bank account with lower operating costs. Financial operating costs are often related directly to the jurisdiction’s overall cost of living.

 
Banks in Tokyo, for instance, will charge customers higher fees to compensate for Japan’s high cost of living. By choosing to bank in Belize, where the cost of living is low, you can benefit by taking advantage of lower bank fees. This is a smart way to pay less month after month for management fees, financial guidance, trust management and savings accounts, but you won’t have to accommodate any reductions in quality or service.

Residents and Visitors Can Access the Local Currency With Ease

The convenience and appeal of retiring to Belize means that there are an increasing number of retirees heading to sunny shores in Central America. Once they arrive, they will need access to the local currency to purchase real estate, pay utility bills and go shopping. Rather than converting assets to Belizean dollars, it is far simpler to open up a local bank account.

 
Thankfully, banking in Belize is a breeze, and opening up an account is straightforward and quick. Even if you just plan to purchase a vacation rental property or spend a few weeks each year in Belize, having a local account can make daily life far simpler.

Account Holders Can Enjoy Significant Tax Benefits

It is important to remember that you don’t need to live in Belize, or even visit, in order to take advantage of the benefits that local financial institutions can offer. In particular, storing assets in Belize banks mean that you may be eligible for substantial tax benefits.

 
Foreign investors who maintain assets and investments in Belize can qualify for reduced or even nonexistent income and capital gains taxes, two things that can greatly increase profits annually while reducing expenditures.

Belize Banks Offer the Same Great Financial Services You Expect

Perhaps best of all, banks in Belize offer all the most necessary and desirable financial services that account holders from around the world have come to expect. You can bank online, ensuring access to your assets from anywhere on the planet. Retirees can utilize everything from checking accounts to trusts to financing for second homes in Belize.

Whether you’re already enjoying retirement or planning for it in the future, banking in Belize can be an incredibly helpful option for your finances.

 

Contact us today to discuss your investment needs.

 
 
 

About this author


Caye International Bank Limited (CIBL) was granted an Unrestricted "A" Class International Banking License on September 29th, 2003 by the Central Bank of Belize and is regulated by the Central Bank of Belize which set the standards for liquidity and capital adequacy.