Belize is Booming and Why You Should Care
If you’re at all interested in international finance, offshore banking, or international real estate, then you’ve probably already come across one fact time and again: Belize is booming. While that’s great news for a lot of people, you might be wondering why you should care about it at all.
The truth is that Belize is booming because there are so many great opportunities within the country for individuals, families, retirees, and businesses. These opportunities, combined with a safe, warm, and welcoming climate, have transformed Belize into one of the top vacation, retirement, and investment destinations.
Here are a few reasons why this booming tropical paradise should matter to you.
Opportunity for Offshore Real Estate Investment
It is no secret that Belize is gaining popularity as a smart place for real estate investors. To start, the cost of property is far lower than you might expect. A residential lot or a home close to the beach, for instance, can be cheaper than similar settings in places like Florida. Celebrities like Francis Ford Coppola and Leonardo DiCaprio own real estate in Belize, and many other actors, musicians, and executives are following suit.
In some international destinations, it is challenging for a foreigner to invest in real estate. In Belize, there are no restrictions on property ownership. Wherever you come from, you’re allowed to purchase land in Belize with no limitations. In fact, you can even purchase land through an offshore company, if that is preferable to you.
What’s more, property taxes are very low in Belize. Compare that to some beachfront destinations where real estate is affordable but annual property taxes minimize any profits. In Belize, property taxes are based on the undeveloped value of the land. Even if you build a million-dollar house on the lot, you’re only paying taxes on the lot value, which is a fantastic deal for investors.
Since tourism and vacation rentals are up in Belize, many individuals invest in real estate and then use the property as a vacation rental. This is a fantastic source of income, and there are property managers that can handle the day-to-day logistics of renting in order to save you time.
Belize is a short flight from many major cities, making overseeing your real estate investment a breeze.
Take Advantage of Overseas Retirement Benefits
Retirement means something different for everyone. While some people want to work as long as possible, still more are ready for a slower pace as soon as it is financially possible. Of course, retirement also means living on a fixed budget, at least for most people. If you want your retirement funds to go further, it may be worth moving to a destination where you get a more bang for your buck.
While some countries have many restrictions when it comes to who can retire there, Belize makes it easy. The QRP, or Qualified Retirement Program, has clear guidelines and allows more people to retire in Belize than ever before.
Here are the requirements for those who want to retire in Belize:
- Must be 45 or older
- Must have income/pension of more than USD $2,000 monthly or USD $24,000 annually
- Must stay in Belize for at least 30 consecutive days annually
- Must be willing to deposit minimum income in a licensed Belize bank
- Must pass security clearance by the Ministry of National Security in Belize
- Dependents only include spouse and children under 18 years of age
If you meet these relatively easy requirements, then you can qualify for the QRP in Belize. When you do, you’ll enjoy benefits like no import duties on your personal effects during the first year, freedom to enter and exit the country at will, set up a U.S. Dollar bank account with an offshore bank in Belize, and more.
Solution for Legally Reducing Taxes
Way back in 1789, Benjamin Franklin famously said, “…but in this world, nothing can be said to be certain, except death and taxes.” Had he spent any time in 21st century Belize, perhaps he would have thought differently. Taxes do still apply in Belize, but many foreign investors will notice that tax rates are reduced or even nonexistent in certain categories.
Property taxes, for example, are far lower than elsewhere in the world. Plus, even more importantly, there are no capital gains taxes in Belize. That is a tremendous advantage for those who want to maximize their profits without seeing taxes erode their hard-earned wealth.
Also, as a retiree who is part of the QRP program, you won’t pay taxes on any income sourced from outside of Belize, and you won’t pay duty on household exemptions like a car, boat, and even light aircraft.
The Perfect Location for a Second Home or Vacation Destination
Even if you’re not ready for overseas retirement just yet, Belize is a popular place for anyone interested in buying a vacation home. Tourism is booming in Belize, and it is easy to see why so many people from around the world flock here on holiday. The beaches are beautiful, the culture is vibrant, the weather is amazing, and there are countless opportunities for indoor and outdoor recreation.
Belize may appeal to you if you are searching for a warm-weather vacation property that won’t be too expensive. You might find a spot that is perfect for long summer trips or even family reunions. Best of all, these vacation properties are easy to rent out when they are not in use, turning your vacation home into a solid investment.
Enjoy New Financial or Banking Opportunities
One of the most significant ways that Belize is flourishing is through its financial sector. People and businesses from around the world choose Belize for their offshore banking needs. In Belize, legislation explicitly protects the privacy of the account holder, which is a big bonus to many.
Banking offshore can mean greater financial diversification. It can also mean better asset protection and less tax erosion. Belize offers all of these benefits as well as the added bonus of high bank liquidity rates and the fact that English is the primary language of business in the country.
How Will You Benefit from the Booming Belize Economy?
Clearly, Belize is a hotspot for a number of important reasons. Whether you’re ready to make new financial moves, diversify your holdings, or plan for an affordable beachfront retirement, Belize might just be the perfect destination for you.
Through Caye International Bank based on the beautiful island of Ambergris Caye in Belize, you can set the stage for your next move. Take full advantage of all that Belize has to offer once you’ve established a banking hub in Belize through Caye International Bank.