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Postcards from San Pedro: living as an expat in Belize
I'm talking about Belize. My
name is Cormac. After more than 40 successful years in the medical industry in
Ireland, I was ready to retire with my beautiful wife.
But we knew we wanted something
different. Even if Ireland is known as one of the freest economies in Europe
and a relatively low tax jurisdiction, we wanted to optimize our taxation and
go somewhere exotic. Moreover, pension taxation in Ireland is incredibly
complex.
And where would we go? We had spent
our honeymoon in San Pedro in CayeAmbergris, and back then, we said we'll go
back to live there.
And that's what we did.
Belize is the only English-speaking
country in Central America and probably the most stable country in the region.
It is an ecological wonder, with unsplit beaches, organic farms, literal
hundreds of rivers, and mysterious jungles filled with undiscovered wildlife.
Belize is a place to relax. The
population density is a mere 17.2/km2, which means it's one of the
less densely populated countries on the planet. You can literally have entire
beaches and islands almost to yourself.
And I haven't even mentioned it's
one of the least-known offshore tax havens in the entire planet. It's likely
the last El Dorado for offshore investment, banking, and tax planning.
Why did we choose Belize? I must
admit the main reason was its emotional appeal and its calm ambiance, but on a
more objective viewpoint, Belize is an amazing place to live because:
- There's
fantastic organic cheap food. Mennonites were one of the first European
settlers in Belize; they are traditional Evangelical Christian communities that
dedicate their lives to prayer and farming. You can easily find their products
in the farmer's markets, and they are entirely organic, without GMOs,
pesticides, or chemicals. The Mennonite tradition has settled in Belize, as
most farmers also use these traditional organic farming techniques, which makes
Belize one of the healthiest countries on the planet.
- Belize
is the only English-speaking country in Central America, and one of the only
two in Latin America, along with Guyana. But, unlike Guyana, it has a long
history of being a stable democracy. Belize is a full member of the
Commonwealth and has a legal and political system based on the Westminster
system with an independent judiciary.
- You
can actually live freely in Belize. We were surprised at first, but San
Pedro has zero crime and little to none police presence. Tax authorities won’t
bother you, and you can enjoy long walks at night by the beach.
- Aside
from its Belize city (which is not the capital), the country is incredibly
safe. Belize City is a no-go zone as it’s a hotspot of drug dealing with Mexico
and the US. Still, San Pedro, Cayo, Corozal, and other popular zones among
foreigners are as safe as the top touristic destinations in the Mediterranean.
- Belize is a fantastic offshore jurisdiction, with the best offshore banks in the Americas, solid trusts, a wonderful IBC regime, and some of the best tax optimization possibilities for foreigners, and especially for retirees.
Going to Belize
Belize has incredibly affordable
and easily obtainable residency options. In fact, all you need to show is that
you have a stable income of $2000 per month.
We sold one of our apartments in
Dublin for about €600k while retained another, which we rented for €2.3k per
month. This ensured we had a steady income to live comfortably in San Pedro
aside from our pensions. The best? With less than half of the €600k, we bought
an incredible beachside property in San Pedro and were able to open a small pub
for tourists and expats.
Mundo has partnered with the
biggest developer in Belize to offer an unparalleled package that includes:
- A
seaside piece of land with financing;
- A
company for the land and a trust for the company;
- A
bank account;
- A
residencepackage.
All for the best prices in the
market. Contact us to know more about this offer.
And emigrating there is as simple
as you imagine.
Belize has fantastic residence
programs, which are among the most cost-effective in The Americas and even the
planet. There are some well-known destinations for residence, such as Panama,
the varied EU golden visa programs, and the US E-2 Visa, but Belize is somewhat
overlooked. That makes it one of the most undervalued options in the market
We applied for the qualified
retirement program. You can apply if you're over 45 years old and can
demonstrate you have a monthly income over $2000 per month, which we easily had
between our rented apartment in Dublin, our pension, and our tourist pub. This
brought terrific benefits for us, such as:
- Zero
tax on our worldwide income in Belize.
- Duty-free
import of many products such as yachts and cars.
- We
only need to live 30 days per year in Belize.
Thanks to the last benefit, we are
planning a long trip through the Pacific Islands for more than half a year, and
we won't have any migratory or tax residency issues in Belize. We'll relax in
Bali, Fiji, Vanuatu, and the Australian Golden Coast without any problems.
Living in Belize
Belize is heaven on earth. We can
enjoy long walks in the morning in San Pedro's beaches and,at the weekends,we
can drink some exotic cocktails, get to know people from all over the world and
snorkel in the kilometers of coral reef in Belize.
Sometimes we miss the fuzz of a
larger city, so we take our boat and go to Chetumal on the Mexican side of the
border. It's not a large city, but it has amazing malls and restaurants. We can
enjoy having some shop-till-you-drop days for a fraction of the price than in
Europe, full seafood dinners at incredible prices, and access to the cultural
richness of the Mayan ruins in the city.
And if you want something even
bigger, you can catch a plane and be in Miami or Panama City in less than two
hours.
If you're wondering about safety,
the main issue in Belize is drug trafficking. That means Belize City is a
hotspot for organized crime, and we don't recommend you spend too much time
there unless you're going to the airport or must solve an issue with a public
institution. However, the rest of the country is incredibly safe. San Pedro is
an island west of mainland Belize that isn't only physically separated from the
continent, but also spiritually distinct from its unsafety, poverty, and many
other issues. The island is a summer tourist destination, and there is a
significant community of expats living there, which means there aren’t many
safety concerns.
But the best of Belize is its
freedom, especially in places such as San Pedro. You won't have the government
and especially tax authorities bothering you, there's almost no police, and you
won't suffer any restriction on your liberties. You come to Belize to chill,
and the government won't change that. No currency controls, no taxes, no
government interference, and no major business restrictions.
On top of that, you have some of
the best offshore banks in Latin America that offer incredibly wealth
management services for foreigners.
If you want to know more about our
banking services in Belize, check out our article.
One of the things that will help
you adjust to the pace of Belize is understanding that the lifestyle is more
relaxed here. There is no need to plan every day or rush from one activity to
another. People tend to slow down and take their time. That's perfect if you
come to Belize to retire after a lifetime of hard work.
At first, this may be difficult for
those with a more dynamic personality, but most visitors adapt relatively
easily. Once you do, this slower pace will actually feel like a lot of fun.
As you go through your day, you
will meet some of the friendliest locals wherever you go. It is usual for
people to greet you from across the street, share a joke, or treat you as if
they have known you for years. Let things flow. When someone smiles and says hello,
return the gesture. Joke with them, and feel free to engage in conversation.
You'll be surprised how quickly you'll pick up the habit.We're Irish, so we are
somewhat used to people like that, and we felt at home incredibly quickly
thanks to Belizeans.
Land transportation is not a
problem. Many resorts and hotels offer transportation services to multiple
points around the country.
Additionally, consider that, if you're
in San Pedro or one of the other surrounding islands, you probably won't mind
having your own transportation. Walking or cycling in certain areas will work
well. Golf carts are a particularly popular option for getting around in many
areas of the islands.
Still, if you came here to retire,
there might be some days that you don't feel like walking or cycling. But taxis
aren't expensive and are easy to find, and you always have the option of buying
a car, which generally costs about the same they cost in Europe or the US.
You can take a water taxi from
Ambergris to many of the neighboring islands. It is an excellent attraction for
those who wish to experience authentic Belizean culture while having access to
beautiful beaches, snorkeling, scuba diving, resorts, shopping, and lots of
entertainment.
Overall, we spend about $2500 per
month, including our health insurance, all bills, cellphone, internet, TV,
transportation, food, gym subscriptions, and weekend travels to other islands,
Chetumal, dining out, and other entertainments.
After 40 years of hard work, living in Belize seems like the perfect reward. I'd like to tell you more, but we're about to go to CayeCaulker to spend the weekend there swimming and drinking cocktails.
Belize is one of the most overlooked offshore jurisdictions. The best is that you don't need to be an ultra-multimillionaire to be able to live and invest there. Check out our Country Focus
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