AmbergrisCaye.com Home Forums Belize Life Living in Belize Retirement Income Requirement?

Hi all. New poster here. I'm exploring Belize for retirement (after visiting, of course), and have gotten confused about the income requirement.

For the Retirement Program, most sources cite a proveable $2,000US monthly income requirement, but I've read also that only $1,000 is required if it's something like Social Security.

And then there is Permanent Residency (I guess), the requirements of which I know nothing.

In a nutshell, then, would anyone be so kind as to give me a brief overview of the income requirements for retirees, and if there are practical alternatives for a retiree (with some assets but less than a $2K monthly pension) who might wish to return to live permanently in Belize?

I need to know if I could ever qualify for residency before I invest in an exploratory visit.

Thanks.

Try this site: belizeretirement.org/faqs.shtml

The retirement program is for folks who plan to retire (not work at all).

The Permanent residency is entirely different. It is applied for after one year of living in Belize-you can not leave for more then 14 days. You may pay for a work permit during that year if you find a job or start a business. Cost $1,000us.

You can stay in Belize without either of these, you just go to immigration once a month and pay $25us for an extention. No one will ask about your income. Many folks live here,just getting their stamp, each month.

That said, on the island it is not cheap to live here. Cheaper on the mainland. If money is a factor you might consider Mexico. There are several ex-patriot communities in Mexico.

it is impossible to live on the Cayes for less than 1500usd per month as one of our less esteemed boarders has found out,to my cost, not his-living on the mainland in a grass hut in the middle of nowhere maybe you could make it on 1000usd per month (I doubt it)

Gone?

the main kicker as to how much you need to live here, really is housing. if you are in such a position to remove housing costs (buying your house down here outright) you need SIGNIFICANTLY less to live on. housing here on the island, hell rents in general including those of retail establishments, are SUPER HIGH. expect to pay $1000 BZ a month for a small apartment. Eating, drinking, and general entertainment are totally within your control, so its up to you on that point.

and, as expensive as golf carts are, depending on where you are from in the states, its still WAY cheaper to have cart here than a car in the states. Insurance alone is a huge savings.

NOW...having said all this...as pedro pointed out, and as you will read all over this board... LOTS AND LOTS of people move here underfunded. be realistic about how much you need to live on....or you'll have many financial worries.

FatAlbert, where did you read about the $1,000 requirement if it's from Social Security. I've never seen anything to that effect.

[quote=LOANSUM - AL K.
FatAlbert, where did you read about the $1,000 requirement if it's from Social Security. I've never seen anything to that effect. [/quote]

Well, LOANSUM, I'm embarrassed to say that I now can't find where I read that. I've surfed a lot of Belize pages recently.

I would be prepared to buy or build a home (after a prudent few month's renting), but I would apparently still have the problem of my pension being under the $2K-US requirement, so it's probably not going to work for me.

After a previous exploration in Mexico, my ineptitude in Spanish makes me lean more to an English-speaking country, hence my interest in Belize. Perhaps such a lower-cost option no longer exists in the Caribbean.

I thank you all for your kind and informative responses.

Forget the Retirement Program. It sucks! You can renew your visa every 30 days for US$25...and eventually get Permanent Residency...a very good program.... and theres no minimum pension requirement...just your ability to survive on whatever you have.

FatAlbert, as Capt. Jeff would say "don't give up the dream"! For $300 per year you can have your passport stamped each month. After the dust settles, the cost of applying for retirement status will be at least $1,500 to $2,000. My wife and I plan on spending 9 months a year on the Island, but I've looked into the retirement program and it doesn't appeal to me. We've already brought down everything we need to live in our condo. I'm really not concerned on saving duty on big ticket items........I don't have a plane or a boat that I can bring down. We'll be buying a golf cart locally. Go for it....only after you've visited for at least a month or two.....in all seasons.

Remember Dickens - annual income 20 shillings, annual expenditure 20 shillings and sixpence, result misery; annual income 20 shillings, annual expenditure 19 shillings sixpence, result happiness. Or something like that. And remember that the only unpredictable parts about unexpected expenses are their timing and amount - their existence goes without saying. Usually just when you're least prepared to meet them. MAKE SURE YOU HAVE A CASH BUFFER.

1500US a month is bare bones exsistense here

Try four kids, ex wives and a ever growing bar tab at Pedro's

SIN

Good advice Pedro2.

Anyone who is contimplating retirement(anywhere) should have something put aside besides the monthly income they are going to recieve from whatever retirement system they are under.

I disagree that it would take US2,000 to live in Belize. It's seems a lot more than the average Belezean makes per year. and 30+ % of the population is below the established poverty level However , I can understand why that amount has been legislated in.It is much less than many many othere countries.

If you can live as the locals, then of course you can live cheap, but I really doubt anyone could come close. I've been here since I was 17 and lived on $75US/week. I don't think most could handle it. I need at least $500US/week just to cover the basics.

SIN

I will bow to your local Knowledge Sir.

I am of retirement age, and make more than the required amount needed to retire there. Also I am a avid fisherman, and love to eat it as well. throw in some beans, and a chicken every now and then and i'm fine. The one missing factor tho is my bar bill. No way i could cover that as well.

So, Bill, all thos promises about MY bar bill... you were just teasing????

NO I wasn't I had already factored in your bar bill.

Thanks Bill - you're a pal! lol

Well, folks, all this input is very helpful. For what it's worth, I'm searching for a largely English-speaking, warm place near the water to retire (not to work, although I might eventually be persuaded to join a small business venture).

I would look to buy/build a home after a while, and should still have some IRA funds left over. After owning my home, I would like to be able to live decently* in a built-up area on about $1,200 US monthly.

If the cayes are too expensive for the above, do you think a mainland city (my geography's a bit fuzzy - Corozal?) nearby might fit the bill? Or should I keep looking elsewhere. I know there are many inexpensive countries nearby, but the need for Spanish is my downfall.

So, it appears that if the affordability numbers would work for me, after my arrival I should just keep renewing my tourist visa until I could work to gain permanent residency, right?

*"Living decently" to me is having A/C (or a dwelling that I can keep fairly cool), internet access, fairly safe neighborhood, and a "reasonable" barbill (ha - cheap beer anyway). Otherwise I'm ready to go native to a large extent, food-wise, basic needs, etc.

Thank you all again. I am reaping a great benefit from your practical experience and observations.

PS: I should add that it is just me, i.e, no family to worry about.

Just one example cost. Some girls rented my house for 6 weeks a few months ago, running the A/C fairly extensively. Their electricity bill for 6 weeks was US$450.

Is the rate for electricity the same on the mainland as in AC?
$/kwh. And what is the rate('s) at present?

FatAlbert - with no women to spend your money you might be able to make it here. It is a nice community, all a bit odd but tolerable and interesting. Why not a test run-don't burn your bridges yet? Rent a studio apartment for 3 to 6 months and just see how you like it and how much you spend.

For what its worth. I lived there several years ago, in a beach front condo, had at least 2 meals a day out, hosted friends from the states, large bar bill each month, golf cart, etc,etc. Average cost per annum (per my CPA) $US81,000. If you can do it for less and still maintain your living standard, good luck.

I rented a cute little apartment in the heart of town for over a year for US $325 a month. My electric was always under BZ $50 per month and small water bill. I seldom ran the AC - when it was too hot I walked the half block to the beach and went snorkeling. I ate almost all meals out; had a couple of places I "hung out" and became totally a part of the community. Since I don't drink alcohol nor smoke anything or use any other chemicals I found I could live very reasonably.
People have been honest here - Ambergris Caye is probably the most expensive place in Belize to live. To those of us who have settled here we think it is worth it.
However, I have met a lot of people who are happy in Corozal. It is on a bay rather than the reef but you might want to check it out. It also seems like Placencia is getting a lot of new building and San Ignacio in the mountains is pretty well settled.
You must come here with an open mind, travel around and see where you fit in. Good luck.

Any single person can make it here on $1200US a month, you just can't expect too much. No oceanfront apartments with maid service, or eating out every night or even shopping at certain stores on a regular basis. My experience is, whatever you think you can survive on, double it and you will be in the ballpark.

BiIl, "I disagree that it would take US2,000 to live in Belize. It's seems a lot more than the average Belezean makes per year. and 30+ % of the population is below the established poverty level ..."
Don't forget that many of these people are living in a one room apartment or tiny house with 3 generations of family members with them. I don't know a single gringo willing to do that. After all, you move here for a better quality of life not to be squashed in a room with 6 other people.

"I don't know a single gringo willing to do that. After all, you move here for a better quality of life not to be squashed in a room with 6 other people. "

Good point!

I suppose at the end of the day, It will depend on each persons life styles and thier personal needs and comforts.

You folks are good! Your encouragement -- along with its healthy pragmatism -- is greatly appreciated.

It seemed early on that Ambergris Caye was out of the question for my anticipated budget but, of course, I'm still hoping for that lower-cost place where the negatives of a tropical climate are alleviated somewhat, i.e., close by the sea breezes and which has perhaps a little less rain and humidity than I understand they get inland or farther south.

So, as the more populated cayes are probably impractical for my plans, I will look more at some of the coastal towns and try to plan a visit. Thanks again.

Guess what, it'll be even more expensive here next year, next month, next week.

We are growing so fast and looking for less people spending more money than the other way around (like Mexico).

SIN