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#224962 - 12/30/06 08:55 PM Retirement Income Requirement?
FatAlbert Offline
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.
_________________________
Al Foster

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#224974 - 12/30/06 10:12 PM Re: Retirement Income Requirement? [Re: FatAlbert]
indygal Offline
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.

_________________________
Life is not about waiting for the storm to pass, it's about learning to dance in the rain.

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#224978 - 12/30/06 10:52 PM Re: Retirement Income Requirement? [Re: indygal]
Pedro1 Offline
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)


Edited by Pedro1 (12/30/06 10:53 PM)

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#224980 - 12/30/06 11:05 PM Re: Retirement Income Requirement? [Re: Pedro1]
indygal Offline
Gone?
_________________________
Life is not about waiting for the storm to pass, it's about learning to dance in the rain.

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#225009 - 12/31/06 04:14 AM Re: Retirement Income Requirement? [Re: indygal]
LaraTravelBelize Offline
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.
_________________________
Lara
Romantic Travel Belize
www.romantictravelbelize.com
www.lemoncrushbelize.com

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#225063 - 12/31/06 07:25 PM Re: Retirement Income Requirement? [Re: FatAlbert]
Loansum-Al K Offline
Originally Posted By: FatAlbert

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.


FatAlbert, where did you read about the $1,000 requirement if it's from Social Security. I've never seen anything to that effect.
_________________________
I'm happier than a pig in s__t...a foot on the sand...and a Belikin in my hand!

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#225067 - 12/31/06 08:53 PM Re: Retirement Income Requirement? [Re: Loansum-Al K]
FatAlbert Offline
[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.
_________________________
Al Foster

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#225068 - 12/31/06 09:06 PM Re: Retirement Income Requirement? [Re: FatAlbert]
San Pedro Daily Offline
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.

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#225069 - 12/31/06 09:08 PM Re: Retirement Income Requirement? [Re: FatAlbert]
Loansum-Al K Offline
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.
_________________________
I'm happier than a pig in s__t...a foot on the sand...and a Belikin in my hand!

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#225078 - 12/31/06 10:34 PM Re: Retirement Income Requirement? [Re: Loansum-Al K]
Anonymous
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.

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