After working for 30 or 40 years of your life, it is normal to want the opportunity to be able to retire. If you are lucky, you may even be able to retire young. Either way, most people look forward to retirement, as it is often a time for relaxation. A time when all your hard work has paid off and you can enjoy the fruits of your labor in the country of your dreams. Since many folks have chosen Belize as their ideal retirement destination, the Belize Tourism Board has decided to create a retirement program that facilitates retirees. It is called the Qualified Retired Person (QRP) Program.
The Qualified Retired Person Program was introduced by the Belize Tourism Board (BTB) in 1999. It is a retirement program that was established especially for individuals who have an expected income from a pension, an annuity or an investment and are looking to live in a warm, tropical climate such as Belize.
The Qualified Retired Person Retirement Program (QRP) has many benefits. Those benefits are as follows:
1. Import your personal household effects free of duty and taxes.
2. Duty Free and Tax Exemptions when importing your Motor Vehicle, light aircraft or boat every 5 years
3. Exemption from all taxes on income and receipts
4. Spouse and Children under the age of 18 are included in the program
5. Permission to conduct business from within Belize if business activities are conducted outside the country.
6. Allows the applicant to maintain their non-residency status for purposes of banking with an international bank in Belize.
The qualification requirements to enter into the retirement program are quite simple. The applicant needs to be forty-five (45) years and older and may be a citizen of any country except Belize. The retirement program does not only stop with the applicant. Instead it gives the applicant the option to include his/her spouse and children under the age of eighteen. If the applicant has a child who is 23 years old or younger and enrolled in a University, that child may also qualify to become a dependant and enjoy the same luxuries.
To begin the process, the applicant is encouraged to obtain assistance from a Registered Agent, an Accountant or an Attorney to prepare the paperwork. There are two forms to complete which are the Application Form and the Terms and Conditions. The applicant is required to submit supporting documents such as Birth Certificate, Marriage Certificate, Authentic Police Report, Passport, Proof of Income, Medical Examination and Photos. Once these are submitted and approved by all parties involved, the normal time frame to obtain QRP Status is approximately 2-3 months.
Under the retirement program you do not become a resident of Belize, however you are welcomed to stay in Belize as long as you want without having to make a monthly payment of US$25.00 to the Immigration Department. You are also allowed to do your banking at any of the local or international banks in Belize. You may also set-up a Belize International Business Company (IBC) and establish a trust.
Although you may not be gainfully employed while in the program, as long as you maintain the Qualified Retired Person status, you are encouraged to invest in the country, hire Belizeans and even profit from the established business. Therefore, the retirement program is a win/win for everyone.
You can always contact Atlantic International Corp. Services Ltd to see if the Qualified Retirement Program is right for you. It can be the best decision you make for your retirement and it can even encourage you to retire early. Come and experience Belize today!