The Time to Head to Retirement
Is it time to head to retirement? Where is the Retirement? What are the Qualifications? Here in Belize the Qualified Retirement Program (QRP) gives citizens who have met their income requirements a chance to finally relax and retire. Proof of permanent or continuous income from a international and local investment and benefits or pension of retirement. There are other qualifications necessary.
What are the other Qualifications?
There are other qualifications to head to Retirement starting off with, the person retiring must be 45 of age or older, the dependents only include the spouse and children below the age of 18, children under 23 of age can be allowed by providing a school enrollment certificate. There must be a beneficial recipient of a pension or annuity of USD $2,000 monthly or annually USD $24,000 from a source outside of Belize. The person must be able to provide a written undertaking to deposit the amount in a bank in Belize. A security clearance must done by the Ministry of National Security in Belize. Lastly, remain Belize within 3o consecutive days annually.
What are the Benefits?
When accepted into the Qualified Retirement Program you are authorized to follow the Belize Incentives Act; which is chapter 62 of the Laws of Belize, Revised Edition 2011. There is QRP Resident card. The QRP and resident dependents receive this card that entitles them to stay with in the country. To clarify this allows multiple entries in Belize without a visa. To list tax exemptions, the QRP is exempted from all taxes and duties from incomes received from outside sources. With this in mind Duty Exemptions, the QRP is entitles to duty exemptions(personal boat, personal aircraft less than 17000 kg and personal motor vehicle model must be within last 5 years purchasing of a new vehicle is allowed every 3 years ) use within the first year of acceptance only.
What is the Application Process?
With attention to Belize Tourism Board (BTB) on #64 Regent Street, Belize City, C.A you can get an application. all payments are in USD cash or USD cashier’s check. To conclude the necessary Birth Certificate, Marriage Certificate, Authentic Police Record, Passport, proof of income ,medical examination and photos.