The Cost of Retiring in Belize
Belize is one of the most popular destinations in the world for retirement. Belize has numerous benefits for retirees, including retirement-based residency, waiving of importing fees for personal objects and vehicles, and tax exemptions which make retiring in Belize surprisingly cost-effective. If you want to know more about the cost of retiring in Belize, consider the following guide which will help you understand the total cost of retiring in Belize.
If you want to retire to Belize, you will need to qualify for the Qualified Retirement Program, which allows for anyone 45 and older (along with their families) to establish residence in Belize. The QPR requires that you have a yearly income of $24,000 or more.
The cost for processing the QRP is $2,100.
Belize Cost of Living
When compared to other retirement destinations, Belize has a remarkably low cost of living for most items, especially food items that can be grown locally such as fresh seafood and many types of produce. The total for renting or buying a property and the monthly cost for expenses such as utilities are also much lower in Belize than in other areas. This is especially true in less popular areas outside of retiree communities and tourist-heavy islands like Ambergris Caye. For instance, a nice apartment in Ambergris Caye may cost $1,000 per month but a home in a small village maybe just $200 per month.
Utilities–including electricity, water and sewage–is around $100 per month in most areas of Belize. Internet costs can vary but tend to hover around $100 to $150 per month in most areas.
As a whole, the cost of living in Belize is anywhere from 40 to 80% cheaper than the cost of living in most areas of the United States, including St. Petersburg in Florida and Phoenix in Arizona.
Figuring Out Total Cost of Retiring
Figuring out your expected cost for retiring in Belize is relatively easy as long as you take a few moments to lay out the most common expenses for retiring in Belize and combine them with the total cost for rent (or purchasing a home) and utilities once you move to your new home.
First, add up the total processing fees expected for processing your QRP application and approval. Then add up the cost of airfare to Belize along with any associated moving costs, such as transporting your personal objects into Belize or paying for extra baggage fees on the airplane. Then add up the total cost of your new home or apartment, whether the expenses are singular in a purchase or will continue through monthly expenses. Finally, consider how much food and other household items you’ll need to buy on a monthly basis and make an educated guess regarding the total cost. When you add up all of these numbers, you will have an educated estimate of how much it will cost you to initially retire to Belize.
Even when you choose a less modest accommodation, you will find that retiring to Belize is significantly less expensive than retiring to areas with a similar quality of living.