Investing for Survival
New
Caribbean Nation Wants U.S. Retirees…
This laid-back Caribbean country has it
all:
a stable,
democratic government, easy residency options, inexpensive beach properties,
very few taxes (in fact, it’s one of the world’s top banking and tax havens)…
and English is the official language.
There’s
a little country in the Caribbean…a new country, in fact, having just
gained its independence in 1981. Only about 312,000 people live here…in the
entire country!
It’s a
place where palm trees sway in rhythm with the gentle waves of clear warm
waters caressing soft white sands.
People
greet you with a smile and a cheerful “Good Day.” They’re genuinely happy. And
why wouldn’t they be? They live in paradise.
They
enjoy fresh fruit for breakfast, fresh fish for lunch, and celebrate the end of
every blissful day watching the sun set over the Maya Mountains or (if they’re
on one of the many islands that dot Belize’s coast) the Caribbean.
Worries
are few. The cost of living is low…less than half what you’d spend in the rest
of the Caribbean or the U.S. Property prices, too, are extraordinarily low. In
parts of this paradise…virtually unknown to foreigners…you can buy a beach home
for as little as $55,000. Even on its most popular ‘upscale’ island, where
bargains are hard to come by, a brand-new condo can be had for little more than
$100,000.
What’s
more, if you’re not doing business in Belize, personal taxes are
practically non-existent: 0% income tax on foreign-derived income. Plus,
there are 0% capital gains tax, and 0% inheritance tax.
In
fact, Belize is known as one of the world’s best banking and tax havens,
offering several legal structures to protect your financial assets and reduce
both your personal and corporate tax burden even more.
All
this, plus it’s ridiculously easy to get residency.
Best of all, in addition to being one of the world’s last true tax havens,
English is the official language.
Yet
amazingly, this country and its benefits remain relatively unknown except to a
savvy few.
The Last Affordable Caribbean Haven
Over
the years, the world has started to take notice of little Belize. Celebrities
like Leonardo DiCaprio, movie director Francis Ford Coppola, and
singer-songwriter Jerry Jeff Walker have quietly purchased homes there. Many
more…like Tiger Woods, Reese Witherspoon, Harrison Ford, Nicolas Cage, and
Robert DeNiro…regularly vacation on its private islands and exclusive resort
hotels.
Madonna
fell so in love with the Belizean island of Ambergris Caye and its little town
of San Pedro that she wrote a song about it, which she still sings in concert:
“Last night I dreamt of San Pedro, tropical island breeze, all of nature wild
and free. This is where I long to be, la Isla Bonita…”
JUST TO GIVE YOU AN IDEA OF THE AFFORDABILITY
OF BELIZE:
Here’s
how much it costs to own properties on these well-known English-speaking
Caribbean islands: 1. Bermuda: Average condo price in 2008: $830,000. 2. St.
John, United States Virgin Islands: Average condo price in 2008: $634,000.
But in Belize, you can still own a luxury condo on Ambergris Caye – the
most country’s most popular resort island – for $100,000!
But
even though celebrities have found Belize, it remains off the typical tourist
radar. In fact, celebrities enjoy it for just that reason: there aren’t hordes
of tourists around and they can vacation in peace. And that tranquility (and
relative obscurity) is exactly what’s kept the country’s charm rating high and
its prices low.
BELIZE FAST FACTS
Despite
what you may think, Belize remains a little-visited country. Outside of cruise
passengers on day trips, only about 250,000 tourists visit Belize each year…far
less than most other Caribbean tourist destinations. (By contrast, each year
nearly 4 million tourists visit the Dominican Republic, and nearly 6 million
travel to Cancun, just a few hours north of Belize.) About half of the tourists
who visit Belize go to Ambergris Caye. And that’s exactly why real estate
prices are a bit higher there but remain so low in the rest of Belize…
“I’m on
Social Security now,” Jan says, and that’s what I live on. It’s very easy to
live here on $1,000 a month…and living on the island costs more than living on
the mainland. But the extra costs of living here are worth it. I’m on an
island…in the Caribbean…I live here because I love it!”
There’s Much More to Belize Than Ambergris
Caye… The Country’s Most Popular Tourist Destination
There
are many little islands off the coast (at least 200, say tourism officials) and
miles of Caribbean coastline that remain undiscovered by most travelers.
And
that’s where the real estate bargains are…
Belize
is a stable English-speaking member of the British Commonwealth with banking
laws designed to help foreigners protect their assets. Foreigners fall in
love with the country because of what it has to offer – relatively inexpensive
property, friendly people, a tropical climate, a magnificent seacoast, and
unparalleled diving, fishing and swimming.”
All This, And One of the World’s Best
Retirement Programs, Too!
For
instance, you may have heard of Belize’s Qualified Retired Person Program (QRP).
(Despite the name, you needn’t be retired.) If you’re at least 45 years old and
have a monthly income of at least $2,000 from a pension or annuity (including
Social Security) generated outside of Belize, you can qualify. This allows you
to bring all your personal goods to Belize tax-free, and pay no
Belizean taxes on any foreign-earned income.
