A Tropical Paradise: Understanding The Costs Of Retiring In Belize

Belize is an increasingly popular retirement destination for expats, with its low-cost living, stunning natural beauty, perfect weather, and English-speaking community. The cost of living in Belize is roughly 31% lower than in the US, and retirees can live comfortably on between $1,200 and $1,500 a month.

The country offers two primary residency options for retirees: permanent residency and the Qualified Retirement Persons (QRP) program. The QRP program is a permanent tourist status that allows people over 45 to live and retire in Belize. It costs around $2,100 per couple and requires proof of a monthly income of at least $2,000. The main benefit of the QRP program is that it allows tax-free entry of the retiree's household goods and motor vehicle.

Renting vs buying property

The cost of living in Belize is roughly 31% lower than in the US, and the average income is lower than in neighbouring Caribbean countries. However, the laid-back lifestyle and lower costs make it an excellent place to retire. The cost of living in Belize will be around 40-80% of the cost of living in the USA.

The average cost of rent in Belize is around 75% lower than in the US. In Belize City, a one-bedroom apartment in the city centre will cost around $300 per month, while a three-bedroom apartment will cost around $600. Outside the city centre, prices drop to around $200 for a one-bedroom apartment and over $400 for a three-bedroom. On the island of Ambergris Caye, prices increase to between $400 and $2,000 for one- and three-bedroom apartments.

It is possible to buy a simple Belize-style home in a rural area for as little as $15,000, while a luxury villa in San Pedro could cost $500,000 or more. In Corozal, renting an apartment will cost around $700 a month, while a sea-view apartment in Placencia is closer to $1,400. In ex-pat areas like Ambergris Caye, resort-style living quarters will cost around $200,000. In undeveloped areas like Cayo and Punta Gorda, you can buy several acres of land and have a house built for under $100,000.

Belize is one of the few countries in the world where foreigners enjoy the same rights as nationals in land ownership and tenure, and beachfront land rights are not difficult to obtain. There is also no capital gains tax, so if you sell property for a profit, you keep all the money.

However, it is important to be aware of local scams. Be wary of high-pressure sales pitches and take your time with any real estate transaction. It is recommended that you do all real estate transactions through a licensed Belize real estate agent or ethical Belize attorney-at-law. It is also important to ensure that a Title Search is conducted at the Government Land Registry to ensure the property is free of all liens, judgments and encumbrances.

If you are looking to rent before you buy, a Visitor Extension Permit is the easiest way to stay in Belize for a while. You obtain a one-month entry stamp on your passport when you enter the country, then after 30 days, you can ask for a Visitor's Permit Extension for $100, which allows you to stay for another 30 days.

If you are looking to stay longer, a Visitor Long Stay Permit (or Digital Nomad Visa) costs $500 and is good for six months. Applicants must be citizens or permanent residents of the EU, UK, USA or Canada, and have a minimum annual income of $75,000 for a single person or $100,000 for those with dependents.

For retirees, the Qualified Retirement Program (QRP) is a good option. It currently costs around $2,100 per couple and is open to people aged 45 or over with a fixed income of at least $2,000 per month. The QRP allows you to move yourself, your family and your possessions to Belize tax and duty-free. To keep your QRP status, you must spend a minimum of 30 days a year in Belize.

Another option is to apply for permanent residency, but this requires you to live in Belize for at least 50 consecutive weeks out of a full year, without leaving the country for more than 14 consecutive days. During this period, you will need to get a visitor's visa or tourist card and renew it every month. After five years, you can apply for full citizenship.

Cost of living

The cost of living in Belize is estimated to be 31% to 69% lower than in the US. While the cost of utilities like electricity and water in Belize is similar to that in the US, the cost of food and housing is significantly lower.

Housing

The average cost of rent in Belize is around 75% lower than in the US. The cost of housing depends on the style and location. A basic, traditional Belizean wood home without air conditioning is the most economical option, while concrete homes, which are becoming increasingly popular, tend to be larger and offer more conveniences but are more expensive.

In Belize City, a one-bedroom apartment in the city centre costs around $300 per month, while a three-bedroom apartment costs around $600 per month. In more rural areas outside the city centre, one-bedroom apartments cost around $200, and three-bedroom apartments cost over $400. In popular tourist areas, such as San Pedro, Placencia, or Caye Caulker, prices are higher, with a two-bedroom apartment near the beach costing between $1,200 and $1,500 per month. In the expat area of Ambergris Caye, resort-style living quarters cost around $200k.

Food

Food in Belize is only expensive if you buy American imports. Fresh, locally grown produce is around 60% cheaper than in the US. Belize is famous for its delicious street food, with meals like the national stewed chicken dish costing around $5. Eating out at a quality restaurant costs around $30 per couple with drinks, which is slightly more expensive than a typical meal in the Bahamas.

Transportation

Gasoline in Belize is around $1.54 per litre, which is nearly double the price in the US. As the country is small, many people get around using bicycles or golf buggies. However, if you own a car, the cost of gasoline will be a significant expense.

Healthcare

Belize offers both public and private healthcare options, both of which are significantly cheaper than the average cost of health insurance in the US. Public clinics treat minor injuries and illnesses, while private clinics are for more serious conditions.

Residency Options

Belize offers two primary residency options for retirees: obtaining permanent residency status or applying for the Qualified Retirement Persons (QRP) program.

To apply for permanent residency, you must live in Belize for at least 50 consecutive weeks out of a full year and renew your visitor's visa or tourist card every month. After receiving permanent residency status, you can work in Belize without a work permit and travel freely in and out of the country. After five years, you can apply for full citizenship.

The QRP program offers a more flexible residency route for individuals over the age of 45 (soon to be lowered to 40) and their spouses and children. Members can travel in and out of Belize as they please and only need to spend one month per year in the country to maintain their status. To be eligible, you must prove that you can deposit $24,000 per year into a Belizean bank account from a pension, retirement savings, or social security fund. However, you cannot work in Belize under this program.

Sample Monthly Budget

• Electricity (with air conditioning): $250
• Household help (maid, three times a week): $100
• Transportation (private vehicle): $200
• Eating out and activities: $300
• Housekeeper or groundskeeper (six days a week): $500

Residency options

Belize offers two primary residency options for retirees: permanent residency and the Qualified Retirement Persons (QRP) program.

Permanent Residency

To apply for permanent residency, you must live in Belize for at least 50 consecutive weeks out of a full year. During this time, you cannot leave the country for more than 14 consecutive days, or your application may become void. You will need to obtain a visitor's visa or tourist card and renew it every month until your permanent residency application is approved. After five years, you can apply for full citizenship.

Qualified Retirement Persons (QRP) Program

The QRP program offers a more flexible residency option. Individuals over the age of 45 (soon to be lowered to 40) are eligible to apply, and the program also benefits their spouse and children. Members can travel in and out of Belize freely and only need to spend one month per year in the country to maintain their status. To be accepted, you must prove that you can deposit $24,000 per year into a Belizean bank account. This income can come from a pension, retirement savings, or a Social Security-related fund. However, those on the QRP program are not allowed to work in Belize.

The QRP program also offers several incentives and benefits, including duty and tax exemptions on certain items, as well as the ease of purchasing land and importing personal effects.

Healthcare

Belize offers both public and private healthcare options, with both costing less than the average cost of health insurance in the US. The public healthcare system is funded by the Ministry of Health (MoH) and is the largest public health service provider in the country. While the system is available to all residents, the majority of the funding has been allocated to Belize City, where the national and regional referral hospital is located.

The quality of medical services in rural areas is not as high, and emergency services are limited to urban areas. There is a shortage of qualified personnel, with around 75% of medical professionals in Belize working in the public sector. This means that hospitals are often overflowing, and waiting times for appointments can be long.

Public healthcare is low-cost or free, and patients do not need insurance to cover the cost of treatment. A day's stay in a hospital will cost approximately $20, but this amount may vary depending on the type of treatment. Surgeries and other complicated procedures cost a few hundred dollars, and patients will only have access to basic services like shared wards and bathrooms.

Private healthcare in Belize is far superior but comes at a much higher cost. Only about 15% of the population can afford it, and most patients either pay for each service themselves or use private health insurance. Private healthcare is less costly than in many other countries, but expenses can easily add up.

Most expats in Belize who maintain international health insurance have policies with the following companies: Cigna Global, Bupa/IHI, and International Medical Group. Dozens of other companies offer international health insurance that covers the cost of treatment and/or the cost of flying home for emergency treatment. Premiums vary widely and increase substantially for those over 60.

Expats who have Medicare in the US or coverage under the Canadian healthcare system typically pay out of pocket for routine care in Belize and then fly home for surgery or long-term treatment.

Medical care in Belize has been steadily improving in recent years, but the country could still benefit from more healthcare facilities, specialised physicians and staff, and better equipment. Most expat residents say Belize needs more healthcare facilities. However, the doctors and medical staff in Belize are dedicated and attentive, and it is common for doctors to give their patients their cellphone numbers and make house calls.

Utilities and food

Utilities

The cost of utilities in Belize is largely dependent on electricity usage. Electricity is expensive, at about $0.22 per KWh. However, other utilities such as water, cooking gas, phone, and internet services are more reasonably priced.

For phone services, most people in Belize use mobile phones instead of landlines. 4G LTE cell coverage is good in populated areas but can be patchy in remote locations. An unlimited talk and text plan with 8GB of monthly data costs about $28 per month, while the largest data plan with 66GB is $78 per month.

Internet services are also affordable, with basic 20 Mbps services costing about $25 per month. Faster speeds of 40, 80, and 150 Mbps are also available, with the latter costing $100 per month.

Cooking gas in Belize is butane, with prices regulated by the government. However, local providers may not always adhere to the guideline price, so it is advisable to shop around for the best rates. Expect to pay $3 or more per gallon.

Water prices and quality vary across Belize, but overall the water supply is good. In Placencia, for example, tap water is safe to drink and costs $0.005 per gallon.

Food

The national dish of Belize is stewed chicken, rice, and beans—a cheap and filling meal that locals often eat daily. If you don't want to cook it yourself, you can find it for $6 to $8 at roadside stands.

Eating out will be more expensive, especially in tourist areas like Placencia, Ambergris Caye, and Caye Caulker. To save money, ask locals for recommendations on where they like to eat.

For groceries, a simple meal of rice, beans, and protein from a street stall will cost around $5-7. Mexican-style tamales are also a good budget option at a couple of dollars each. For seafood, a BBQ meal will cost $15-20.

In sit-down restaurants, prices increase, especially for fancier establishments and dishes. A standard breakfast like sausage and eggs or a breakfast burrito will be around $10. Fryjacks, a local specialty of deep-fried dough stuffed with egg and cheese, typically cost $8-10 per plate.

For lunch or dinner, jerk chicken will be about $10, a burger $15, shrimp curry $20, and a rack of ribs with sides $25. Be cautious if a price is not listed on the menu, as you may be charged the market price, which can be higher than expected.

In summary, while it is possible to save money on food by eating at street stalls and local restaurants, the overall cost of food in Belize is fairly steep and comparable to prices in the US.

Frequently asked questions