Belize Retirement: Cost And Expenses Explained

Belize is an attractive retirement destination for expats seeking a simple life. The country offers stunning natural beauty, perfect weather, lenient residency laws, and an English-speaking community. The cost of living in Belize is roughly 31% lower than in the US, and retirees can live comfortably on a monthly budget of $1,200 to $1,500. However, the cost of living varies depending on location and lifestyle choices, such as housing, food, and transportation. Belize offers the Qualified Retirement Persons (QRP) program, which provides tax exemptions and duty-free importation of personal items for retirees. Overall, retiring in Belize can be a great option for those seeking a tropical getaway with a lower cost of living than the US.

Renting vs buying property

The cost of living in Belize is roughly 31% lower than in the US, and the average cost of rent is around 75% lower. The cost of living, and therefore rent, varies across the country. For example, a one-bedroom apartment in Belize City costs around $300 per month, whereas a sea-view apartment in Placencia is closer to $600.

If you're looking to rent, it's worth noting that rental prices can vary based on proximity to the beach or the town centre. For example, in San Pedro, a two-bedroom apartment near the beach with air conditioning located a few miles from the town centre costs $1,200 to $1,500 per month.

If you're looking to buy, it's good to know that Belize is one of the few countries in the world where foreigners enjoy the same rights as nationals in land ownership. It's possible to buy a simple Belize-style home in a rural area for as little as $15,000, whereas a luxury villa in San Pedro could cost $500,000 or more.

If you're looking for a more modern home, concrete homes have become an increasingly popular option, as the cost of building with concrete is similar to that of wood. However, concrete homes tend to be larger and offer more conveniences, like air conditioning, so they may be more expensive overall.

It's worth noting that, in Belize, it's common to buy land or building lots under an Agreement for Sale or Contract for Deed, where the seller retains the title to the property until it's paid in full, allowing the buyer to purchase the property over time through instalment payments.

When it comes to making a decision, renting is a good option if you're not sure about committing to buying a property. It gives you the opportunity to experience Belize for a few months or a year before deciding whether it's the right place for you.

Utilities and vehicles

Utilities in Belize are generally more affordable than in North America and Europe, except for electricity, which is quite expensive. Water, cooking gas, phone, and internet are all reasonably priced.

For phone services, most people in Belize use a cell phone plan. An unlimited talk and text plan with 8 GB of monthly data will cost around $28 per month, while the largest data plan with 66 GB is $78 per month. Basic internet services start at about $25 per month for 20 Mbps, with higher-speed plans available for up to $100 per month.

Water is abundant and cheap in Belize, with prices varying depending on location. In Placencia, for example, water can be drunk straight from the tap and costs only $0.005 per gallon. In other areas, the cost of water can be higher, and some people opt to use water tanks to catch rainwater to reduce their water bill.

Electricity, on the other hand, is costly. The price per KWh is approximately $0.22, which is significantly higher than the rate in North America and Europe. An apartment with minimal electricity usage might spend under $200 per month, while a retiree who spends more time at home could expect a monthly bill of around $400.

Regarding vehicles, there are several options for transportation in Belize. In some popular retirement destinations, such as Ambergris Caye, golf carts are the primary mode of transportation and cost around $10,000. For those who prefer a car, there are dealerships for various car companies, including Nissan, Toyota, Ford, and Chevy. However, vehicles in Belize tend to be more expensive due to high import duties, which can range from 30% to 90% for luxury vehicles. A decent 10-year-old, 4-cylinder SUV could cost between $5,000 and $10,000. Shipping a car from Florida to Belize is another option and costs about $900.

It is important to consider the type of vehicle that would be most suitable for the varying road conditions in Belize. SUVs and pickup trucks are popular choices due to the condition of the roads. Additionally, the salt air near the ocean can cause corrosion, so undercoating a vehicle before bringing it to Belize is recommended.

Public transportation is also an option and is the cheapest way to cover longer distances, with bus fares ranging from $1 to $15 depending on the distance travelled.

Food and drink

The cost of food and drink in Belize varies depending on the type of food and the location. On average, a meal for one person at a restaurant costs around $11 (BZ$23), while a mid-range meal for two can range from $28 in Belize City to $60 in Ambergris Caye. A basic lunchtime menu in the business district costs around $15 (BZ$30).

For those who prefer to cook at home, the cost of groceries is generally lower than in the United States. Fresh, locally grown produce is available at around 60% of the cost in the US. However, imported American goods can be more expensive.

Belize's national dish is stewed chicken, rice, and beans, which can be purchased from roadside stands for $6 to $8. This meal is cheap to prepare and filling, making it a popular choice among locals.

When it comes to drinks, a domestic beer (0.5 liters) costs around $1.50, while a bottle of wine (mid-range) costs around $10. The cost of a cappuccino is around $3.50, and a bottle of water (1.5 liters) is approximately $1.

In terms of monthly food expenses, a single person can expect to spend around BZ$3,822, while a family of four may spend around BZ$8,065. However, these estimates may vary based on individual spending habits and location.

Healthcare

Belize offers both public and private healthcare options. Both options will cost less than the average cost of health insurance in the US. If you move there, you'll have a range of public doctors' clinics to choose from, but your access to private clinics will be limited. The Belizean government also grants free public medical care to residents, as long as it is provided by state-run facilities. Typically, public clinics only treat minor injuries or illnesses, while private clinics are for more serious conditions.

Public healthcare is controlled and funded by the Ministry of Health (MoH), a government agency responsible for the entire medical sector. It is also the largest public health service provider in the country. The objective of this entity is to offer affordable care to residents through a wide range of programs and institutions. However, while the system is available to the whole nation, a large percentage of the funding has only been allocated to Belize City, where the national and regional referral hospital is located.

The majority of the country's 24/7 hospitals are located in Belize City, including the Karl Heusner public hospital. There are two excellent private hospitals in the city: Belize Medical Associates and Healthcare Partners. Since their healthcare service fees are reasonable, most expats prefer the better, more comprehensive care provided at the private hospitals. The towns of San Ignacio, Corozal, Dangriga, and Punta Gorda also have 24-hour care hospitals. These hospitals don't offer as broad a selection of medical services as those in Belize City.

Currently, there are no hospitals on the cayes or in Placencia or Hopkins. However, Ambergris Caye has two facilities (one private and one public) that provide around-the-clock care along with doctors on call. Even though neither medical facility is equipped to perform surgeries on-site, there is a local airstrip close by that allows for emergency night flights if an emergency evacuation is necessary.

Medical care in Belize generally gets a poor grade, but it has been steadily improving in recent years. Most expat residents say the country needs more healthcare facilities, more specialized physicians and staff, and better equipment. With fewer than 400,000 residents, Belize doesn't have an income tax revenue base adequate to fund a large number of public hospitals. However, the country has dedicated, caring doctors who focus on their patients, freely offer their cellphone numbers, and still make house calls. In Belize, medical attention is more personal, although clearly not as advanced as in North America.

The cost of private treatment varies depending on the type of facilities, the patient's condition, the level of experience of the doctor, and the type of room the patient opts for. Patients could end up paying thousands of dollars even for a fairly simple procedure that requires them to stay in the hospital for a few nights. In most cases, they are likely to get private rooms along with a number of amenities.

Expats can also rely on evacuation coverage provided by an international health insurance policy. Evacuation coverage is particularly important because an ambulance flight can easily cost $15,000. If you're prone to health problems, you should consider this option.

Leisure activities

Belize is a great place for retirees who enjoy leisure activities. The country offers a wide range of activities to suit different interests and fitness levels. Here are some ideas for leisure activities in Belize:

Nature and Wildlife

Belize is known for its natural beauty, with mountains, forests, jungles, rivers, and marine life. Nature lovers can go hiking in the mountains or jungle, tubing on the river, exploring caves, or snorkelling and scuba diving on the second largest barrier reef in the world. There are also many nature reserves and parks to visit, such as the Hol Chan Marine Reserve, the Mountain Pine Ridge Forest Reserve, and the Cockscomb Basin Wildlife Sanctuary.

Historical Sites

Belize was once central to the Mayan Empire, and there are many ancient sites to explore, including Altun Ha, Lamanai, and Xunantunich. These sites feature ruins of temples, palaces, and other structures, as well as artefacts and skeletal remains. The ancient Maya believed that caves were entrances to the underworld, and there are several caves in Belize that can be explored, such as Actun Tunichil Muknal and ATM.

Cultural Activities

Belize is home to a variety of cultures, including the Maya, Kriol, and Garifuna people. You can learn about traditional foods, crafts, and music that combine African, Spanish, British, and indigenous Caribbean traditions. The Chocolate Festival of Belize is a great way to learn about the history of chocolate and local culture. You can also visit local markets, such as the San Ignacio Market, to browse handmade clothing, handicrafts, and local produce.

Water Sports and Beach Activities

With its beautiful beaches and islands, Belize offers plenty of opportunities for water sports and beach activities. In addition to snorkelling and scuba diving, you can go parasailing, windsurfing, jet skiing, or sailing. If you prefer to relax on the beach, you can lounge in a hammock or chair with a drink and enjoy the tropical climate.

Dining and Socialising

Belize has a variety of dining options, from local eateries serving traditional Belizean dishes to high-end restaurants. You can also socialise at bars, pubs, and beer gardens, or attend local festivals and celebrations, such as the Chocolate Festival and the annual Garifuna culture celebrations.

Frequently asked questions