Planning Your Escape: Financial Freedom For A Relaxed Retirement In Belize's Qrb

Belize is a popular retirement destination for expatriates, offering a low cost of living, flexible visa options, and English as the national language. The country's Qualified Retired Persons (QRP) program provides additional incentives, such as tax exemptions and the ability to import personal belongings and vehicles duty-free. To qualify for the QRP program, individuals must be at least 40 or 45 years old and demonstrate a monthly income of $2,000 or an annual income of $24,000. While the cost of living in Belize is generally lower than in the US, expenses can vary depending on location and lifestyle choices. Overall, Belize offers a simple life, stunning natural beauty, perfect weather, and a welcoming community for those seeking a retirement destination.

Cost of living: $1,200-$3,075 per month

The cost of living in Belize depends on the individual and their lifestyle. However, according to Investopedia, the average cost of living in Belize is around $1,700 per month. This is higher than the monthly estimate for a frugal couple, who might only need $1,200 to live comfortably.

The cost of living in Belize is roughly 31% lower than in the US, and the average cost of rent is around 75% lower. A one-bedroom apartment in Belize City costs around $300 per month, while a three-bedroom apartment in the city would cost around $600 per month. The cost of food also varies depending on the city. In Belize City, a mid-range meal for two may cost around $28, while in Ambergris Caye, the same meal would cost around $60.

Utilities like electricity and water are a similar price to in the USA, and reliable internet connections cost around $40-$80 per month. Food is only expensive if you buy American imports. Fresh, locally grown produce is around 60% of the cost in America.

The cost of living in Belize will depend on your lifestyle and where you choose to live. However, with careful planning, it is possible to live comfortably in Belize for between $1,200 and $3,075 per month.

Rent: $200-$2,000 per month

The cost of renting in Belize varies depending on the location and style of the property. Basic, traditional Belizean wooden homes are the most economical option, while concrete homes are becoming increasingly popular and tend to be more expensive.

In general, the average cost of rent in Belize is around 75% lower than in the US. In Belize City, a one-bedroom apartment in the centre of the city costs around $300 per month, while a three-bedroom apartment costs around $600 per month. Outside of the city centre, prices drop even further, with one-bedroom apartments available for about $200 and three-bedroom apartments for over $400.

In popular expat destinations like Ambergris Caye, prices are higher. Rent for a one-bedroom apartment can range from $400 to nearly $2,000 per month. In other desirable areas, such as San Pedro, Placencia, or Caye Caulker, prices vary based on proximity to the beach or the town centre. In San Pedro, for example, a two-bedroom apartment near the beach with air conditioning located a few miles from town can cost between $1,200 and $1,500 per month. In Placencia, a similar two-bedroom apartment can be rented for $1,200 to $1,500 per month.

In Cayo, a one-bedroom apartment on the water with air conditioning and within walking distance to the town centre costs around $1,000 per month.

In small towns, it is possible to rent a pleasant house near the sea for $300 to $800 per month, and land in larger tracts can be purchased for $200 per acre or less.

Budgeting for Rent in Belize

When budgeting for rent in Belize, it is recommended that individuals spend no more than 25% to 30% of their take-home income on housing. For example, if your combined monthly income is $5,000, you should aim to spend between $1,250 and $1,500 on rent.

It is important to note that the cost of living in Belize is lower than in the US, with some sources estimating that retirees can live comfortably on a monthly budget of $1,200 to $1,500. Additionally, the Qualified Retirement Persons (QRP) program offers tax exemptions and other benefits for retirees, making Belize an attractive option for those looking to stretch their retirement budget.

Food: $5-$60 per meal

Belize is known for its delicious street food, and you can find the national stewed chicken dish for around $5. A mid-range meal for two in Belize City will cost you around $28, while a mid-range meal for two in Ambergris Caye would likely cost around $60.

If you're looking for a bargain, you can find meals for as little as $5, but if you want to splurge, there are restaurants that will set you back around $30 per couple with drinks.

The cost of food in Belize varies depending on the type of food and the location. Street food and local produce are generally cheaper, while imported American goods can be more expensive. Eating out at a quality restaurant will be more expensive than dining at a local eatery.

When planning your food budget for retirement in Belize, consider your dining preferences and how often you plan to eat out. If you plan to cook at home using local produce, you can save money, but if you prefer dining out or buying imported goods, your food expenses will be higher.

• National stewed chicken dish: $5
• Mid-range meal for two in Belize City: $28
• Mid-range meal for two in Ambergris Caye: $60
• Three-course meal for two at a restaurant: $36
• One pint of domestic beer: $2
• 12 oz bottle of water: $0.89
• One dozen eggs: $1.87

Utilities: $40-$80 per month

Utilities in Belize are generally more expensive than in North America and Europe. However, there are ways to save money in this area.

Internet costs in Belize range from $25 to $80 per month. A basic 20 Mbps service costs about $25 per month, and there are also 40, 80, and 150 Mbps plans available, with the latter costing $100 per month.

Water is abundant and cheap in Belize, but the government-owned water company is said to pad the system to milk it. Expect to pay around $60 for two showers a day and three loads of laundry a week. Some people use water tanks to catch rainwater and lower their water bills.

Electricity is expensive in Belize, at $0.45–0.52 per kWh. This is significantly higher than the $0.10 rate in North America and Europe. A couple living in a 2-bedroom home with no air conditioner will pay about $50 per month, while a couple running AC in both bedrooms at night may see their bill averaging around $150 per month. Running air conditioners all day will quickly increase your electric bill.

Phone plans are also available at various price points. An unlimited talk and text plan with 8 GB of monthly data will cost about $28 per month, and the largest data plan with 66 GB is $78 per month.

You can also save money on utilities by combining them. For example, a combo plan from a provider like Digi offers 80 Mbps Internet, 6 GB of data, and 100 minutes and texts for your cell phone for $60 per month.

Travel: $2,100 per couple

The cost of travel in Belize is highly variable, depending on the type of traveller you are. If you're happy to slum it with the backpackers, you can get by on $30 a night for a hostel and $1.50 for a delicious street food meal. However, if you're looking for a more luxurious experience, you could be paying upwards of $200 a night for accommodation and $25 for a meal in a restaurant.

If you're looking to travel on a budget, public transportation is inexpensive in Belize. Taking the local buses is recommended over hiring a scooter or car, both for safety reasons and to save money. Distances are short, but travel days can be long and sweaty, so be prepared!

If you're looking for a more comfortable journey, you could hire a car, but this will set you back over $100 a day.

Flights to Belize vary in price depending on where you are flying from. A return trip from Belize City to San Ignacio, for example, will cost around $10, whereas a flight from Newark to Belize City will be more in the region of $1,444.

When it comes to activities, there is also a range of prices. One of the cheapest activities is exploring the country's many ruins, which will cost around $5 entry. If you're looking for a full-day experience, you could take a tour of the ATM caves for $120, or go snorkelling on the Belize Barrier Reef for $95.

So, depending on your budget and travel style, $2,100 will get you a few days of luxury or a couple of weeks of basic backpacking in Belize.

Frequently asked questions