Is Belize The Right Choice For A Cost-Effective Retirement?

Belize is an attractive retirement destination for many, with its stunning natural beauty, perfect weather, English-speaking community, and lenient residency laws. The cost of living in Belize is lower than in the US, with the average income being lower than in neighbouring Caribbean countries. However, the cost of living depends on the retiree's lifestyle and location, with some areas, like San Pedro beach, being more expensive than others. Overall, Belize offers a lower cost of living than the US, especially when it comes to rent and food, but there are some expenses, like gasoline and utilities, that can be more expensive.

Renting vs buying property

Belize is a great place to retire, with its stunning natural beauty, perfect weather, and English-speaking community. The cost of living is lower than in the US, and there are a variety of housing options to suit different budgets.

When it comes to accommodation, retirees can choose between renting and buying property. Both options have their advantages and disadvantages, and the best choice depends on individual preferences and financial situations.

Renting a property in Belize offers flexibility and lower upfront costs. Renting is a good option for those who are not ready to commit to a particular location or are unsure about their long-term plans. It is also a good way to get to know an area before buying property. Renting can be a more expensive option in the long run, as you don't build equity, and rents may increase over time.

On the other hand, buying a property in Belize can be a good investment, especially for those who plan to retire there permanently. Property prices in Belize are generally lower than in the US, and there is no capital gains tax, which means that all profits remain with the seller. Additionally, foreigners have the same rights as citizens when it comes to land ownership, and there are no restrictions on where they can buy property. However, it is important to be aware of potential scams and conduct thorough due diligence before purchasing any property.

The cost of renting or buying property in Belize varies depending on the location and type of property. For example, renting an apartment in Corozal can cost around $700 per month, while a sea-view apartment in Placencia can be closer to $1400. As for purchasing property, a simple Belize-style home in a rural area can cost as little as $15,000, while a luxury villa in San Pedro can cost $500,000 or more.

In conclusion, both renting and buying property in Belize have their advantages and disadvantages. Renting offers flexibility and lower upfront costs, while buying can be a good investment and provides more stability. The best option depends on individual preferences, financial situations, and long-term plans.

Cost of utilities

The cost of utilities in Belize is primarily driven by electrical usage. While utilities like water, cooking gas, phone, and internet are far more reasonably priced, electricity is quite expensive per kilowatt-hour (KWh).

The cost of electricity in Belize is about <$0.52 per KWh, which can be several times more expensive than what you might be used to in other countries. It is recommended to conserve electricity to keep costs down.

Water is abundant and cheap in Belize, with tap water in some areas being safe to drink. The cost of water varies, but on average, it is about $0.005 per gallon. However, the government-owned water company has been criticised for padding the system to milk it.

Belize uses butane as the sole cooking gas, with the price regulated by the government. Butane costs $3 or more per gallon, though prices may vary depending on the provider.

Phone plans are affordable in Belize, with an unlimited talk and text plan with 8 GB of monthly data costing around $28 per month. The largest data plan, with 66 GB, is priced at $78 per month.

Internet access is widely available, with basic 20 Mbps service costing about $25 per month. Higher speeds of 40, 80, and 150 Mbps are also available, with the highest speed costing $100 per month. Combo plans for phone and internet can help save costs.

Overall, while the cost of utilities in Belize may vary, it is important to be mindful of electrical usage to manage expenses effectively.

Food expenses

The cost of living in Belize is roughly 31% lower than in the US, and food is only expensive if you buy American imports. Eating out in a quality restaurant will set you back around $30 per couple with drinks, and a mid-range meal for two in Belize City will cost around $28, while in Ambergris Caye it would be around $60.

The national dish of Belize is stewed chicken, rice, and beans, which you can find for $5-$8 at roadside stands. This meal is popular with locals as it's cheap to prepare and filling.

If you're buying groceries, you can save a lot of money by shopping like a local and relying on local produce. For example, replace your Doritos, Lays, or Pringles with locally-made tortilla chips or fried plantain chips.

If you're eating out, it's best to ask locals for recommendations as they will know the cheaper places to eat. Eating out in touristy areas like Placencia, Ambergris Caye, and Caye Caulker will be more expensive.

A typical meal in a restaurant will cost around $11 per person, and a fast-food meal will cost around $5.70. A McDonald's meal will cost around $6.50, and a domestic beer is around $1.50.

Overall, you can expect to pay less for food in Belize than in the US, and you can make even more savings by shopping and eating like a local.

Healthcare

The healthcare system in Belize is still developing and may not adequately address more serious medical conditions. However, it has been steadily improving over the last few years. The Belizean government grants free public medical care to residents, as long as it is provided by state-run facilities. There are public and private healthcare options available, and both will cost less than the average cost of health insurance in the US.

Most emergencies and common illnesses can be treated by doctors at public clinics or Red Cross emergency stations, which are available throughout the country. However, there is a shortage of qualified personnel, and only around 75% of medical professionals in Belize work in the public sector. This means that wait times for appointments can be long, and patients may have to travel to Belize City to see a doctor.

Most of the country's 24/7 hospitals are located in Belize City, including the Karl Heusner public hospital, and two excellent private hospitals: Belize Medical Associates and Healthcare Partners. The towns of San Ignacio, Corozal, Dangriga, and Punta Gorda also have 24-hour care hospitals, but their selection of medical services is more limited. There are currently no hospitals in Hopkins, Placencia, or on the islands (cayes). However, Ambergris Caye has two facilities (one private and one public) that provide around-the-clock care, and an airstrip close by that allows for emergency night flights.

The quality of medical services in rural areas is not as high as in the major cities, and emergency services are limited to urban areas. Treatment for conditions like cancer is expensive and not very advanced. There are no oncology residents in the country, and facilities cannot perform radiation therapy. Patients typically have to travel to Guatemala for radiation treatment.

Pharmacies in Belize are well-stocked with generic medications, and prices are low. Most drugstores sell many medicines over the counter that would require a prescription in the US, and they will sell large supplies at once. Dental care in Belize is also excellent and reasonably priced.

Expats can rely on evacuation coverage provided by an international health insurance policy if they need to travel for medical treatment. Dozens of companies offer international health insurance that covers the cost of overseas medical care and/or emergency treatment. Premiums vary widely and increase substantially for those over 60. Expats in Belize who maintain international health insurance typically have policies with Cigna Global, Bupa/IHI, and International Medical Group.

Public healthcare in Belize is controlled and funded by the Ministry of Health (MoH), a government agency responsible for the entire medical sector. Anyone who lives and works in Belize is automatically eligible to access public healthcare, as long as they make the required contributions to the Social Security Board (SSB) scheme. A day's stay in a hospital should cost approximately $20 on average, and surgeries or other complicated procedures cost a few hundred dollars.

The private healthcare sector in Belize employs only about 25% of the country's medical staff, but their services are far superior. However, the better quality comes at a much higher cost, and patients are expected to pay for each service themselves or use private health insurance. Only about 15% of the population can afford private healthcare, including most foreign nationals. There are three main private hospitals in the country, with approximately 100 beds in total.

Pros and cons of retiring in Belize

Pros of retiring in Belize

• It's close to the USA, so it's quick and cheap to fly there.
• There's a diverse range of living options, from busy beach towns to secluded spots in the mountains or jungle.
• You can retire part-time or full-time.
• English is the official language, and there are three Mayan languages also spoken.
• It's a tax haven, as income earned from overseas is not taxable.
• It's a great way to reduce your stress levels and remember what's important in life.
• Your money will go further, as the cost of living is lower than in the US.
• It's a chance for a new adventure and to broaden your horizons.
• There's a strong expat presence, so you won't be alone.

Cons of retiring in Belize

• There are very few shopping malls, and goods tend to be expensive.
• Parties can be late and noisy.
• Healthcare is basic.
• The country is hot and humid, with lots of bugs and snakes.
• There is very little in the way of cultural events like museums, theatre and opera.
• The infrastructure is very basic, with infrequent public transport.
• The internet is slow and unreliable, and there are frequent electricity outages.

Frequently asked questions