The recent changes to Belize’s Qualified Retired Persons (QRP) Program have introduced several significant updates that could impact current and potential retirees considering the country as their retirement destination.
Belize’s favorite YouTuber Will Mitchell, sat down with Simone Bell – BTB’s Investment and Innovations Specialist & Romy Rancharan – BTB’s Retirement Specialist, to give us an update on the new QRP changes.
Key Changes to Belize’s Retirement Program
- Lower Age Requirement: The most notable change is the reduction in the minimum age requirement to qualify for the QRP program. Previously, applicants had to be at least 45 years old, but this has now been lowered to 40. This change aims to attract a younger demographic of retirees or those with early retirement plans who receive a steady retirement income.
- Expanded Opportunities for Investors: The revised QRP program also provides benefits for those interested in investing in Belize. Retirees who qualify can now invest in businesses and carry on business activities in Belize, provided they meet specific criteria, such as creating employment opportunities for at least five Belizean citizens and proving a minimum investment capital of one million Belize dollars. This move is designed to encourage economic development and investment within the country.
- Tax Benefits and Duty Exemptions Remain Attractive: Retirees in the QRP program continue to enjoy substantial tax benefits, including exemption from all taxes on income derived from outside Belize, whether the income is earned or passive. Additionally, QRP members can import personal and household goods, including a car, boat, and light aircraft, without paying import duties during their first year in the program.
- New Application Requirements and Fees: There are still several requirements that applicants must meet to join the QRP program, including proof of a monthly income of at least $2,000 USD or an annual deposit of $24,000 USD into a Belizean bank account. The program also requires background checks, a medical exam, and specific documentation like a birth certificate and proof of income. Application fees have been structured as follows: a non-refundable application fee of $150 USD, an initial program fee of $1,000 USD, and additional fees for dependents and QRP cards​.