Thinking of moving to Belize? With its stunning natural beauty, low cost of living, and expat-friendly residency programs, Belize is an appealing choice for many. However, potential drawbacks like limited healthcare, high import costs, and occasional safety concerns may give pause.
September 6, 2024
By: Bobby Casey, Managing Director GWP
Today, around 15% of Belize’s population consists of immigrants. Many are American and Canadian expats looking for a better quality of life without the exorbitant costs that other countries may require.
If you’re sick of everyday life in your area of residence, then Belize may sound like a good idea. After all, there are stunning beaches and lush rainforests, which make the nation feel like paradise on earth.
But is living in Belize really worth it? In this article, we’ll explore the pros and cons of living in this country so you can decide if making the move is right for you.
Pros of Living in Belize
As we’ve just mentioned, Belize is a place of natural beauty. Nature lovers and outdoor enthusiasts will absolutely enjoy it here, as you’ll have amazing snorkeling, diving, and hiking opportunities.
What else makes this nation so special?
Cheaper Cost of Living
The cost of living (COL) in Belize is also lower than in most large American, Canadian, or European cities, with rent costing around $420 a month for a 1-bedroom apartment in the city center. Admittedly, there are better countries you could move to for lower COLs; however, if you’re not pinching pennies, then Belize is still a good choice.
English Is the Official Language
Were you wondering, “What language do they speak in Belize?” Then you might be relieved to find out that English is the official language.
Many Belizeans are multilingual, but everyone can speak English fluently. This means it’ll be much easier for you to communicate and integrate. And you’ll be able to carry out everyday tasks (such as going to the bank) without issue.
It’s Diverse
Belize is a huge melting pot; over 50% of people are Mestizo. Other ethnic groups include Creole, Maya, Garifuna, East Indian, Mennonite, and Asian.
If you’ve always wanted to live in a multicultural society, then this is a fantastic place to do it. You’ll certainly learn and experience a lot in your time here!
There’s a Laid-Back Lifestyle
The hustle and bustle of life can take its toll on you. However, the relaxed and slow-paced lifestyle of Belize will heal you.
Those who are looking for a simpler way of life will love it in this country. The laid-back attitude towards everything will calm your soul.
It’s Near the US and Canada
If you’re originally from either of these countries, then it’ll be easy to travel home whenever you’re homesick or need to take care of business.
In addition, there are several international airports that connect Belize to major US and Canadian cities. It’ll be super convenient to get home and back.
It Has Expat-Friendly Residency Programs
Belize has a Qualified Retired Persons (QRP) program that isn’t too difficult to qualify for if you want to retire in Belize. Basically, you need to be over 40 years old, have a retirement income of at least $2k/month that comes from outside of Belize, and you must stay in the country for at least 30 consecutive days every year. You must also be from a qualifying country, such as the US, any Member State in the EU, or any country in South America.
If you’re not retiring just yet, there are other options available. They include a long-term tourist visa, permanent residency, work visa/employment residency, and investor residency.
You can also get a Belizean passport relatively easily. Not only are the language requirements easier since the official language is English, but it only takes 3-5 years to get. It’s a pretty decent passport too.
It Has a Residency-Based Territorial Tax System
A big worry of expats is double taxation. You’ve worked hard to build up your bank account, and it’s just not fair for you to be taxed twice.
The good news is that Belize has a residency-based territorial tax system. This means that if you’re a resident of Belize, you only pay tax on income you earn from Belizean sources. So if you live here but register your company in a different nation, you wouldn’t pay tax on that income in Belize.
Cons of Living in Belize
Life in Belize may sound awesome, but it’s not all sunshine and rainbows. Below are the main drawbacks that may make you think twice about moving to this country.
Crime and Safety Concerns
Is Belize safe? In general, yes, but certain regions have higher crime rates, such as Belize City. Also, in terms of the whole nation, the Belize crime rate has decreased for homicides, but major crimes are rising.
Expats need to be mindful of where they choose to live and take basic safety precautions.
Tropical Weather and Natural Disasters
It may be pleasant in Belize on most days, but Mother Nature does rear her ugly head at times. The summers are pretty hot, with heat and humidity attacking you.
Plus, there’s a risk of hurricanes. The rainy season can bring heavy downpours, flooding, and generally uncomfortable conditions.
Limited Healthcare Facilities
Healthcare in Belize can be basic, especially outside of larger cities. If you have many health issues or are on the older side, then this may worry you.
For specialized treatments, many expats travel to Mexico or the US, which can be very inconvenient. Also, health insurance (which isn’t required) can be essential for more complex medical needs.
High Import Costs and Limited Goods
While generally speaking, COL is lower in Belize than in the US, Canada, and most European countries, many products can be expensive, especially if they’re imported. Common items you’d find at home may be hard to find and/or cost significantly more due to import taxes.
This means you’ll have to either forego these items, grit your teeth and pay the high prices, or haul them over from your home country whenever you visit.
Inconsistent Infrastructure
You may have to deal with power outages, water shortages, and poor road conditions, especially in rural areas.
In addition, internet and telecommunications services can be slower and more unreliable compared to what you might be used to. This may make working remotely difficult or even impossible.
Bureaucracy and Corruption
Remember the laid-back lifestyle we referred to earlier? This applies to government processes as well; they can be slow and inefficient.
Even worse is that there’s occasional corruption when dealing with legal, business, or property matters. Banking is terrible in the country, as it’s not a good place to leave large sums of money in. It’s also not an ideal place to register your companies and trusts in, so avoid doing that if possible.
Is Living in Belize for You?
Living in Belize comes with many wonderful advantages, such as beautiful weather and nature, a relaxed lifestyle, and affordable living. And if you want to stay long-term, it’s not too challenging to get residency.
However, the potential downsides may be enough for you to think twice about moving here. If the limited healthcare, inconsistent infrastructure, and safety concerns are things you can overlook, then Belize can certainly be an attractive option.
Contact us now if you want to move to Belize but are wondering about how to handle your finances. We at Global Wealth Protection will help lower your tax burden and reduce costs.
