How Much Money Do You Need To Retire In Belize?
From beautiful beaches and diving opportunities, to friendly and diverse topical anesthetic culture, expats who have already made the leap to start a new life in British Honduras report plenty of benefits. Come in the cost of living in Belize vs the United States and information technology's easy to date why many people fall in love with the country and want to explore settling down there.
There's atomic number 102 hiding from the fact that some areas in Belize pose some guard issues. Like most countries, tourist areas attract petty crime, and there are some places you would probably choose to obviate after dark. Doing your search is keystone to make a point you have a fuss free move to Belize and hit the ground linear. That's what this guide is for.
We'll book binding the average cost of life in British Honduras, favourite expat destination cities, and besides highlight ways to cut the costs of life American Samoa an expat with Wise. Fresh offers depleted monetary value international payments, and the Sassy Multi-currency Account and card — both great ways to preserve when you live an international lifestyle.
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British Honduras currency
The authoritative currency in Belize is the Belize dollar. You'll see this written bu as $ or BZ$ for clarity — and in currency exchanges you may also reckon the currentness code BZD.
The value of BZD against the US dollar changes all the time due to market fluctuations. That can make it tricky to keep functioning with how right your money will go when you move to Belize. At the time of written material*, the mid-market USD-BZD exchange rate is:
1 USD → 2.01570 BZD
To discover the unrecorded switch over rate for BZD — or any other vogue — grab yourself an online currency convertor tool. You can see the factual time conversion rate, besides as setting an alarm to personify notified when the rate changes in your favor.
Don't forget though, that a up-to-dateness converter tool will show you the mid-market exchange rate — which is not ever available through your bank Oregon currency conversion supplier. Instead you may be offered a rate which includes a markup — an extra fee, which means you pay more you need to. More on this, you bet to deflect IT, coming right aweigh.
*July 8th 2022
Banking in Belize
Opening a bank account is single fashio to feel settled in a new country. However, due to tight regulations imposed away the US to stop tax equivocation, opening your local invoice in the country may take a while.
The unconscious process for opening a bank answer for in Belize may be unfamiliar if you're new to the country. As well as the familiar documents to prove your identity and residence, you'Ra likely to need references from your home banks in the US, operating room from local friends who already bank with your chosen creation.
Ask in advance almost the eligibility criteria for any account you're interested in, and double check you can admittance all the paperwork needed. Good places to start your hunt include:
- Atlantic Bank¹
- Belize Bank²
It's also worthy noting that deposit insurance is not the norm in Belize, so expats often choose to keep the majority of their funds in the US and only transfer what they need for day to day life to their local account.
Sending money abroad? Save with Wise
If you're flaring money around the world you need an international defrayal provider which offers the real middle-grocery exchange rate with fast, secure transfers. Suss out out Wise if you'Re sending USD payments to a Belize account — or if you motivation to get paid or make payments in dozens of other global currencies.
Depending on how you like to travel and arrange your pecuniary resourc you may also benefit from the Wise Multi-currency Account and card. You'll beryllium able to hold your money in 50+ different currencies, and switch between them victimisation the Isaac Mayer Wise app whenever you want to. Fetch yourself a linked Wise card for simplicity of spending, and you're done.
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Cost of support in Belize compared to the United States of America
Let's move — onto one of the keystone considerations for many people considering relocating the be of living in Belize vs US.
In that location's lots of helpful information about the average toll of living in Belize on information comparison site Numbeo. Here users around the world enter living cost data from their location, allowing the site to conglomeration and average the prices of everything from a beer in a Belize bar through to buying a new home on that point.
Have's take a spirit at some key costs of life in 3 US cities compared to some popular expat destinations in Belize:
| City | One bed city center apartment - charter/calendar month | Mid-range, 3 course meal out for 2 | One month's public enthral ticket | 500g loaf of bread |
|---|---|---|---|---|
| Belize Metropolis, BZ³ | 274.52 USD | 60 USD | 50 USD | 1.86 USD |
| Ambergris Caye, BZ⁴ | 515.92 USD | 70 USD | Data unavailable | Information unavailable |
| Corozal, BZ⁵ | 700 USD | 27.32 USD | 27.64 USD | 1.75 USD |
| New York, USA⁶ | 3,017.19 USD | 100 USD | 129 USD | 3.99 USD |
| San Francisco, United States⁷ | 3,060.83 USD | 85 USD | 83.50 USD | 3.84 USD |
| Chicago, USA⁸ | 1,848.57 USD | 75 USD | 105 USD | 2.85 USD |
Note: information passim this article is drawn from sites using vital costs. That substance the information is propellant and can switch time. Numbeo data is correct at time of research — 8 July 2022. Check impossible the most up to date inside information ahead you plan your move.
Retreat in Belize: cost of living
If you're planning your retirement in British Honduras, cost of life will be important. Belize is a popular retirement destination thanks to the relatively low-altitude be of unit of time life, and the availability of visas specially created for expat retirees — the Qualified Pension account.
The sum of money you'll need to budget for life in Belize later on retirement will depend a lot happening your lifestyle. It's worth noting that there are financial requirements if you deficiency to get the Qualified Retreat Program visa — we'll cover these in just a moment. Beyond that, the cost of aliveness will hinge upon where you choose to call home, and your personal lifestyle preferences.
Numbeo has a helpful cost estimator tool you can use of goods and services when building a budget. This estimates that a single person living in Belize Metropolis would need in the region of 635 USD a month after rent⁹. Nonetheless, you can too tailor-make this estimate to suit your lifestyle choices¹⁰. For example, if you prefer to eat out many, or you know you'll not be joining a fitness order when you come in Belize, you can go in this entropy to get a personalized price estimate settled on Numbeo data. Check out the puppet online to help you build your retirement budget.
Can US citizens live in Belize?
US citizens can travel to Belize without a visa and are usually entitled to remain for a month. If you deprivation to delay longer you may choose to establish residency by paying for monthly residence stamps for a year. These cost around 25 USD for the first 6 months, then 50 USD for the following 6 months. After this you force out apply for permanent abidance in Belize¹¹.
Other option is to look to retire in Belize under the Registered Retirement savings account¹². This curriculum is set finished by the Belize Tourism Board and allows populate aged 45 or older, with an income of at least 24,000 USD from outside of Belize, to remain there. You'll need to agree to deposit savings into a Belize bank or unusual asylum, and will then sustain to remain in Belize for at least 30 days a year to stay along the program.
Main cities in British Honduras
Belize City is the capital of Belize — and in and of itself, working expats may well choose this location as home. Withal, for retirees in Belize, there are many other popular places to live such as Ambergris Caye or Corozal.
In terms of costs, the average rental price in Belize city is relatively low. However, it's Charles Frederick Worth knowing that there are some areas of the urban center which are fewer off the hook than others — so it's key to choose your new home cautiously.
Ambergris Caye is the largest island in Belize, home to beautiful diving event spots and beaches, and a lively and divers group of locals and expats. Touristry is the main industry here, with some expats working as guides and in other correlative roles — and others choosing this pleasant location as a put on to bed. As a popular expat terminus, Ambergris Caye is more expensive than Belize Urban center in terms of engage and day to day costs — but lul represents enthusiastic value compared to the US.
Some other popular choice for expats, Corozal, is in the Frederick North of the country, about the Mexican border. The climate Hera tends to be drier, which is a large-scale draw — and the arranged hindmost lifestyle has attracted expat retirees in particular. Being so close to the Mexican border gives the opportunity to buy duty free bargains, and shoot the breeze informed stores and malls when you want to — as well A having access to fishing, sailing, and socializing locally.
What are the average unit of time expenses in British Honduras?
Costs of living can vary widely dependant on lifestyle — however on intermediate, life in Belize is importantly cheaper than in the US. Here's an illustration:
| Country | Toll of living, family of 4 excluding rent | Cost of living, various somebody, excluding economic rent |
|---|---|---|
| Belize | 2,217.17 USD | 634.78 USD |
When you're building your budget for Belize, you'll deficiency to take into account the types of items you'll buy more often, as well as bigger potential costs like transport, education and rent. You'll be able to find capable engagement estimates for key expenses from a site like Numbeo which can supporte you cypher how far your money may move in your new life in Belize.
Hera are some average costs to get you started.
| Item/Service | Average cost in Belize |
|---|---|
| McDonalds meal | 6.50 USD |
| 330ml bottle of Coke/Pepsi Cola | 1.08 USD |
| Liter of milk | 2.08 USD |
| Utilities for 85m² apartment | 95.08 USD |
| Fitness club membership | 34.34 USD |
| International primary school | 13,000 USD/year |
What's the average wage in Belize?
Many people move to British Honduras to retire, but of course at that place are also expats who choose to settle in the country to work. If you're thinking of working in Belize you can undergo a look at how the average salaries in your profession compare betwixt Belize and the US, using the live data from Teleport. Here are a few examples to get you started¹³.
| Chore | Average Earnings - Belize City |
|---|---|
| Doctor | 91,703 USD |
| Copywriter | 26,097 USD |
| IT Coach | 45,119 USD |
| WWW Developer | 34,158 USD |
| HR Handler | 38,769 USD |
| Graphic Decorator | 23,011 USD |
| Data Analyst | 30,672 USD |
Note: data correct at time of inquiry (6 July 2022).
How expensive is living in Belize?
In full terms the cost of people in Belize is significantly lower than in much of the US. Of course, you can jell your budget according to your preferences — and the total of money you need to live comfortably bequeath depend wholly on how you like to live, eat and entertain yourself. Here are some more details on the key costs you'll need to budget for.
Housing and accommodation
Housing is always exit to be a large lump of your monthly budget, in Belize or anyplace else in the world. While rental costs tend to be lower in Belize than in the US, you'll find that there's a wide range of options — with a all-inclusive swan of price tags — down there.
Rent and utilities
Here are some mean rent and utilities costs to get your research started:
| Adjustment type | Middling monthly price in British Honduras |
|---|---|
| 1 bed flat - city centre | 317.97 USD |
| 3 bang flat - city centre | 736.85 USD |
| 1 bed flat - outdoors city centre | 225.83 USD |
| 3 bed apartment - outside city centre | 448.93 USD |
| Utilities for 85m² apartment | 95.08 USD |
Buying a house in British Honduras
If you'ray staying in Belize permanently, purchasing a family May besides glucinium an pick. While there is a run of prices depending on where exactly you want to buy, some inner city locations can be far cheaper than homes in popular tourist resorts outside of the main cities. Here's how far your money may go.
- Price per m² in city nerve centre — 988.55 USD
- Price per m² away city centre — 2,583.34 USD
Transportation and travel
Some other critical consideration is how you'll get around in Belize. Depending on your loved localization that may mean buying a car, or taking public enchant. Here are some average costs to help you budget.
| Service/item | Moderate toll in Belize |
|---|---|
| 1 way public transport ticket | 1.99 USD |
| 1 month populace exaltation ticket | 26.32 USD |
| 1 l gasoline | 1.49 USD |
| Untried car - Volkswagen Golf 1.4 90 KW Trendline operating room equivalent | 26,127.80 USD |
Food and amusement
We've thickspread the costs of some basic food items in Belize already — but the general monetary value of eating and drinking there will depend very often happening your lifestyle and preferences. If you'Ra on a fixed budget it pays to eat seasonally and topically to get the freshest produce for less. Although being in a land where a 3 line meal out for 2 may come in at around 33 USD may also make getting to know your local restaurateurs an fetching option, too.
When it comes to entertainment you'll have plenty to do in British Honduras's beautiful nature. But if the city is many your thing, you can still take care an international movie at the film for around 7.50 USD, or take a tennis royal court concluded the weekend for under 9 USD/time of day.
Health and dental care
One potential downside to life-time in Belize is that access to medical infrastructure may be special, depending along where you choose to liveborn, and your insurance get over. It is essential to keep up, and understand your medical and dental cover soh that you don't suffer any mean surprises.
Belize City is home to the nigh advanced medical and dental clinics and hospitals. If you dwell elsewhere in the country you'll lack to check out the options locally, and also consider how you may travel to a more comprehensive medical facility if the need should lift.
Studying in Belize
If you're traveling to British Honduras with your family you'll want to research education facilities in due time. There are private and international altitudinous schoolhouse options addressable, merely competition for places is stiff. Some expat and affluent local families may pick out these schools, and then checking availability of places for your school aged children in advance is a good melodic theme.
Homeschooling is an choice if you'd rather — and if you're large-headed to Belize to study at a higher level, check out the University of Belize, which is the interior university of the country¹⁴.
What are the taxes in Belize?
Personal tax in Belize is set at a flat 25%, which you'll pay on all income if you're a Belize tax resident¹⁵. However, there is a lower threshold under which you Crataegus oxycantha gain tax exemptions — this john change on occasion and so you'll need to check the most up to date selective information when you plan your budget.
There is No capital gains revenue enhancement in Belize, and GST (Goods and Services Task, similar to VAT) is 12.5%.
Starting a new stage in life history as an expat is an exciting time. And Belize is certainly an exciting put up to resolve.
Doing your research in advance is the smartest way to make true your move is productive and stress release. Use this manoeuver As a terminus a quo, and don't be afraid to draw on the other resources out on that point, from government activity websites to expat blogs.
And zero matter what life you build for yourself in Belize, use Wise to cut the costs of sending and receiving money internationally. With swift and secure low cost payments from Wise — plus the Wise Multi-up-to-dateness Account and card to wangle your money as you move, you can save on currency conversion fees, and have more to spend on yourself.
Sources:
- Atla Bank
- Belize Bank
- Numbeo - Cost of people in Belize City
- Numbeo - Cost of support in Ambergris Caye
- Numbeo - Cost of living in Corozal
- Numbeo - Monetary value of living in New York State
- Numbeo - Cost of living in San Francisco
- Numbeo - Cost of living in Chicago
- Numbeo - Cost of living in Belize
- Numbeo - City estimator in Belize City
- US Embassy - Belize
- Belize Tourism Board
- Teleport - Belize City salaries
- UB.edu
- GSL.org
Sources patterned along 07.13.2021
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How Much Money Do You Need To Retire In Belize?
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