Belize has sun, surf, secrecy and low taxes

Fred Langan, Financial Post

Belize is one of the great secrets for Canadian retirees. The Central American nation copied some of its neighbours, such as Costa Rica, to attract people who want to retire there.

To establish residency, you simply have to be over age 45 and have US$2,000 a month in income. A Canadian retiree can vote in Belize, but must buy health insurance.

And there is no tax on foreign income.

Belize has a form of banking secrecy that protects people with deposits there. Authorities won't report simple tax evasion but they will honour tax pacts with other countries and will co-operate with foreign authorities on cases of fraud or money laundering.

There are five big banks in Belize, one of them the Bank of Nova Scotia. Another is Belize Bank, which used to be owned by Royal Bank of Canada.

Many people think Belize is an island. While it has hundreds of islands, 108 of them uninhabited, it is squished between Mexico and Guatemala. It is the only English-speaking country in Central America.

One of the great things about Belize is that it's so empty. It is about the same size as El Salvador, about 21,000 square kilometres, but has just 300,000 people. El Salvador has seven million people.

For Canadians, getting there is a bit of a hassle. Canjet has one direct flight a week from Toronto, otherwise you have to transfer through the United States or Mexico. The main airport at Belize City seems to be carved out of the jungle.

San Pedro, on Ambergris Caye, is the main destination for about 70% of the tourists who come to Belize. A growing number of visitors are discovering the bargains there on condos and beach houses.

"Belize is where Cost Rica was 30 years ago. It's the ground floor when it comes to buying beachfront real estate," says Bob Dhillon, a Calgary businessman who owns Costa del Sol, a 1,214-hectare development, near San Pedro. A beachfront house there recently sold for US$1.6-million.

But you can still buy an 800-square-foot condo on the beach in Belize for US$250,000. Real estate prices are still recovering from the recession.

After San Pedro, the most popular spot for tourists is Caye Caulker. It is much quieter and laid back than San Pedro and a paradise for divers.

However, Belize is more than beach. It is also has a number of Mayan ruins, and there are jungle resorts accessible only by river boats, and almost 40% of the country is made up of national parks.

The jungle is home to the jaguar, the largest cat in the Americas, though you would be lucky to see one.


Read more: http://www.financialpost.com/story.html?id=2758532#ixzz0kKleVjB6