How Almost Anyone Can Afford to Retire in Belize
With longer life spans and improved health care, it’s no surprise that many people start planning their retirement years before they stop working. But faced with growing uncertainty about how to fund that retirement, it’s easy to see why more and more Americans are choosing to move abroad.
One of the top destinations for American retirees is Belize. Located just south of Mexico’s Yucatan Peninsula and a short flight from the United States, Belize is a country famous for its balmy weather, gorgeous tropical islands, and lush rainforest interior.
Here are some of the reasons why almost anyone can afford to retire in Belize:
Belize is the only country in the region where English is the official language. Not only does this make it easy to get around and speak to locals, but it will save you a ton of money as well. Whether you’re buying property, negotiating contracts, or reading documents, you’ll never have to hire a translator.
Cost of Living
Not everything is cheaper in Belize than the United States, but generally speaking, the cost of living in Belize is far more affordable. Several prominent publications have estimated that an American with an average monthly income of around $1,000 can live comfortably in Belize.
Here is a list of some things that are far more affordable in Belize:
- Food – Belize is famous for its fresh-caught seafood and abundance of organic produce, including chocolate, fruits, and coffee.
- Help around the house – Most retirees find that they can hire domestic help for around $20-30 per day.
- Buses – Belize has a network of public buses that will get you anywhere in the country for $20 or less.
- Taxes – Belize imposes no tax on income earned abroad, has no capital gains tax, and property taxes are an average of 1.5% of the undeveloped value of property.
- Health Care – Belize has a comprehensive network of hospitals, clinics, and pharmacies. For most health care needs, you’ll pay far, far less for the equivalent product or service than in the United States.
- Real Estate – Amazingly, it’s still possible to get beachfront property for a fraction of the price of an equivalent site in the United States.