It is estimated that nearly 77 million people in the United States who belong to the baby boomer generation will retire or are considering retiring in the next five years. With rising costs of living, fixed incomes, and political uncertainty making retirement in America less attractive, more and more baby boomers are moving to Belize.
Belize is a small country in Central America located just south of Mexico’s Yucatan Peninsula. With a long coastline along the Caribbean Sea, hundreds of offshore islands, and a beautiful climate with warm weather all year-round, it’s no surprise that Belize is becoming a popular retirement and tourist destination for baby boomers. And the fact that English is the official language in Belize just sweetens the pot, meaning baby boomers will never have to struggle to communicate with locals or read street signs.
One of the most popular reasons why baby boomers are falling in love with Belize is the expansion by all of the biggest airlines to address the growing tourism market. Southwest Airlines, Delta, United, and American Airlines now offer non-stop flights to Belize from major cities across the United States, and Air Canada and WestJet now offer non-stop flights to Belize from both Toronto and Calgary. These affordable flights make it easy for baby boomers to stay in touch with friends, family, and business concerns back home.
Another great reason to consider Belize is that the government warmly welcomes expats and retirees. The Belizean government’s QRP program allows qualifying individuals age 45 and older, along with their families, to gain permanent residency status in the country and import all personal items (including cars, boats, and light aircraft) completely duty-free. Belize also imposes no taxes on income earned outside the country.
One more great feature about living in Belize is the low cost of living. The government imposes no capital gains taxes or restrictions on foreigners buying, selling, or renting property, making Belize a great location to protect your hard-earned assets. And Belize’s sterling reputation as an offshore location allows foreigners to safely and confidently establish holding companies to manage their assets in the country, including property.
But the real secret to why baby boomers love Belize is the lifestyle. Warm trade winds and sunny skies mean that nearly every single day is perfect to explore the great outdoors. And with food, housekeeping, and other daily costs much lower than in the United States, baby boomers see their dollars stretch much further in Belize.
Orchid Bay is a great place for baby boomers to live, retire, and invest.