A Freedom-Seeker’s Paradise

The small country of Belize nestled on the Caribbean coast of Mesoamerica doesn’t really fit in.

Belizeans speak English, so they aren’t part of the Central American region culturally, and, as the country itself is tucked below Mexico on the Yucatan peninsula, Belize is not really part of Central America geographically either.

European settlement in Yucatan was initiated by the Spanish, but the area around Belize became a buccaneer’s haven as English pirates realized the coastline served as a good base for their attacks.

Spain and England disputed control of the area for more than one hundred years. Then, at the end of the 18th century, the Spanish lost a naval battle off the coast, and Spain stopped trying to expel the English from the region.

The settlers were mostly left on their own and large landowners established their own local government.

This buccaneer background and the long-ignored status of the settlers set the stage for the Belizean culture that persists all these years later.

Belize then and now follows its own independent path. Belizeans keep to themselves, and the government interferes little with day-to-day life. That mentality helps to explain why Belize has developed into the offshore jurisdiction it has.

When it gained independence from Great Britain in 1981, Belize had no real economy. The financial services industry that the British had initiated (including writing banking privacy into the constitution for the new country), therefore, took hold and became an important part of the scene.

Today, tourism is the most important source of foreign exchange in Belize—with hundreds of islands and the barrier reef just off its shores, Belize is a popular diving spot. And, as infrastructure in the interior of the country improves with a growing number of hotels and resorts, more tourists are also coming to explore the mountains, rivers, and Mayan ruins of the mainland.

Offshore services may be only a small percentage of Belize’s GDP, but the country continues to foster this industry and remains one of my favorite offshore jurisdictions.

Belize offers essentially the same banking and structures products as all the better-known players in the offshore world but with a much lower profile—which in today’s world, can be a big advantage.

You can open an account with an international bank in Belize remotely. In addition, it’s possible to open an account with a modest initial deposit—even, in some cases, with no initial deposit.

Banks in Belize don’t typically have formal minimum balance requirements for opening an account, though they may require minimum amounts for activating an account (as low as $1,000).

These low account balance requirements help to make Belize a good “starter” jurisdiction for anyone looking for where best to open a first offshore bank account.

Belize also offers a few simple ways to obtain residency, the most popular of which is the Qualified Retirement Program (QRP) program, created to attract foreign currency.

To qualify to become a QRP, the applicant must be aged 40 or over and have a retirement income of at least $2,000 a month which they must transfer into Belize each month.

Accepted retirement income sources include pensions and annuities, Social Security benefits, investment accounts, inheritance, reverse mortgage, personal savings, and retirement contribution plans.

Applicants must also pass a security clearance check and spend a minimum of 30 consecutive days annually in Belize.

Belize could be a great choice if you’re looking for a place to develop an overall backup or escape plan… there’s lots of low-cost fertile land for growing your own food and fairly easy and quick access from North America.

Organize a small farm in Belize and you have an out should the world come crashing down either financially or literally… Just like the buccaneers who founded the country, you could use Belize as a refuge from the world.

There’s also huge real estate opportunity here. English-speaking and less than a three-hour flight from the southern United States, Belize is a well-loved retirement haven and second-home destination.

I’m headed there myself for this week’s Live And Invest In Belize Conference. I’m looking forward to catching up with our friends and colleagues on the ground and meeting the crowd of your fellow readers who are making the trip down for this week’s event.

If it’s too late for you to join us in person, you can still access every presentation and Q&A session with our experts with a Virtual Pass.LINK It lets you tune in from the comfort of your own home and connect with our in-country team who are excited to share their every tip, trick, and insight into life in Belize.

I’ll be your host for the three-day event which gets underway on Wednesday. Get your Virtual Pass todayLINK and I look forward to connecting with you online from Belize later this week.

Stay diversified,

Lief Simon
Editor, Offshore Living Letter