A Benefit-Packed Overseas Residency | Pathfinder International

Saturday, December 05, 2009

Dear Reader,

There are so many factors that you need to consider when buying an overseas property.

First, you need to decide if you are purchasing the property for investment (whether that is appreciation potential, rental income, or both), or buying a home for personal use (for vacation, retirement, or relocation).

If your plan is using the property for personal use, especially for significant periods of time, then you need to investigate the immigration laws of the country you're buying in. Most countries allow tourists to stay for periods from 30-90 days. That may be enough if you plan on spending a few weeks at a time in your property and renting it out while you're not there.

But what if you plan to spend the cold months of winter back home in your new beach condo? Or if your dream is relocating to your own piece of paradise, leaving your old life behind?

The good news is that in some countries, your property can help you get residency. In others, being able to prove a certain level of monthly income is the key (and that level can be as low as $600 a month).

One benefit of many forms of residency is the duty-free importation of household goods and vehicles. That's a huge help if you are relocating, or just want some of your familiar personal belongings with you.

Some countries offer significant retiree benefits as part of the residency package--Panama and Ecuador, for example. Retire in Panama, and you'll never wait in line at banks, or hospitals. Plus, you'll save up to 50% off entertainment (movies, theatres, sporting events), 30% off bus, boat and train fares, and up to 50% off hotel stays...just some of the many discounts a pensionado receives in Panama.

We've asked the attorneys we work with to give us the latest information on residency requirements in some of the countries we know are popular with many of you as second-home destinations.

We start today with Belize--and a program that offers many benefits. Find out more in this article by Joel Nagel, below.

Margaret Summerfield

Belize: A Great Overseas Retirement Residency

Ten years ago, Belize, a tiny English speaking country at the intersection of Central America and the Caribbean, enacted legislation to allow Qualified Retired Persons (QRP) to reside in their country. The QRP program grants a whole host of incentives designed to encourage foreigners to move to Belize--and bring their money with them. These incentives include a permanent exemption from any Belize taxes including income tax, capital gains' tax, estate taxes, as well as import taxes on household goods, automobiles, boats and even airplanes.

The only requirements for the QRP program are:

You or your spouse must be at least 45 years of age or older,
You should consider yourself to be retired
You must show that you have at least $2000 a month in income to support yourself in Belize. While pension income can meet the last requirement, the easiest way of proving financial means is simply placing a deposit of a minimum of $24,000 into a Belizean bank account.

The "consider yourself retired" requirement simply means that you cannot apply for a work visa under the QRP program. This is not to say that you can't do international, internet-based or even local Belize business as an entrepreneur; you just can't take on traditional "employee" work under the QRP program. People starting businesses in Belize are welcomed and even encouraged and a young, educated and extremely willing labor pool is ready to help anyone accomplish their business objectives.

Even if you do not contemplate retiring for one, three, or even five years, now is the time to apply for and receive the benefits under the current law. Just a two-week holiday will keep your QRP residency status active, while you work towards your ultimate retirement plans.

Joel Nagel

Editor's Note: Please feel free to contact Joel at (JavaScript must be enabled to view this email address).