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#252642 - 20 August 17 10:11 am - America/Chicago permanent resident vs. qualified retired person
david1942 Offline
Junior Member

Registered: 15 May 17
Posts: 21
Loc: Key West, Florida
Hello, I will be living in Belize, hopefully in the near future. Of the many aspects on this new adventure, I am a bit unsure of the topic of "permanent resident" status and that of "qualified retired person". I have read some explanations of these and more or less understand the legal definitions but can't get a clear, practical picture. Can someone please speak from their experience about the advantages/disadvantages of these categories.
Very gratefully,
davidknollarch

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#252646 - 20 August 17 10:56 am - America/Chicago Re: permanent resident vs. qualified retired person [Re: david1942]
Dave Bunk Offline

**

Registered: 02 September 05
Posts: 5184
Loc: Punta Gorda Belize
PM me and we can discuss if you want to with specific questions! Dave

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#252650 - 20 August 17 1:28 pm - America/Chicago Re: permanent resident vs. qualified retired person [Re: Dave Bunk]
david1942 Offline
Junior Member

Registered: 15 May 17
Posts: 21
Loc: Key West, Florida
Okay,
First question: I have read "To be designated a QRP, applicants must receive a monthly income of not less than US $2,000 through a pension or annuity that has been generated outside of Belize." Are these two the only way to establish the ability to deposit $24,000 per year in a Belize bank?
Second question: If this is the only way and since I do not have a pension or annuity, should I apply for permanent residency?
Third question: Can permanent residents do business in Belize?
Fourth: Do permanent resident enjoy any of the tax and duty-free privileges of a QRP?
Fifth: Is a permanent resident required to also be a citizen of Belize?
I have other questions, but I don't want to overload you all at once.
Thanks,
David

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#252653 - 20 August 17 6:26 pm - America/Chicago Re: permanent resident vs. qualified retired person [Re: david1942]
Dave Bunk Offline

**

Registered: 02 September 05
Posts: 5184
Loc: Punta Gorda Belize
1. No as long as you can prove income will come in every month and from whee you are OK or even a yearly deposit

2 Depends on what you want and where money is coming from your choice. We chose residency because once money is deposited no getting it out in US dollars in an emergency. And if you decide to leave permanently you take a big hit in conversion fees like 15%

3 Yes you can own, work in, and work for anyone else except for a few exempt jobs reserved for citizens like tour guides etc

4. Same except for car boat and airplane exemptions. You have a year to import household goods in one shot. And when you enter or leave Belize with residency there are fewer fees you have to pay. QRP is actually considered permanent visitor so you pay the same fees as you would without QRP.

5. 2 separate issues. You have to live in country for 12 months before you can apply for residency. Process can take a year. After you have residency, after 5 years you can apply for citizenship. The only real difference is with citizenship you can vote in national elections. Residents can vote in local elections only.

Hope that helps some. If I missed anything others will be along

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#252656 - 21 August 17 3:59 pm - America/Chicago Re: permanent resident vs. qualified retired person [Re: david1942]
Phil_B Offline
Member

Registered: 17 September 13
Posts: 66
Loc: Camalote Village
the duty free exemptions are basically 'temporary', if you change residency status or transfer the property, duty is due. I don't pay any fees to enter or exit Belize and get free access to National Parks on Sundays, as would any resident.

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#252659 - 22 August 17 9:18 am - America/Chicago Re: permanent resident vs. qualified retired person [Re: Dave Bunk]
david1942 Offline
Junior Member

Registered: 15 May 17
Posts: 21
Loc: Key West, Florida
Dave Bunk
Thanks, this is very helpful...gives me a bit more clarity.

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#252660 - 22 August 17 9:22 am - America/Chicago Re: permanent resident vs. qualified retired person [Re: Phil_B]
david1942 Offline
Junior Member

Registered: 15 May 17
Posts: 21
Loc: Key West, Florida
Phil_B
Thanks, it does sound as if permanent resident is the route to take.

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#252663 - 22 August 17 10:11 am - America/Chicago Re: permanent resident vs. qualified retired person [Re: david1942]
jstewartpa Offline

**

Registered: 17 May 12
Posts: 1002
Loc: Pennsylvania and Hopkins
David, just be warned that residency is a very long process. As Dave mentioned, you must be here a minimum of 12 months and only leave the country for 14 days or less in that period. After that year is up you qualify to apply for permanent residency. It is currently taking well over a year to have your application approved once all your paperwork is accepted as being correct. After you obtain your permanent residency you can gain employment in Belize. Prior to that you can not work in Belize unless you get a work permit, which is difficult.


Edited by jstewartpa (22 August 17 10:12 am - America/Chicago)
_________________________
Stupid should hurt!

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#252664 - 22 August 17 10:28 am - America/Chicago Re: permanent resident vs. qualified retired person [Re: david1942]
Reilly Offline

*

Registered: 08 April 04
Posts: 241
Loc: Carolinas, USA, Cayo
A question between Residency and QRP that I'm struggling with relates to timing of importing things.

Either way, I will pay duty and sales tax on my 2007 Rav4.

If I choose residency, I understand my household furnishings and personal effects don't enjoy any import benefits until I've completed the two year residency requirement. With QRP, I understand it only takes three to six months of Belize as my abode, then I can do my major import duty free.

Because "David1942" plans to build, there should be very little difficulty spending $24,000 a year in BZ.


Edited by Reilly (22 August 17 10:31 am - America/Chicago)
_________________________
Reilly and/or Spouse www.pms01.com,www.shaklee.net/HMS_Enterprises

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#252665 - 22 August 17 10:51 am - America/Chicago Re: permanent resident vs. qualified retired person [Re: david1942]
Dave Bunk Offline

**

Registered: 02 September 05
Posts: 5184
Loc: Punta Gorda Belize
True but after you build? This is a long term commitment, not a short term deal. That is how I looked at it. I have to have my hip replaced, so I am in the US now. Under QRP I would be screwed over if I needed to live on those funds. Several years ago my wife's mother died and while we were there her father died ended up being out of Belize over 6 months handling the estate. Any serious health issues and you will want to get out of Belize fast. Look at the worst case scenario as you are living in a third world country.

Correct on the household goods but you will find after you are here how little you need from your old goods, and after they are here for 6 months and you decide Belize not to stay which happens alot here! What do you do then? Better to store until you are really sure this place is for you! You would be amazed how much stuff we have been given by returning expats deciding not to stay or sold for pennies on the dollar at cheap sales when they leave.


Edited by Dave Bunk (22 August 17 11:53 am - America/Chicago)

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