Ambergris Caye 2023 Vacation Rental Data

Ambergris Caye Vacation Rentals in 2023

Ambergris Caye has been the epicenter of Belize tourism for years and remains the country’s top tourism destination. Ambergris Caye and San Pedro Town have already seen 53.2% of Belize overnight tourism in 2024. In 2023, Ambergris Caye tourism saw substantial growth and is now at all-time highs! This has led to growth in the investment in Ambergris Caye real estate.

Ambergris Caye luckily has something we like to call “Island Economics.” When investing in an island, there is only so much land available. The limitations on available land create scarcity, which is a value to real estate investors. There is only so much land on an island. Island economics means that you see greater property appreciation on an island due to scarcity of property and limitations on how much can be built.

Tourism growth, increased awareness, offshore residency, and improved connectivity have all led to higher investment yields on vacation rental properties on Ambergris Caye. Ambergris Caye and San Pedro Town (the municipality on the island of Ambergris Caye) are by far the top destinations in Belize. Below, we look at the updated tourism data and vacation rental data for Ambergris Caye in 2023!

Belize Tourism & Flight Data 2024

 

Ambergris Caye Tourism

Ambergris Caye has seen tourism hitting all-time highs year-over-year as we become a globally recognized destination. From 2010 to 2023 (13 years), Ambergris Caye overnight tourism (people booking rental units) has grown at an annual compounded rate of 18.7% per year increase, with overnight tourism over doubling as it is up 145.1% from 2010 to 2024.

Ambergris Caye and San Pedro Town are the top destination for overnight tourism in Belize. With 53.2% of the Overnight Tourists coming to Ambergris Caye.

 

 

 

 

Belize Overnight Tourism Year-Over-Year

 

 

Belize Tourism Q1 2024

 

Belize Quarterly Tourism Arrivals

Belize Tourism Board Overnight Arrivals

 

Ambergris Caye Vacation Rental Inventory

Even though tourism is growing, the total rooms for rentals have stayed stagnant, with limited new losing inventory and often even a decline in inventory. Tourism is growing, and this usually correlates to added supply; that said, Ambergris Caye, Belize, is at the perfect time for investment as we have unique market conditions that have led to increased demand and a decrease in supply inventory.

Rental Inventory on Ambergris Caye has dropped by -4% from 2022 to 2023. Also dropped -13.9% over the last 3 years. This is largely due to the influx of people moving to Belize and the growing expat community and people who can work remotely.

 

Ambergris Caye Vacation Rental Lodging Inventory

 

For lodging, as a point of reference, Ambergris Caye saw -4% from last year. Lodging inventory for vacation rentals on Ambergris Caye has seen a -13.9% decrease over the last 3 years.

Ambergris Caye has had a compounded annual tourism growth over 12 years at an average of 14.8% per year (2010 to 2023). With Q1 2024, the annual tourism growth rate jumped to 18.7% per year (2010 to 2024).

As you can see, the 3-year trend has been consistent, with many quarters witnessing a dip in rental inventory (even with an increase in demand). This creates a unique opportunity for investors. With the shortage in supply and increase in demand, there is a need for more lodging and rentals.

 

Increase in Demand + Decrease in Supply = Increase in Price & Rent

 

 

 

Many industry experts predict Ambergris Caye real estate prices and nightly rental rates will continue to increase with the continued growth in tourism and higher volume of direct international flights. This will lead to greater equity appreciation and a higher cash-flow yield.

Even though demand is on the rise, the supply has remained stagnant. With increased awareness comes increased demand, but the lodging and vacation rental inventory supply does not meet the demand growth.

This has led to higher nightly rental rates and higher occupancy for vacation rentals.

 

 

Ambergris Caye Occupancy

 

 

In 2022, Ambergris Caye had an average vacation rental occupancy of 54.8%. In 2023, the average occupancy of vacation rentals was 61.13%.

 

 

 

 

 

 

Ambergris Caye Monthly Occupancy

 

 

Ambergris Caye Nightly Rental Rates

In 2023, Ambergris Caye saw vacation rental Nightly Rental Rates (ADR) increase by +15% from 2022. The increase in ADR (Nightly Rental Rates) led to increased revenue. In 2023, the average nightly rental rate on Ambergris Caye  was $274 USD per night, which is up from $262 USD per night in 2022.

 

Rates in $ USD

 

 

Rates in $ USD

 

 

Rates in $ USD

 

Rates in $ USD

 

 

Ambergris Caye Investment Revenue

The increase in tourism has led to higher occupancy and higher nightly rental rates (ADR). The increased occupancy and ADR have resulted in higher revenues. On Ambergris Caye, vacation rental gross revenue is up 30% in 2023 (from 2022).

 

Annual Average Rental Revenue

Revenue in $ USD

 

 

Monthly Rental Income Ambergris Caye

 

Revenue in $ USD

 

Revenue in $ USD

 

 

Home vs Condo Vacation Rentals

What is fascinating is the renal income for detached homes over condos (and the % annual growth).

 

Condo & House Rental Revenue

 

 

 

Detached homes on Ambergris Caye had an average annual gross revenue of $58,950 USD in 2023 (Airbnb income). Compared to condos, which saw an average gross yearly earnings of $33,200 USD.

For more information on investing in Belize and Ambergris Caye rental income investment opportunities, contact us at RE/MAX Belize!

 

 

Belize Tourism Q1 2024: All-Time High & Record-Breaking Tourism

Belize Tourism Q1 2024

 

Record-breaking numbers for the first quarter in Belize’s overnight arrivals!

2024 has been a record-breaking year for Belize tourism! In Q1 2024, Belize has seen record-breaking tourism arrivals (January to March 2024).

This indicates that year-to-date, Belize Overnight Tourism has had a record-breaking numbers and the highest volume in the countries tourism history.

 

 

Belize Overnight Tourism Arrivals in 2024

 

January 2024 Overnight Tourists: 57,628

February 2024 Overnight Tourists: 59,067

March 2024 Overnight Tourists: 69,202

 

Total Q1 2024 Overnight Tourists: 185,897

 

February was record breaking with 59,067. But March saw an all-time high and new record with 69,202 arrivals. March 2024 first time Belize has had over 60,000 overnight tourism arrivals (with 69,202 overnight arrivals in the month).

Both of the record breaking months (February & March) have made Q1 2024 the highest ever quarter for overnight tourism in Belize! Total Overnight Tourists for Q1 in 2024 was 185,897.

 

 

 

Belize Monthly Tourism Arrivals

 

2024 has seen record-breaking inbound tourism numbers. This has been largely due to the increased number of direct flights and the improved accessibility to Belize (internationally).

February 2024 was a record-setting month for Belize tourism. This record-setting tourism month was quickly superseded by March 2024 which saw an impressive 69,202 overnight tourists arrive in Belize!

March 2024 has now became the highest single month for overnight tourism in Belize at 69,202 tourists. The prior single-month record (before 2024) was in March 2019 at 57,697 overnight tourists.

Total Overnight Tourists for Q1 in 2024 was 185,897. This is 27.9% higher than in 2023 (last year Q1) and 17.5% higher than the prior record set in 2019.

 

January to March Belize Tourism Arrivals

 

 

 

Belize Tourism Growth

 

Q1 2024 saw a 27.9% increase in overnight tourism arrivals from Q1 2023.

Q1 2024 was a 17.5% increase from Q1 in prior peak year of 2019.

 

Annual Q1 Belize Tourism Arrivals

 

 

 

Overnight tоurіѕm arrivals to Belize increased bу оvеr 27.9% іn Q1 2024 (Јаnuаrу to March), compared tо the ѕаmе реrіоd lаѕt уеаr (2023). The trend in Belize tourism is expected to have continued growth, this is seen by the 17.5% increase in overnight tourism from 2019 (Q1). This is expected to result in an оvеrаll 11% estimated growth fоr the Belize tоurіѕm ѕесtоr іn 2024.

Belize Tourism rebounded strongly in 2023 and has continued in 2024. The stats from the early months of 2024 signal that the year 2024 will be a record-breaking year for inbound tourism to Belize!

 

 

 

Веlіzе’ѕ tоurіѕm industry іѕ booming, as seen in Q1 of 2024 and the first few mоnthѕ оf the year setting all-time highs and hіѕtоrіс rесоrd-breaking numbers in overnight tourism. The tourism growth (the largest sector in Belizean economy) is estimated tо gеnеrаtе аn unprecedented $1.4 bіllіоn іn rеvеnuе in 2024, this was announced by Minister of Тоurіѕm Аnthоnу Маhlеr.

 

Belize Tourism Q1 Arrivals 2017 to 2024 (January to March)

Below is the overnight tourism trend from 2017 to 2024 for January to March (Q1 of each year);

Belize Tourism Board Data

 

 

Increased International Flights to Belize

The largest factor to the growth in Belize tourism has been the increased air transport and increase in direct international flights to Belize. In March 2024, there were 511 international flights landing at BZE (Philip S.W. Goldson International Airport in Belize City). 

PGIA Philip S.W. Goldson International Airport BZE

 

Direct Flights to Belize 2024

 

 

 

Direct Flights Washington DC & Baltimore (BWI) to Belize (BZE) with Southwest Airlines

SouthWest Airlines started direct flights from BWI to Belize on March 9, 2024

SouthWest Airlines BWI to BZE

 

Direct Flights New York (JFK) to Belize (BZE) with JetBlue

JetBlue Starts Direct Flights from New York JFK

JetBlue Announces Direct Flights to Belize from New York JFK

JetBlue New York (JFK) to Belize (BZE)

  • Monday
  • Wednesday
  • Saturday

Scheduled flight times are the following (all times are local):

  • JFK to BZE: Departs at 8:29 a.m. and arrives at 12:14 p.m.
  • BZE to JFK: Departs at 1:30 p.m. and arrives at 7:00 p.m.

JetBlue Belize Flight Deals

 

 

Ambergris Caye & San Pedro

Ambergris Caye and San Pedro Town are the top destination for overnight tourism in Belize. With 53.2% of the Overnight Tourists coming to Ambergris Caye.

 

 

Record-Breaking Tourism Leads to Airport Upgrades

The month of March 2024 was record-breaking for Belize tourism. Increased visitors to Belize means an increased demand for the facilities at the BZE Philip Goldson International Airport (PGIA). To address that need there is an ongoing, long-term project for the upgrade of the PGIA. Belize along with the BTB (Belize Tourism Board) are increasing the marketing efforts attracting regional tourism and tourism from Latin American markets.

With the Mayan Train in Mexico and increased travel and tourism from Latin America and South America. That said, the airport upgrades are important since the United States represents the largest percentage of overnight tourism arrivals.

Currently Americans (from the US) make up 69.3% of Belize tourism in 2024.

Record Breaking Tourism Prompts Airport Upgrades

 

 

Future Outlook on Regional Tourism

Belize has shown impressive tourism numbers through 2023 and now record breaking in 2024 due to quick and clever travel regulations and practices put into place. Belize has also improved the accessibility with more non-stop direct flights and increased number of airlines (and destinations).

“The success of the recovery is a testament to the power of collaboration. Tourism leaders, businesses, governments, organizations, airlines, and our hospitality professionals have achieved impressive results by working together. We are grateful for the hard work and close partnerships that continue to allow us to recover and soar to new heights,” says Nicola Madden-Greig, President of, the Caribbean Hotel and Tourism Association (CHTA).

 

The rise and power of the South American market in the region.

 

Tourism in Belize is growing, and the competition is getting stronger now that we can look at the pre-pandemic and post-pandemic trends. Diversifying the attraction and marketing of Belize by widening the net is pivotal. The 2023 data by ForwardKeys shows there is a real potential to convert more international arrivals from Latin America, specifically Colombia and Argentina.

“Through our air ticketing data, we are observing a significant leap from the Latin Markets into the Caribbean and Belize, especially from Central America, Colombia, and Argentina. Even more encouraging is that they are flying in premium-class cabins, more than before the pandemic. A worthy market to tap into,” says Olivier Ponti, VP of Insights at ForwardKeys.

Beyond the main traditional markets, the US and Canada, there are tourism opportunities to be found in the neighboring countries. Latin American markets represent an exciting opportunity for Belize and the Caribbean.

Travel demand for Belize as a destination quickly gained momentum after most regional countries dropped travel requirements. The strong pent-up demand has been propelling visitor arrivals from Latin America beyond pre-pandemic levels, up by 14% in 2023, and with greater growth potential. The best-performing markets in the region are Colombia, Peru, and Argentina.

 

 

Flight Connectivity

 

The restoration of air connectivity is one of the key factors driving post-COVID-19 travel demand recovery, and Latin America is no exception. After years of limited travel activity, now Latin American travelers have fewer options to get to their desired Caribbean vacation. Fewer direct flights, and lower flight frequencies, make it harder and more costly to travel. In this scenario, connections with gateway airports are fundamental to remaining competitive.

Panama City (PTY) has emerged as a key gateway hub for Latin America, particularly, for connecting this region to the Caribbean. This is a result of a decided and successful strategy to transform Panama’s Tocumen International Airport into an intra-regional airport hub. Panama has become the first choice when transitioning to the Caribbean, gaining a share over other regional airports, such as Bogota, Lima and Miami.

While it is not always feasible to develop direct flight connections with emerging markets, establishing regular and frequent connections with the right network airports is fundamental for reaching a more diverse travel audience.

 

 

 

Belize Real Estate & Investment Opportunities

The Belize tоurіѕm ѕесtоr rеmаіnѕ роіѕеd fоr further growth with more development and improved accessibility! This has industry experts орtіmіѕtіс and bullish on Belize as a destination (for tourists and investors).

Tourism growth, increased awareness, offshore residency, and improved connectivity have all led to higher investment yields for real estate and investment properties in Belize. Ambergris Caye remains the the top destinations in Belize for overnight tourists.

Additional Links:

Belize Tourism January & February 2024

Ambergris & Belize Tourism Data 2023

Caribbean & Regional Tourism 2023

If you are looking to learn more about Belize tourism and Belize real estate, contact us!

 

 

 

Belize A Haven for Investors and Entrepreneurs

Belize A Haven for Investors and Entrepreneurs

Belize is an emerging hotspot for investors and entrepreneurs seeking opportunities in a supportive, business-friendly environment. The country’s commitment to fostering economic growth through foreign investment is evident in its policies and incentives designed to attract and support business ventures across various sectors.

 

Government Incentives for Investors

The Belizean government has implemented a series of measures aimed at encouraging foreign investment. These include tax incentives, such as tax holidays and exemptions on import duties for business-related materials and equipment. The process for registering a business in Belize is straightforward and efficient, minimizing bureaucratic hurdles and making it easier for new businesses to get off the ground. Such policies demonstrate Belize’s commitment to creating a conducive environment for investment and entrepreneurship.

 

Opportunities in a Growing Tourism Industry

Belize’s tourism industry is on an upward trajectory, fueled by the country’s natural attractions and Caribbean beaches. This growth in tourism presents opportunities for investment in hospitality, eco-tourism, adventure tourism, and cultural experiences. Entrepreneurs can tap into this expanding market by offering unique accommodations, tours, recreational activities, and other tourism-related services. The government’s emphasis on sustainable and eco-friendly tourism practices also opens avenues for investments in green businesses and initiatives that cater to the growing number of environmentally conscious travelers.

 

Fertile Ground for Agriculture

Belize’s fertile land and favorable climate make it an ideal location for agricultural ventures. The country’s agriculture sector is diverse, ranging from sugar and citrus fruits to bananas and cocoa. There is also a growing interest in organic farming and non-traditional agricultural products, which presents a niche market for new entrants. Investors can explore opportunities in both the production and processing stages of agriculture, benefiting from Belize’s rich natural resources and its access to international markets through trade agreements.

 

Real Estate Investment Potential

The real estate market in Belize is flourishing, with demand for both residential and commercial properties. Investors can find opportunities in developing housing, condominiums, resorts, and office spaces. The country’s real estate sector is buoyed by its attractiveness to expatriates and retirees. The government’s favorable stance on foreign ownership of property simplifies the process for investors looking to purchase or develop land in Belize. The Belize investment opportunity for most foreigners is through Belize real estate.

 

English-Speaking Legal System

One of Belize’s unique advantages is its English-speaking legal system, based on the British common law system. This makes legal proceedings, contracts, banking, and business registrations more accessible to English-speaking investors, eliminating the language barrier that can complicate such processes elsewhere. The transparency and familiarity of the legal framework add a layer of security for foreign investors, making Belize an even more attractive destination for business ventures.

 

 

Luigi Wewege on Americans Opening Offshore Bank Accounts In Belize

Luigi Wewege on Americans Opening Offshore Bank Accounts In Belize

Navigating The Waters Of FATCA: A Guide For U.S. Citizens Opening Offshore Accounts In Belize

Luigi Wewege is President of Caye International Bank, headquartered in Ambergris Caye, Belize. Luigi Wewege shares his thoughts and strategy for U.S. Citizens opening Offshore Bank Accounts in Belize.

The allure of offshore banking for U.S. citizens extends far beyond the convenience of financial transactions or the pursuit of investment opportunities on foreign shores. With the enactment of the Foreign Account Tax Compliance Act (FATCA) in 2010, the U.S. government aimed squarely at reducing tax evasion, compelling U.S. citizens and foreign financial institutions alike to adhere to stringent reporting standards. This editorial explores the nuances of FATCA, demystifying the obligations and opportunities it presents for those looking to the horizon for their financial endeavors.

 

Off-Shore Banking in Belize

The allure of offshore banking for U.S. citizens extends far beyond the convenience of financial transactions or the pursuit of investment opportunities on foreign shores. With the enactment of the Foreign Account Tax Compliance Act (FATCA) in 2010, the U.S. government aimed squarely at reducing tax evasion, compelling U.S. citizens and foreign financial institutions alike to adhere to stringent reporting standards. This editorial explores the nuances of FATCA, demystifying the obligations and opportunities it presents for those looking to the horizon for their financial endeavors.

FATCA represents a pivotal shift in the global financial landscape, designed to peel back the layers of privacy that once shrouded offshore accounts. By mandating that foreign financial institutions report on the holdings of U.S. citizens, the act ensures a level of transparency previously unseen, making it challenging for individuals to conceal assets overseas. For U.S. citizens, this means navigating a maze of reporting obligations, from disclosing account details to reporting income earned through foreign investments.

 

US Foreign Account Tax Compliance Act

For U.S. taxpayers, FATCA imposes the requirement to file Form 8938, detailing their foreign financial assets. This form is a critical component of one’s annual tax return, outlining the highest value of foreign accounts and the income they have generated. The filing thresholds:

  1. $50,000 in the previous year ($100,000 for joint filers)
  2. $200,000 cumulatively for the five previous years
  3. Failing to comply with these filing requirements can result in hefty penalties. These penalties can range from a 5% to a 10% increase on the unreported amount, depending on the duration of non-compliance. In extreme cases, willful non-compliance can even lead to criminal prosecution.

While FATCA’s reach is extensive, certain exceptions and exemptions offer a reprieve for specific accounts and situations. Not all foreign assets are ensnared in the FATCA net; retirement accounts and certain types of financial institutions in countries without an FATCA agreement with the U.S. may fall outside the scope of mandatory reporting. Yet, the complexity of these exceptions necessitates professional guidance to navigate successfully, ensuring that U.S. citizens are both compliant and taking full advantage of potential reporting exemptions.

 

International Banking for Americans

Owning an offshore account under FATCA’s watchful eye extends beyond mere reporting; it introduces a tapestry of tax implications that can affect an individual’s financial landscape. From income tax on foreign earnings to considerations around estate tax, the financial ramifications of offshore banking are multifaceted. Professional advice becomes indispensable, offering a roadmap through the tax implications and ensuring that individuals can harness the full potential of their offshore accounts while remaining on the right side of the law.

Contrary to the shadow of tax evasion that FATCA might cast, there are myriad legitimate reasons for U.S. citizens to engage in offshore banking. Whether seeking diversification, access to unique investment opportunities, or simply the convenience of transacting in a foreign country, offshore accounts can offer significant advantages. Understanding these benefits within the context of FATCA’s regulations allows U.S. citizens to explore international financial horizons confidently and legally.

The intricacies of FATCA, combined with the broader complexities of international finance, underscore the necessity for expert guidance. Tax and legal professionals specializing in this field can provide the compass needed to navigate the FATCA maze. From ensuring compliance with reporting obligations to optimizing the strategic benefits of offshore banking, professional advice is the cornerstone of effective international financial planning for U.S. citizens.

The introduction of FATCA has undeniably transformed the landscape of offshore banking for U.S. citizens, imposing a framework of transparency and compliance that requires diligent navigation. As the world of international finance continues to evolve, the importance of understanding and adhering to FATCA cannot be overstated. With the right guidance and a comprehensive grasp of the law’s requirements and opportunities, U.S. citizens can explore the vast potential of offshore accounts with confidence and compliance, ensuring their financial strategies are both robust and legally sound.

 

Luigi Wewege

Check out more from Luigi Wewege below;

8 Reasons to Buy Overseas with Luigi Wewege

Banking in Belize with Luigi Wewege

 

Luigi Wewege

 

 

Record-Breaking Belize Tourism Arrivals in 2024

2024 Record-Breaking Belize Tourism Arrivals

 

In 2024, Belize has seen record-breaking tourism arrivals. Overnight tourist arrival figures indicate that the total number of arrivals for January & February 2024 surpassed the same period in 2019 (prior high records for overnight tourism). This indicates that year-to-date, Belize Overnight Tourism has had a record-breaking numbers and the highest volume in the countries tourism history.

The figures for February represent an all-time high for any single month for overnight tourism in Belize!

 

 

 

January 2024 Overnight Tourists: 57,628

February 2024 Overnight Tourists: 59,067

Belize Tourism Board Data

 

Overnight Tourism to Belize Annually

 

Below is the overnight tourism trend from 2017 to 2024 for January & February;

 

 

Below is the monthly and total overnight tourism for January & February (2019, 2022, 2023, 2024);

 

 

Belize Tourism in 2023 & 2024

2024 has seen record-breaking inbound tourism numbers. This has been largely due to the increased number of direct flights and the improved accessibility to Belize (internationally). February 2024 was a record-setting month for Belize tourism.

February 2024 became the highest single month for overnight tourism in Belize at 59,067 tourists. The prior single-month record was in March 2019 at 57,697 overnight tourists.

 

February 2024 Overnight Tourists: 59,067

January 2024 Overnight Tourists: 57,628

December 2023 Overnight Tourists: 55,574

 

Monthly Belize Overnight Tourism

 

 

Annual Belize Overnight Tourism

Overnight Tourism in 2023 experienced a remarkable 25% increase compared to the previous year. In 2023, Belize saw a total of 464,723 overnight tourists.

 

 

A shining moment in 2023 for Belize tourism was in December 2023, when the country recorded the second-highest overnight tourist arrival for any given month in its history, welcoming a remarkable 55,574 visitors. This represents Belize’s growth and trajectory as a destination. Belize has been a top emerging destination, and the allure signals a positive trajectory for the tourism industry.

Belize Tourism Board (BTB) has remained confident as Belize is poised for an upsurge in airlifts from the North American market by the end of 2024.  The projection comes as tourism to Belize is set to surpass the 2019 pre-pandemic level. The capacity’s expansion reaffirms Belize’s position as a premier destination in the Caribbean & Central American tourism industry.

Тhе роѕіtіvе mоmеntum оbѕеrvеd іn 2023 and continued in 2024 ѕеrvеѕ аѕ а tеѕtаmеnt tо Веlіzе’ѕ еndurіng арреаl аnd іtѕ аbіlіtу tо аdарt tо еvоlvіng trаvеl dуnаmісѕ. The stats from the early months of 2024 signal that the year 2024 will be a record-breaking year for inbound tourism to Belize!

 

 

Quarterly Belize Tourism Arrivals

 

 

 

Monthly Overnight Tourism Arrivals

 

 

BTB 2024 January & February Record Tourism

 

Below is the overnight tourism trend from 2017 to 2024 for January & February;

 

 

 

The Belize tоurіѕm ѕесtоr rеmаіnѕ роіѕеd fоr furthеr grоwth, оffеrіng аn орtіmіѕtіс оutlооk fоr thе іnduѕtrу’ѕ соntіnuеd rесоvеrу. With the boom in Belize tourism and the growth in the sector, the Belize investment opportunities and Belize real estate sector have boomed as well!

Ambergris & Belize Tourism Data 2023

Caribbean & Regional Tourism 2023

If you are looking to learn more about Belize tourism and Belize real estate, contact us!

 

Belize Achieves Record Employment & Economic Boom in 2023

Belize Economy in 2023

In 2023, Belize achieved record levels of employment. This has, in turn, led to an economic boom and a growing economy. Belize Prime Minister John Briceno announced the monumental accomplishment Belize achieved with a record employment level in 2023. Belize touched an unprecedented 96% employment rate among those seeking jobs.

А kеу fасtоr іn thіѕ ѕuссеѕѕ wаѕ thе іnсrеаѕе іn thе mіnіmum wаgе, whісh роѕіtіvеlу іmрасtеd Веlіzеаnѕ bу increasing thеіr еаrnіng роtеntіаl. There were a number of economic sectors and industries which contributed to the growth. Kеу ѕесtоrѕ іnсludіng tоurіѕm, соnѕtruсtіоn, Вuѕіnеѕѕ Рrосеѕѕ Оutѕоurсіng (ВРО) сеntеrѕ, аnd аgrісulturе hаvе ехреrіеnсеd ѕubѕtаntіаl grоwth, рlауіng а ріvоtаl rоlе іn есоnоmіс dеvеlорmеnt аnd growth of Belize. The growth in Belize’s tourism and key sectors has led to improved employment opportunities, ultimately increasing the rate of employment to record highs.

 

Driving Forces Behind the Economic Boom

In 2023, Belize has seen substantial growth in key sectors such as tourism, construction, business process outsourcing (BPO), and agriculture. These industries have been pillars of the Belize economy, and have been instrumental in driving economic development in Belize and creating job opportunities for Belize citizens. Not only did Belize see record high employment rates in 2023, the economy was further bolstered by a 3.4% GDP growth in the third quarter.

The Belize tourism sector, in particular Ambergris Caye (San Pedro Town), witnessed a significant 27% increase, one of the highest since the end of the COVID-19 pandemic.

Belize Tourism & Investment 

 

Anticipating a Banner Year for Tourism in 2024

Looking towards the future, 2024 is predicted to be a major year for Belize’s tourism industry, with the majority of overnight tourism going to Ambergris Caye & San Pedro Town. Several initiatives and new programs are in the pipeline, which indicates a record year for Belize tourism in 2024. Some of the most recent announcements include a direct JetBlue flight from New York and more frequent flights from the U.S. With additional SouthWest flights from D.C. & Baltimore. As well as extended flights from Canada (Toronto & Calgary) through WestJet. These additional flights and new initiatives are expected to boost the already burgeoning Belize tourism industry.

 

Continued Commitment to Economic Prosperity

In 2024, Belize is looking to enhance quality assurance, infrastructure, and marketing to capitalize on the expected growth. Belize made massive economic strides in 2023, which has created jobs and enhanced the nation’s prosperity.

Aside from the economic gains in 2023, Belize also made significant strides in health care. Belize was certified as malaria-free by the World Health Organisation, joining the ranks of several countries achieving milestones in disease elimination.

Economic growth and record levels of employment were the key takeaways from the Belize 2023 рrоduсtіvіtу rероrt fіndіngѕ. What is more exciting is the growth and opportunity to come as Belize continues to be a focal point of foreign direct investment (especially in the tourism sector). Thе аntісіраtеd grоwth іn tоurіѕm (for 2024), ѕіgnals а ѕtrоng есоnоmу, rеаdу fоr соntіnuеd ѕuссеѕѕ іn thе uрсоmіng уеаr.

 

Contact us for more information on investing in Belize and Belize real estate!

 

Belize Digital Nomad Visa

Belize Digital Nomad Visa

The Belize Digital Nomad Visa is “A Long Stay Visitor Permit” and is a permit granted to any person who intends to stay in Belize for an extended period of time.

Belize is a great destination for digital nomads looking for a tropical paradise to work remotely. The island of Ambergris Caye has some of the fastest internet speeds in the region, with a very reliable network. San Pedro Town, Mahogany Bay Village, and areas of Ambergris Caye have Fibre Optic. Other areas have high-speed LTE service.

The country offers a long-term visa specifically designed for digital nomads, which makes it easy to stay in the country for extended periods of time.

A Long Stay Permit is valid for 6 months after the date issued. The Digital Nomad Visa is done through Immigration, which enables a person and their dependents to remain in Belize for up to 6 months.

The Digital Nomad Visa eliminates the back and forth with immigration every month for a tourist visa extension.

Yes! Belize has a visa suitable for digital nomads called “Work where You Vacation”.

This is Belize’s attempt to attract digital nomads and remote workers from all over the world who want to stay in the country for 6 months, with the opportunity to extend the period.

 

Belize Digital Nomad Visa

The Work Where You Vacation or Long Stay Visitor Permit (Digital Nomad Visa) program includes:

  • Work permits waived for participants
  • Student permits waived for children of participants
  • Special offers on activities, entertainment, and accommodations through “Work Where You Vacation” lodging partners.

 

Belize Digital Nomad Visa Requirements

The documents required to apply for the Belize Digital Nomad Visa are the following:

  • Proof of employment outside of Belize (min. annual income of USD $75,000 for individuals, USD $100,000 for couples/families)
  • A notarized banking reference and statement of account
  • A clear criminal record (no more than 6 months old)
  • A valid passport

 

Belize Digital Nomad Visa Fees

  • USD $500 per Adult.
  • USD $200 per Child

Fees apply to the applicant and any accompanying dependents.

 

Who Qualifies for the Digital Nomad Visa

Applicants who meet the below requirements can apply:

  1. The applicant is a citizen or permanent resident of the European Union, United Kingdom, United States of America, or Canada.
  2. The applicant is employed outside of Belize and
    • has a minimum annual income of USD $75,000 if the person is applying alone or
    • has a minimum annual income of USD $100,000 if the person is applying with dependents.
  3. A person issued a Long Stay Permit shall be entitled to enter and remain in Belize along with their dependents for a period NOT exceeding six months in any calendar year, as stated in the permit.
  4. A person issued a Long Stay Permit or his dependents shall not engage in employment in Belize.
  5. A permit issued by the department under this section shall not be extended.

 

Required Documents

  1. A Job Letter is issued within 30 days of the application if the applicant is employed by another person.
  2. Proof of registration of business and annual tax return if the applicant is self-employed.
  3. Proof of annual income in the amount of at least:
    • USD $75,000, if the person is applying alone; or
    • USD $100,000, if the person is applying with dependents.
  4. Notarized banking reference and Statement of Account.
  5. Police Record from the applicant’s country of residence, issued within six months of application.
  6. Certified copy of the bio-data page of the Applicant’s passport and Certified Copies of the bio-data page of each dependent’s passport.
  7. If the Applicant’s nationality is not in the Approved Countries List but resides in a country that is on the list, then the Applicant must provide Proof of Residence.

 

 

Internet on Ambergris Caye

Internet and connectivity on the island are top of the line with some of the fastest internet speeds in the region. Back in 2017, San Pedro went through significant upgrades. Now the town of San Pedro has some of the fastest internet speeds in Belize. In 2017, Ambergris Caye had a fiber-optic submarine cable installed with connectivity to San Pedro, enabling super-fast broadband speeds to the island of Ambergris Caye.
Since 2017, San Pedro Ambergris Caye has boasted the fastest internet in the country. Super fast Fiber-based Internet up to 130Mbps for home or business.

The Fiber Optic runs from Maskall to Bomba, and from Bomba to the coastline. From there, there is an underground via an SFOC to the island of San Pedro.

Most of Belize has WIFI with an LTE signal. However, there are places that boast stronger, more consistent internet like Ambergris Caye. With the high volume of tourism and the influx of expats that have moved to the country, and Ambergris Caye in particular, the service has improved to meet demand.

There are 2 primary providers of the internet in Ambergris Caye, Belize: SMART & Digi. Digi offers Fiber Optic internet with the fastest speeds. SMART offers reliable internet and is a popular alternative for areas that do not have fiber optic internet. You can see the rates and internet speeds below;

 

SMART Internet


Prices are in Belize Dollars

Digi Internet

Prices are in Belize Dollars

 

About the Belize Digital Nomad Visa

With the growing popularity of the digital nomad lifestyle, Belize is following many countries trying to lure digital nomads with tools and resources to work remotely. The Belize digital nomad visa is part of the Work Where You Vacation program, allowing digital nomads to live in the country for up to six months. It’s open to everyone working for a company based outside of Belize.

While the Belize Digital Nomad visa is only valid for six months, those who wish to extend their stay can apply for an extension. When you get approved for the Belize digital nomad visa, you will receive a permit to live temporarily in Belize. Applicants will also have the option to bring their dependents and spouses.

 

Belize Retirement & Investment Residency Program

Belize Retirement & Investment Residency

Belize is recognized as a popular tourist destination and continues to grow in popularity. Belize is considered to be a great spot for investors, retirees, and expats looking for a country to live, work, and invest. Hence, the Qualified Retired Person Incentive Program (QRP) was developed to fast-track residency for those who qualify. For the QRP program for retirement and investment residency, a person must be 40 years or older to apply.

The BTB (Belize Tourism Board) has introduced a new program that allows QRP holders and people applying for QRP to invest in Belize and conduct business in Belize more freely. QRP Members will be entitled to carry on business in Belize with approval if the Member meets the following qualifications:

  • A Business Plan.
  • Proof of Investment of at least 1 Million Belize dollars (US$500,000).
  • If the person has resided in Belize for at least 90 non-consecutive days.
  • The Business must employ at least five Belizean citizens.

 

Retire & Invest Program Benefits

A QRP Member granted approval to carry on business in Belize will be eligible for the following:

  • Permanent residency after designation as a QRP for five (5) years;
  • For the grant of any other license or permit necessary for carrying on business in Belize;
  • Practice philanthropy in Belize.

Travel Belize BTB Retire & Invest

Application & Requirements

 

QRP Retire & Invest Residency Program

A Qualified Retired Person who desires to obtain QRP status for investment or to carry on business in Belize shall apply directly to the Belize Tourism Board for approval. An application shall be submitted in writing and accompanied by the following:

  1. Detailed Business Plan – A formal written document outlining the goals of the business, methods for attaining goals, and the timeframe for achieving goals. The business plan MUST include but is not limited to the following:
    1. The Executive Summary.
    2. Company Description.
    3. Marketing Plan.
    4. Financial Plan.
    5. And Business Plan.
  2. Proof of Investment Capital of at least one million dollars (BZD) $500,000 US. – Original or certified copies of international bank statements, investment account statements issued by a financial institution, and official letters from a financial institution confirming the availability of funds MUST be provided.
  3. Must show proof of having resided in Belize for a minimum of 90 non-consecutive days.

 

Opening a Business with the Retire & Invest Program

Every Qualified Retired Person who is granted approval to carry on business in Belize under the new program is required to;

  • Employ at least 5 Belizean Citizens.
  • Within 12 months of approval to carry on business in Belize, submit to the BTB proof of employment of at least 5 Belizean Citizens.
  • Within 18 months of approval to carry on business in Belize, submit proof of business operation to the Belize Tourism Board.

A Qualified Retired Person granted approval to conduct business in Belize shall be eligible.:

  • For the grant of any other license or permit necessary for carrying on business in Belize.

One of the major draws is the fact that a person does not have to be residing in Belize in order to apply for the QRP Retire & Invest Program.

 

Application Requirements

A Qualified Retired Person who desires to carry on business in Belize shall apply in writing to the Belize Tourism Board for approval accompanied by the following.

  • Business Plan [including employment of 5 Belizean Citizens].
  • Proof of Investment Capital [minimum of one million Belize dollars or $500,000 US].
  • Proof of Residing in Belize for over 90 days [passport pages showing the applicant has resided in Belize for at least 90 non-consecutive days].

A Qualified Retired Person granted approval to carry on business in Belize shall:

  • Employ Belizean Citizens [minimum of 5 Belize citizens].
  • Submit proof of employment of Belizeans to the BTB [within 12 months of approval].
  • Submit proof of business operation [within 18 months of approval].
  • Pay full duties and taxes on any business carried out in Belize.

 

BTB Retire & Invest Incentive

The Belize Tourism Board manages the Belize QRP and Retire & Invest programs.

The QRP is renowned as the most efficient path to foreign residency anywhere in the Americas and one of the primary reasons Belize is known as one of the best places to retire in the region (Caribbean & Central America) and, indeed, one of the best place to retire in the world.

Once the application process is completed, the program grants the applicant the equivalent of a green card and various other incentives. The benefits include a permanent exemption from all taxes in Belize (estate taxes, income taxes, capital gains taxes, and most import taxes).

While the Belize QRP visa offers full-time residency, new residents can enjoy all the QRP benefits without spending the majority of the year in Belize for naturalized residency.

The requirements to successfully enter the Belize Qualified Retirement Program are remarkably simple compared to residency programs elsewhere in the world.

 

Check out the BTB & Travel Belize for more information on the new QRP Retire & Invest Program and how to apply.

Contact us if you have additional questions regarding Belize residency, investing in Belize, or living in Belize. We look forward to working with you!

 

Ambergris Caye Investment & Vacation Rental Data October 2023

Ambergris Caye Vacation Rentals

Ambergris Caye has been the epicenter of the Belize tourism surge and COVID recovery. This has led to growth in the Ambergris Caye Real Estate and investment in vacation rentals.

Ambergris Caye luckily has something we like to call “Island Economics.” When investing in an island, there is only so much land available. The limitations on available land create scarcity, not only scarcity of property but also a scarcity of land and completed resale homes. There is only so much land on an island. Island economics means that you see greater property appreciation on an island due to scarcity of property and limitations on how much can be built.

Tourism growth, increased awareness, offshore residency, and improved connectivity have all led to higher investment yields on vacation rental properties on Ambergris Caye. Ambergris Caye and San Pedro Town (the municipality on the island of Ambergris Caye) are by far the top destinations in Belize. Below, we look at the updated tourism data and vacation rental investment opportunities on Ambergris Caye!

 

Ambergris Caye Tourism

Ambergris Caye has seen tourism hitting all-time highs year-over-year as we become a globally recognized destination. From 2010 to 2023 (13 years), Ambergris Caye overnight tourism (people booking rental units) has grown at an annual compounded rate of 14.8% per year increase, with overnight tourism nearly doubling from 2010 to 2023 (+81.5% increase).

 

Belize Overnight Tourism

 

 

Belize Tourism Board Overnight Arrivals

 

Ambergris Caye Vacation Rental Inventory

Even though tourism is growing, the total rooms for rentals have stayed stagnant, with limited new losing inventory and often even a decline in inventory. Tourism is growing, and this usually correlates to added supply; that said, Ambergris Caye, Belize, is at the perfect time for investment as we have unique market conditions that have led to increased demand and a decrease in supply inventory.

Rental Inventory on Ambergris Caye has dropped by -4% from 2022 to 2023. Also dropped -13.9% over the last 3 years. This is largely due to the influx of people moving to Belize and the growing expat community and people who can work remotely.

 

Ambergris Caye Vacation Rental Lodging Inventory

 

For lodging, as a point of reference, Ambergris Caye saw -4% from last year. Lodging inventory for vacation rentals on Ambergris Caye has seen a -13.9% decrease over the last 3 years.

Ambergris Caye has had a compounded annual tourism growth over 12 years at an average of 14.8% per year.

As you can see, the 3-year trend has been consistent, with many quarters witnessing a dip in rental inventory (even with an increase in demand). This creates a unique opportunity for investors. With the shortage in supply and increase in demand, there is a need for more lodging and rentals.

 

Increase in Demand + Decrease in Supply = Increase in Price & Rent

 

 

 

 

 

Many industry experts predict Ambergris Caye real estate prices and nightly rental rates will continue to increase. This will lead to greater equity appreciation and a higher cash-flow yield.

Even though demand is on the rise, the supply has remained stagnant. With increased awareness comes increased demand, but the lodging and vacation rental inventory supply does not meet the demand growth.

 

Ambergris Caye Occupancy

 

 

In 2022, Ambergris Caye had an average vacation rental occupancy of 54.8%. In 2023, the average occupancy of vacation rentals has been at 61.3%. This is an increase of +11.9% year-over-year (2022 to 2023).

 

 

Ambergris Caye Nightly Rental Rates

 

In 2023, Ambergris Caye has seen ADR (Nightly Rental Rates) for vacation rentals increase by +15% from 2022. In 2023, the average nightly rental rate on Ambergris Caye has been $284 USD per night, which is up from $262 USD per night in 2022.

 

Ambergris Caye Investment Revenue

The increase in tourism with the lodging and vacation rental supply shrinking has led to higher occupancy and higher nightly rental rates (ADR). The increased occupancy and ADR have resulted in higher revenues. On Ambergris Caye, vacation rental gross revenue is up 30% in 2023 (from 2022).

 

Annual Average Rental Revenue

 

 

What is fascinating is the renal income for detached homes over condos (and the % annual growth).

 

Detached homes on Ambergris Caye have seen an average annual gross revenue of $88,850 US in 2023 (Airbnb income). Compared to condos, which saw an average gross yearly earnings of $44,300 US. Detached homes also saw a higher % growth at 23% annual revenue growth (condos with 14%) from 2022 to 2023.

For more information on investing in Belize and Ambergris Caye rental income investment opportunities, contact us at RE/MAX Belize!

 

Belize Residency Information & Programs

Belize Residency

Are you considering offshore Belize residency? Belize makes immigration and residency easy for investors, expats, and retirees looking to obtain Belize residency (for personal or investment).

Belize has been gaining increased popularity among foreigners, retirees, investors, and digital nomads. The Belize residency programs provide enhanced investment and travel opportunities.

In Belize, English is the primary language, and Belize’s legal system is based on British Common Law (a member of the British Commonwealth). Because of the British Common Law and British Parliamentary Democracy, Belize has a stable, democratic government and a stable and dynamic economy (also stable currency pegged 2:1 with USD).

For expats and investors, obtaining Belize residency is not prohibitive like in other countries. Residency in Belize is relatively straightforward, with a few routes available. For expats or retirees, Belize has the Qualified Retired Persons Program and the new Retire & Invest Program. These are great incentives for individuals looking to call Belize home and looking for long-term residency in Belize.

Belize also has investment residency programs that appeal to potential property owners and investors. In Belize, foreigners purchasing land or property are afforded the same rights as Belize citizens regarding property ownership.

Belize has full foreign ownership, and foreign investors can own Belize property outright with a fee-simple title. Belize is also a low-tax jurisdiction, with no capital gains or inheritance taxes (estate tax) in Belize.

The location of Belize (close proximity to the US & Canada), its warm Caribbean climate, low taxes, and welcoming culture make it an attractive place to invest, work, retire, and reside. The Belize residency programs also provide opportunities to travel, start a business, and optimize taxation.

This post provides information on obtaining Belize residency as well as the different residency programs Belize offers and the requirements.

 

Types of Belize Residency

Belize offers two distinct types of Residency status for foreigners:

  1. Permanent Residency: Permanent Residency would be suited for someone looking at being a resident in Belize. Permanent residency in Belize is for a person (or persons) who want to make Belize their home and will be staying in Belize for an extended period of time.
  2. Temporary Residency: Temporary Residency is for a person (or persons) who have made or are in the process of making a substantial investment in Belize (often in Belize real estate) but, due to commitments outside Belize, cannot meet ordinary Permanent Residence requirements.

 

Permanent Residency

For persons applying for Permanent Residency in Belize, you are required to:

  1. Have been legally residing in Belize for at least one year from submitting a residency application.
  2. During the one-year period, you have not left Belize for more than 14 days (2 weeks).
  3. Show proof to the Belize Immigration Office that you have been, and you will be able to continue financial stability and independence.
  4. Have not been convicted by a competent court in any country of a criminal offense for which you may have been liable to a sentence of imprisonment of twelve months or more and have not received a free pardon for the crime.

Documents Required for Permanent Residency

  1. Passport
  2. Medical Certificate and Tests
  3. Police Record
  4. Proof of Financial Stability
  5. Photographs
  6. Spouse and Child’s Documentation

 

Temporary Residency

A Temporary Residence (Temporary Residency) status can be given for one (1) year at a time. The temporary residency must be renewed every year. The temporary residency status becomes renewable at the end of that given period.

For persons applying for Temporary Residency, you are required to:

  1. Apply for temporary residency (temporary investment residency).
  2. Show evidence of investments in Belize valued at not less than Two Hundred and Fifty Thousand US Dollars – US $250,000 (five hundred thousand Belize Dollar – BZ$500,000).

Learn more from Belize Immigration.

Documents Required for Temporary Residency

  1. Passport
  2. Police Record
  3. Letter to Director
  4. Evidence of Residence in Belize
  5. Evidence of Investment in Belize

 

 

Belize Residency Options

Here is a general overview of residency options in Belize:

  1. Tourist Visa: Most visitors to Belize can enter the country as tourists without a visa and stay for up to 30 days. Extensions for up to 90 days are possible, but they come with associated fees. This is not a long-term residency option.
  2. Permanent Residency: Belize offers several pathways to permanent residency:
    • Retired Persons Program: This program is designed for retirees. To qualify, you must be at least 45 years old, provide proof of a consistent income, and meet certain financial requirements.
    • QRP (Qualified Retirement Program): The QRP is an attractive option for retirees. It provides tax benefits and allows for permanent residency. To qualify, you should be at least 45 years old, have a consistent income, and meet the financial requirements.
    • Self-Employed Program: If you plan to start a business in Belize, you can apply for permanent residency under this program. You’ll need to invest a certain amount of money in your business and meet other requirements.
  3. Naturalization Residency: The typical way people achieve Belizean residency is through the naturalized residency program. To obtain naturalized residency in Belize, you have to show you have been in Belize for a year (48 out of 50 weeks).
  4. Work Permits: If you plan to work in Belize, you will need a work permit. These permits are generally tied to employment, and your employer will often need to sponsor your application.
  5. Investor Residency: Belize offers opportunities for investors to obtain residency by making substantial investments in the country. The specifics of this program can vary, and it’s advisable to consult with an immigration attorney for details.
  6. Dependent Residency: If you have close family members who are legal residents or citizens of Belize, you may be eligible for dependent residency. This typically applies to spouses, children, or parents of Belizean citizens or residents.

 

Keep in mind that the process for obtaining residency in Belize can vary from person to person. People have different processes, which may involve various documentation, fees, and specific requirements. It’s advisable to work with someone who specializes in Belizean immigration to guide you through the process and ensure that you meet all the necessary requirements.

 

Belize Tourist Visa

You do not need to have residency to live or invest in Belize. Residency is not required to own a property (foreigners have the same ownership rights as locals/nationals). Residency is also not needed to be in Belize or visit Belize. If you are visiting Belize (as an American or Canadian), you do not require a travel visa.

When you enter Belize (as a tourist), you are issued a 30-day tourist visa in your passport. Belize is a very easy country to travel to, and US & Canadian travelers do not require any visas when traveling to Belize. The majority of countries and passports can travel to Belize freely and without a visa for 30 days.

Visitors can continue to renew their tourist visa if they want to stay in Belize without restrictions on length (as long as they get their visa renewed).

Americans & Canadians can travel to Belize and remain in Belize without time constraints. When a visitor arrives in Belize, they are issued a 30-day

Belize Tourist Visa

 

Naturalized Residency Belize

Permanent residents in Belize can work without a permit and no longer need to renew their visas every month or year. The naturalized residency (which requires time) is the most common route for Belize residency.

To be eligible for permanent residency in Belize, you need to live continuously in the country for one year without leaving the country for over 14 days. You must apply through the Department of Immigration and Nationality Services.

The typical way people achieve Belizean residency is through the standard residency program. To obtain residency in Belize, you have to show you have resided in Belize for a year, and have been in Belize for 48 weeks of the year. This is a naturalized residency.

 

Belize Investment Residency

The Belize Investment Residency program is designed for investors and entrepreneurs with investments in Belize valued at a minimum of $250,000 US.

The most common Belize investment for residency is through Belize real estate investment or owning Belize land. You can apply for the investment residency through proof of land or real estate in Belize valued above $250,000 US.

The most common sector is real estate investment, but there is also business investment. There are no restrictions on the business or any fixed sector to invest in. You can invest in tourism, agriculture, etc. This allows you to live, work, and conduct investments and business in Belize.

The investment residency can be done remotely. A person applying for the investment residency does not need to be in Belize to file this application.

The Belize Investment Residency is also called the “Temporary Investment Residency” and allows investors in Belize to obtain residency if they show they have invested over $500,000 BZ ($250,000 US) in Belize. This is most commonly done through real estate. The reason it is called “Temporary” is that you have to show every year that the investment continues in Belize.

Investment Residency is for one (1) year at a time. The temporary investment residency must be renewed every year.

Belize Investment Residency

 

Belize Qualified Retired Person Program (QRP)

If you are over the age of 45, have no intention of working in Belize, and can prove you meet the monthly retirement income requirements, you may qualify for the QRP (Qualified Retired Person) Program. The QRP program grants residency to people who hold status. The QRP is renewable each year, with the only requirement being that you spend a minimum of 30 days of the year in Belize.

Learn More About Belize QRP

 

Belize Work Permit

If you plan to work in Belize as a foreigner, you may require a “Work Permit.”

If you are planning to work for a company in Belize, the company hiring you will sponsor the work permit on your behalf. Suppose you are self-employed or planning to start a business in Belize (and work at the business). In that case, you likely need to apply for a self-employed foreigner or business registration.

If you do not apply for a residency status and continue to work and live in Belize, the work permit will be renewed annually.

 

Belize Citizenship

After living in Belize for at least five years as a permanent resident, you may be eligible to apply for citizenship through naturalization. The requirements for naturalization can change, so it’s essential to check the most recent criteria.

Once you’ve been a permanent resident for at least five years, you can apply to become a citizen of Belize. Belize allows dual citizenship, which means you can maintain Belizean and offshore citizenship (and passports). It is attractive for investors as they do not have to relinquish their domestic citizenship when they acquire Belizean Citizenship.

Belize recognizes dual citizenship. The Nationality Department does not require you to renounce citizenship from other countries.

Once you have Belize citizenship, you get the benefits of Belize’s CARICOM membership. With Belizean Citizenship, you can move freely through, live, and work in other Caribbean member countries.

 

 

Belize Residency Process

The process for residency varies depending on the person and the program. That said, generally, the residency process goes as follows;

  1. Step 1: Gather the required documents
  2. Step 2: Submission of application
  3. Step 3: Interview with Immigration
  4. Step 4: Interview with Police Department
  5. Step 5: Notification by the Immigration Office
  6. Step 6: Payment and Submission of Security Bond
  7. Step 7: Delivery of Residence Card

Belize Residency is relatively easy to acquire. You will need to follow the necessary steps. All applications are also subject to a background check or Police Record Check.

 

Residency in Belize

Belize offers a good range of visa and residency options covering just about any reason for being in Belize. Which option is right for you depends on your purpose for being in Belize:

  1. Long-term Scouting Trip: If you’re visiting Belize to test if it might be right for you as a new home, the Belize Tourist Visa (with renewals) will be your best choice.
  2. Snowbird or Wintering in Belize: If you’re escaping the bitter cold of “home” for several months each year or using Belize as a part-time vacation home, the Belize Tourist Visa (with renewals) is also your best option.
  3. Retiring in Belize: If you plan to retire and move to Belize with no intention of working (or running your own business), you should look at the Qualified Retirement Program. If you plan on opening a business or investing, you may want to look at the new Retire & Invest Program (through QRP and BTB).
  4. Moving to Belize: If you want to move to Belize but plan to work (or run your own business), a Work Permit may be the right direction. After a year, you can have naturalized Belizean residency.
  5. Investing in Belize: If you are looking to invest in Belize and have an offshore residency through investment, the Temporary Investment Residency could likely be a great option.

 

If you seek to obtain offshore residency with ease, with a minimal physical presence in the country, Belize residency may appeal to you. There are a few options and routes someone can take to obtain Belize residency. If you are looking at offshore residency or want to learn more about Belize Residency, contact us!