JUL Y 2009
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www.opp.org.uk Feature & report archive
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41
WORDS
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Sarah Woods
INDUSTR
Healthy prospects
Y
Emerging as one of the world’s top eco-tourism destinations, Belize presents international
agents with opportunities to sell to retirees and investors from Europe, US and Asia
When it f_i rst emerged as an early Canadian arrivals soared by over 11%
Belize’s Retired Person Incentive Act (RPIA)
forerunner for investment in while European visitors rose by 6.5%.
Tax and residency breaks are of_f ered to foreigners who are Qualif_i ed Retired PEOPLE
Central America a decade ago,
Persons (QRP). They must be aged 45 or older, a citizen of the US, the UK,
Belize had yet to make its mark in the Eco-tourism Canada or Belize, and earning a monthly income of at least US$2,000 from
international tourism arena. However, Today, Belize’s tourism sector represents
investments or pensions. Benef_i ts include exemption from all taxes on income
once the Belizean government started the nation’s second-biggest sector,
and receipts as well as import duties and taxes on personal and household
to push the country’s eco-tourism accounting for 18% of GDP – with
ef_f ects up to a maximum value of US$15,000. Dependents are also included in
potential things really started to take of_f . eco-tourism leading the way. “As a
the program (spouse and children under the age of 18 or under the age of 23
if enrolled in college) and QRPs can also own rental properties.
Today North Americans account for low-density population, Belize of_f ers
approximately 67% of Belize’s total investors an abundance of raw land for
tourism arrivals - the majority are from eco-tourism projects and for agricultural environment – a tricky eco-issue that is strategy. To appease the environmental
DESTINA
Canada f_l ying in to Phillip Goldson development, such as sustainable tree this year’s hot topic. lobbyists, the government has already
International Airport. Dubbed the “next farming”, says Jonathan Lohy at Ceiba “We’re selling a particularly exciting launched a four-year, $13.5m project
Cancun” and “new Costa Maya”, around Realty Ltd. development that ticks all the right to promote and preserve the natural
200 cruise ships bring some 500,000 With one in four jobs in Belize boxes environmentally - a big USP when resources in San Ignacio in the Cayo TION
passengers into Belize’s port each year. tourism-related, the Belizean it comes to Belize”, says Ray Withers at District, Placencia in the Stann Creek
Notably, Belize is the only Central government faces an ecological Property Frontiers. “Not only does the District, San Pedro on Ambergris Caye
American country to enjoy consistent dilemma in its attempts to ramp up reserve appeal to eco-conscious buyers and Belize City.
increases in tourist arrivals since 1998 visitor f_i gures - with sustainable tourism but it has also been very well supported
including the post 9/11 period. In 2008, at the forefront of environmental by the Belize Government. Ecologically Tax haven
concerns. As the host of the third sound projects are leading the way in Like Panama and Costa Rica, Belize has
Ecologically sound projects International Responsible Tourism Belize - and we’re experiencing strong, made bold bids to establish itself as a
are leading the way in Belize Conference in May this year, Belize has sustained interest from buyers all over tax shelter, as there are no capital gains
BUSINESS
- and we’re experiencing big infrastructure plans earmarked the world.” or inheritance taxes and property taxes
strong, sustained interest to support future tourism growth. Burdened with a huge overseas debt are very low, at 1% of market value. It is
from buyers all over the However, Belize is faced with balancing (at 78% of GDP) Belize took the step of also targeting the retiree market with
world. ambition and vision with doing opening its door to foreign investors special residency incentives that make
Ray Withers, Property Frontiers permanent damage to the natural and eco-tourism is a key part of its a retirement nest egg stretch further.
DE
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