TAX
Tax Efficiency Overseas
In the second of a two-part tax series, MARC DA SILVA heads to Belize, Oman, Mauritius and France.
BELIZE Located south of Mexico’s Yucatan Peninsula, Belize, an independent member of the British Commonwealth for almost 30 years and the only official English-speaking country in Central America, offers generous tax incentives, particularly for retirees setting up permanent residency in this Central American tax haven. Residents in Belize are exempt from paying capital
gains, inheritance tax or income tax on earnings overseas. Income tax is only charged on money earned in Belize and starts from 15 per cent. Property types and prices in this exotic sub-tropical
country, home to the world’s second largest coral reef, vary enormously. Most overseas nationals buy property in tourist coastal
destinations such as Placencia or Ambergris Caye, where a wide range of properties exist, from jungle lodges and spa retreats in the mountains to five-star beachfront resorts David Cox, director of Property Frontiers, says: “Parts of
Belize’s property market have remained buoyant, driven by an influx of baby boomers from the USA. Strong residential projects in tourist hotpots are continuing to sell well.” The property buying process in Belize is simple
because the country’s legal system is based on British law. Stamp duty is charged at around five per cent.
ABOVE: Muscat Hills Golf &
Country Club Muscat Hills in the heart of Muscat featuring a selection of apartments and
villas, ranging from two to five bedrooms villas, with prices starting from £250,000 for apartments and £640,000 for
villas – on the market with Savills Oman (
www.sav-oman.com).
RIGHT: Belize Reserve Eco-friendly villas and land plots
at the Belize Reserve on the Cayo District in Belize range from
£33,500 to £95,950 – on the market with Property Frontiers (
www.propertyfrontiers.com).
18. Homes Overseas High crime rates and no direct flight from the UK have
deterred most Brits from moving to Belize. But there are efforts to try and introduce direct flights to and from Europe within the next few years.
OMAN Located along the southeast coast of the Arabian Peninsula in southwest Asia, Oman offers a tranquil way of life and possesses some of the world’s finest beaches. Oman is being modernised and liberalised culturally and
financially by Sultan Qaboos Bin Said Al-Said, a forward- thinking ruler who is actively trying to diversify the country’s economy and its reliance on thinning oil reserves. The Sultan introduced legislation in 2004 - ratified in
2006 - allowing overseas nationals to buy freehold property and land in designated tourist areas in Oman. This has led to the construction of new luxurious residential-led developments across the country. Oman has focused on constructing high-quality, low-rise,
luxurious property developments, which appeal to high net worth individuals. “The introduction of Integrated Tourism Complexes was
one of the key ingredients for planned growth in tourism levels,” says Christopher Steel, managing partner at Savills Oman. “The Omani property market offers a low- risk strategy for prospective homeowners and wise property investors seeking a safe haven.” New luxurious Integrated Tourism Complexes under
construction across Oman include, Jebel Sifah, The Malkai, The Wave, The Chedi, Azaiba, Wadi Kabi, Salalah Beach Resort, Barr Al-Jissah, Muscat Hills Golf & Country Club, Yiti Resort, and Blue City. Integrated Tourism Complexes, most of which are
located in the capital of Muscat, allow foreigners to set up residency in Oman and take advantage of the country’s tax-advantageous environment. Significantly, as a tax-efficient destination, Oman
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