QRP Program

We are on the QRP program.
Pros:
*Getting QRP status is quite fast (took 3 months for us to be approved).
*You don't have to go down to get your passport stamped every month.
*You can bring personal goods in without duties the first year; also a new vehicle every 3 years. (However, be aware that if you decide to sell anything you bring in under the program, you will have to pay the duty before you can sell, so it's really only deferring the duties.)
*You are basically treated like a resident, although there are some tourist places that don't know what it is so they won't give you resident prices (Cahel Pech is one).
*You can come and go as you please. You only have to ensure you are here at least one month every year. If you want to stay full time, you can.

Cons:
*Get everything an agent tells you in writing. Agents change without notice and one agent's interpretation of the rules can differ widely from another's.
*You must put a minimum of $24000US in a Belize bank account from your US or Canadian bank account yearly, before April 1 (or $2000US before the 15th of each month). It does not matter if you have more money in your Belize account, you still have to put that much in every year. And you have to be able to prove that it came from your outside bank.
*You cannot earn any money within the country of Belize in any way - no renting cabins or rooms, no selling excess fruit, nothing. If you are earning money through the internet with a business that is based outside the country (ie being an affiliate or something like that), however, that is allowed.

We went with the QRP status because we felt we could not commit to being in Belize continuously for the approximately 4 years that it takes before residency status comes through. We could have just continued on visitor status, however, in Cayo District, getting your passport stamped every month is an all day affair of standing/sitting in line waiting at the immigration office.

Hope this helps.

MariLynne

Thank you MariLynne.  I just want to make sure I understand your point about the annuity.  You can literally deposit the money into your Belize bank account from a US bank account?  It doesn't have to come from a regular payment from say, a retirement account or social security?

Unless things have changed in the last couple of months, you DO have to show you have the income from a  quality retirement pension or life time annuity that will cover your monthly commitment of $2k us.  It is not too difficult to do it on your own without an agent or middleman. You can even set it in motion via the internet before you arrive.
It is better to work with a local bank in person in Belize ( we use Belmopan branch of Scotiabank ) to point out to them you NEED a local bank account for the QRP, If the bank agree to add that information to your application this can help move along the permission from central bank. (Still will be a slow process)

You have to show your US or Canadian bank statements along with the Belize bank statements to PROVE that the money in your US or Canadian bank came from a retirement or annuity program.

bmcraig wrote:

You have to show your US or Canadian bank statements along with the Belize bank statements to PROVE that the money in your US or Canadian bank came from a retirement or annuity program.

When (how often) and to whom do you have to show this information?
Can it be in an electronic form, or does it need to be notarized ordinal?

terrific wrote:

Unless things have changed in the last couple of months, you DO have to show you have the income from a  quality retirement pension or life time annuity that will cover your monthly commitment of $2k us.  It is not too difficult to do it on your own without an agent or middleman.

I recall the source of funds came up here before, and it is severely limiting and primitive if this is the only way the Belize authorities will allow one to fund a QRP bank account.  In the USA pensions are rapidly being phased out. Retirement wealth can come from many other, better sources these days. Hopefully the QRP will catch up with the times to avoid shooting themselves yet again in the foot.

One more note on the QRP topic.
As I understand it, Domestic Belize banks can take deposits of Belize or US dollars.
However Domestic Belize banks can only disperse Belize dollars. To many folks this can be a serious disadvantage. 

When I opened my (now defunct) Atlantic International Bank account their documentation showed the International account could be used for the QRP program.

As Belize international Bank accounts can have both deposits and withdrawals in US funds I suggest it would be wise to have both a domestic Belize account, and an international one if on the QRP program. Unless one spends most of the USD $2k each month then I guess it would not matter.

Comments, corrections???

You have to submit this information once a year when you apply for your renewal in late November/December.
We almost lost our QRP status last year because the agent (and his supervisor) we had the previous year told us that we did not have to put the money into the Belize bank every year, that if we had $48,000 BZ or more in the bank it could just carry over from one year to the next. When we applied for our renewal last November, he was gone and there was a new agent (and a new supervisor). They interpreted the rules differently and were going to refuse our application because our bank statements did not show that we had transferred the money that year. We had almost $70,000 BZ in our Belize bank account and we had used our Canadian credit card for many purchases, paying it off from the Canadian account every month, but that didn't count. They finally renewed our QRP because there was no letter on our file stating their interpretation. So now we have a letter on the file saying we have to prove each year that we transferred the money and where it came from. (We can use just our Canadian bank statement because the deposits from our pensions clearly show on the statement that they are from our retirement pensions.)

so, to be in the program it has to be from retirement funds?

My husband and I don't get the needed fund amount from retirement funds but get well over that from rental homes we have in the US.

Will this not work?

You would have to ask that question to the Belize Tourism Board. They are the only ones who can make that decision.

VERY interested in that answer. I have no pension, but get funds from stocks, and real estate rentals as well.

****

thank you so much for the contact info.

The Belize Tourism Board website lists the following Duty Exemptions – QRP’s shall be entitled to duty exemptions of the following items for personal use only within the first year of acceptance into the program:
Personal and Household Effects
(1) Personal Boat
(1) Personal Aircraft – Light aircraft less than 17,000 kg
(1) Personal Motor Vehicle – Model of must be within the last 5 years (Allowed to purchase a new vehicle every 3 years with proper disposal of previous vehicle)

Can anyone please confirm whether this means (1) of each or, in the case of boats and motor vehicles only (forget the aircraft) is it (1) or the other but not both?

Someone told me the one-time exemption applied to one or the other, not both.  They went on to say that I would pay 38% duty on a boat & motor or 27% duty on a motor vehicle, using either the invoice or Kelly Blue Book value.

Good evening.
Yes you can import 1 of each, duty free, in the first year.
You can look up the recommended duty on the Belize website - http://www.customs.gov.bz,  for items you might import outside of the QRP.
However, the amount seems to vary with the customs officials, as to the percentage you will be charged, depending on their perception of the value. Cars can be as much as 70% of the retail value, but seems to be around the 45% mark the majority of the time. It would probably be cheaper to buy in-country than to import a vehicle outside of the QRP program. However, I have some friends there who have come up with some creative ways to decrease the tariff costs.

Good information, thanks for the reply.