Belize: QRP retirement programme, taxation and residence

Belize, the only English-speaking country in Central America, combines two rare features: a tax law that reaches only income arising in Belize, and a residence status for retirees, the Qualified Retirement Program (QRP), which expressly exempts its holders' foreign-source income. The Belize dollar has been pegged to the US dollar since 1976, at 2¹ per dollar.

Three ideas structure this page:

• income tax, at the single rate of 25%², applies to income "accruing in or derived from Belize": foreign income does not in principle fall within its scope, but this reading of the text remains to be confirmed case by case with the Belize Tax Service;
• the QRP provides legal certainty specific to its holders, at the price of a ban on employment in Belize;
• businesses pay a business tax on their gross receipts; outside petroleum, companies do not pay income tax. Former IBCs have lost their preferential status and are subject to substance requirements.

The Belize Tax Service website could not be read, nor could that of the National Assembly: the tax rules cited here come from the consolidated laws published by the Attorney General's Ministry (position as at 31 December 2020) and from BELTRAIDE, the public investment promotion agency. Later reforms are flagged as such.

The general regime

Section 5(1) of the Income and Business Tax Act subjects to tax the taxable income "accruing in or derived from Belize, whether received in Belize or not". The criterion is therefore the source of the income, not the taxpayer's residence: a non-resident is taxable on a Belizean salary, whereas a resident is not covered, on a reading of this text, for income arising outside Belize. The same text expressly exempts pensions and annuities paid from abroad to an ordinarily resident retiree, where received in Belize (section 8(1)(r)).

The rate is single: 25%² of taxable income, for employees and for other persons alike (sections 20(1) and 21(1)). Since 1 January 2025, according to BELTRAIDE and the government announcement reported in the press, tax applies only to income above 29,000³ per year. Previously, the threshold was figure being updated and the basic allowance figure being updated for the lowest incomes.

The 2024 amending law that raised the threshold could not be read, as the National Assembly website is suspended. The amount of the allowance applicable to income above the new threshold is therefore not established for 2026.

Interest on term deposits is subject to a final withholding tax of 5%⁶ on the gross amount (section 20(2)). Self-employed persons and landlords fall mainly under the business tax, a tax on gross receipts described in the section on business: according to BELTRAIDE, 6%⁷ for professional services and 3%⁸ for rents. The business tax paid is credited against any income tax due for the same period (section 21(2)).

Capital gains and inheritance

The categories of income listed in section 5(1) are business profits, employment income and pensions or annuities; capital gains are not among them. For QRP holders, the Belize Tourism Board expressly mentions an exemption from capital gains tax and inheritance duties. Property transfers, by contrast, bear stamp duty, presented in the section on real estate.

As we could not read the end of the consolidated law or an official text on inheritance, we do not assert either a general absence of capital gains tax or an absence of inheritance duties for an ordinary resident. A gain realised in the course of a habitual activity may fall within business profits.

The special regime for QRP holders

Section 4(4) of the Retired Persons (Incentives) Act exempts the holder from all taxes and levies on income accruing to them from a source outside Belize, or from a person residing outside Belize, in respect of work performed or an investment made outside Belize, whether that income is earned or passive and whether or not it is remitted. Compared with the general regime, the QRP mainly provides a written guarantee and customs duty exemption on settling in.

1. The benefit is personal: it requires admission to the programme and annual renewal of the card; it ceases as soon as a condition is no longer met (section 3(2)).
2. It covers only foreign-source income: an activity in Belize, even if authorised, is fully taxable.
3. It does not settle the position in the country of departure. A French pension remains subject to French rules; to our knowledge, there is no France–Belize convention for the elimination of double taxation.

A tax on receipts, not on profit

Section 5(6) of the Income and Business Tax Act excludes corporate income tax, with the exception of companies carrying out petroleum operations, taxed at 40%⁹. Companies, sole proprietorships and self-employed persons pay the business tax, assessed on gross receipts, above 75,000¹⁰ of annual receipts according to BELTRAIDE. For liberal professions, the chamber of commerce reports a separate threshold of less than 25,600¹¹.

The BELTRAIDE schedule sets the rate by category: 1.75%¹² for commercial activities in general, 6%⁷ for professional services, 3%⁸ for rents, and markedly higher rates for telecommunications, real estate brokerage and commissions. A tax on receipts cannot be compared with a corporate income tax rate: a company with a low margin bears a heavy burden relative to its profit.

End of IBCs and economic substance

According to the Financial Services Commission, the Belize Companies Act 2022 repeals and replaces the International Business Companies Act and the former Companies Act. All existing companies had to re-register with the new single registry by 28 November 2023 at the latest; failing that, the registrar strikes them off the register.

For tax purposes, a notice from the Belize Tax Service dated September 2021 set 31 March 2022 as the date for the first annual return of former taxable IBCs, accompanied by payment of the estimated tax. Exempt from the tax, but not from an information return, are those that carry on no relevant or regulated activity within the meaning of the Economic Substance Act, have no permanent establishment in Belize and are tax resident in a state that is not on the European list of non-cooperative jurisdictions.

The Economic Substance Act requires a substantial economic presence from entities that carry on a relevant activity: banking, insurance, fund management, financing and leasing, headquarters, distribution and service centres, shipping, and holding companies for such activities. Core income-generating activities must be carried out in Belize, with adequate expenditure, qualified employees and premises; management is assessed by whether board meetings and records are held in Belize. The law does not apply to an entity that is controlled and managed outside Belize and that proves its tax residence in another state by a certificate from the foreign tax authority. Breaches expose the entity to heavy administrative penalties and criminal prosecution.

GST and distributions

The General Sales Tax applies at the rate of 12.5%¹³, and is filed and paid monthly. Registration is mandatory when annual taxable turnover exceeds 75,000¹⁴. The 2026-2027 budget announces a revision of the split between taxed goods and zero-rated goods and mandatory electronic invoicing, the details of which have not yet been published.

For payments to non-residents, the chamber of commerce presents a schedule that mentions in particular dividends, at 15%¹⁵, and a separate regime for CARICOM residents. We have not read the corresponding legal provision.

Social security contributions, detailed accounting obligations, the regime for designated economic zones and the full statutory business tax schedule: not verified against a legible official source. The consolidated version of the law published online is truncated before the part dealing with business tax.

The Qualified Retirement Program

According to the Belize Tourism Board, the programme is open to anyone aged at least from 40 years¹⁶. It does not require that you have stopped all work: the condition relates to pension or investment income of at least from $2,000¹⁷ per month, or from $24,000¹⁸ per year, coming from abroad in an approved currency. The applicant undertakes to deposit this amount each month, or in a single payment each year, with a financial institution licensed in Belize. The spouse and children under less than 18 years¹⁹ are admitted as dependants.

• application fee: $150²⁰;
• principal applicant fee: $1,000²¹;
• fee per dependant: $750²²;
• QRP card: $200²³, then $25²⁴ at each annual renewal.

These fees are non-refundable. The 2020 consolidated version of the law set a higher minimum age; the age currently displayed by the Belize Tourism Board results from an amendment that we have not been able to read.

Working under the QRP

Section 5(1) of the Retired Persons (Incentives) Act prohibits the holder and dependants from any employment in Belize, as well as from carrying on a business or making an investment in Belize, subject to exceptions. Section 5(3), however, permits an activity conducted from Belize where it relates mainly to transactions carried out outside Belize and is conducted exclusively with non-resident persons: this is the legal basis for consulting or self-employed work for foreign clients.

An activity aimed at the local market requires the approval of the Belize Tourism Board, a business plan, capital of at least from 1,000,000²⁵ (or from $500,000²⁶), prior residence of at least from 90 days²⁷ non-consecutive, the employment of at least from 5²⁸ Belizean citizens and proof of operation within up to 18 months²⁹ following approval. This activity is fully taxable.

The case of an employee of a foreign employer working remotely from Belize is settled neither by the law nor by the Belize Tourism Board: the prohibition targets employment "in Belize", while the exception in section 5(3) targets a business activity. Written confirmation from the Belize Tourism Board is essential.

Visitor, permanent residence and nationality

A visitor extends their stay in periods of 30 days³⁰, for a fee of 200³¹ per extension; they may not hold any job, even an unpaid one. According to the Immigration Department, permanent residence may be applied for after at least from 1 year³² of legal stay, during which absences have not exceeded up to 14 days³³ in total, with proof of financial stability. Fees for an adult range from from 1,000³⁴ to up to 6,000³⁵ depending on nationality, according to BELTRAIDE.

Belizean nationality is available to a permanent resident of at least from 5 years³⁶, provided that their absences have not exceeded up to 30 days³⁷ consecutive or up to 3 months³⁸ cumulative over a rolling year. A work permit costs 3,000³⁹ per year for a professional or self-employed person. The QRP card, for its part, is not permanent residence: time spent under this status, with a minimum annual presence, does not on its own satisfy these presence requirements.

Schedule of permanent residence fees by nationality, in particular for a French national, and processing times: not published on the official pages we read.

Belizean law does not define tax residence in general terms. Section 16(6) defines it only for the personal allowance: a resident is a person domiciled in Belize or who has spent more than more than 182 days⁴⁰ there during the year. Since tax is based on the source of income, residence mainly determines the threshold and the allowances.

The QRP requires being able to stay in Belize for at least from 30 days⁴¹ consecutive each year. This is a condition for maintaining the status, not a criterion of tax residence: such a short presence is not enough, on its own, to establish that the home and centre of interests have left France.

Between France and Belize, the only bilateral agreement we have identified is a tax information exchange agreement signed in 2010. It provides for the transmission of information between administrations, not for the allocation of taxing rights: a departure from France is judged on French criteria alone, and a pension or income of French source remains taxable in France under domestic law.

We have not found a double taxation convention between France and Belize; the official French list of conventions was not consulted in this batch.

According to the Statistical Institute of Belize, consumer prices rose on average by figure being updated in the first half of 2026 compared with the first half of 2025. The fixed peg to the US dollar removes exchange-rate risk for income in dollars, but not for a pension in euros.

We do not publish a typical monthly budget: no official series on rents or on an expatriate's basket of expenses was consulted.

Property acquisition is open to foreigners, but costs more: according to BELTRAIDE, stamp duty is 8%⁴³ of the land value for a buyer who is neither Belizean nor a CARICOM national, compared with 5%⁴⁴ for the latter beyond an initial tranche.

Ownership bears a bare land tax of 1%⁴⁵, collected by the Department of Lands, or a municipal property tax in towns and cities: 2%⁴⁶ of the assessed value according to BELTRAIDE, and 2.5%⁴⁷ in Belize City. Operators of tourist accommodation also charge a hotel tax of 9%⁴⁸.

1. Gather evidence of the foreign pension or investment income and check that the currency is among the approved currencies;
2. submit the QRP application to the Belize Tourism Board and pay the application fee;
3. after approval, arrange the monthly or annual deposit with a financial institution licensed in Belize and pay the final fees;
4. within the year following first entry, import personal effects duty-free; a vehicle imported duty-free must be no more than up to 5 years⁴⁹ old;
5. renew the card every year, with the local bank statement and the passport pages.

• Do not confuse residence and status: the written guarantee of exemption follows the QRP card, not the address in Belize.
• Employment in Belize forfeits the benefit of the QRP; an activity for foreign clients must remain compliant with section 5(3).
• The Belize Tourism Board page gives two different intervals for replacing the duty-free vehicle: only written confirmation is authoritative.
• A Belizean company held from abroad must have been re-registered under the Belize Companies Act and must check its position under the Economic Substance Act.
• Obtain written confirmation from the Belize Tax Service of the threshold, allowances and business tax rate that apply before investing: its publications were not legible when we consulted them.

QRP processing times: neither the law, nor the regulations, nor the Belize Tourism Board page indicates any.

Do you have to be retired to apply for the QRP?

Not in the strict sense: the condition relates to age and to pension or investment income of foreign source of at least from $2,000¹⁷ per month.

Is an ordinary resident taxed on foreign income?

The law targets income arising in or derived from Belize, and expressly exempts the foreign pensions of ordinarily resident retirees. For other foreign income, this reading of the text must be confirmed by the Belize Tax Service; the QRP, for its part, provides a written exemption.

Can you work under the QRP?

Employment in Belize is prohibited. An activity conducted from Belize with an exclusively non-resident clientele is permitted by law; a local activity requires the approval of the Belize Tourism Board and investment and employment conditions. Salaried remote work for a foreign employer is not settled.

Does a Belizean company pay tax on its profits?

Outside the petroleum sector, no: it pays business tax on its gross receipts above an annual threshold. Former IBCs with no permanent establishment and tax resident in a cooperative state are exempt, subject to filings and the substance rules.