Designation as a Qualified Retired Person

(1) Any Retired Person may apply to be designated as a Qualified Retired Person if he– (a) is a citizen or legal permanent resident of one of the countries listed in Schedule II; (b) is currently receiving a pension or annuity; (c) gives a written undertaking to deposit for his own use in a financial institution in Belize– (i) by the 15th day of each month, the sum of two thousand dollars in an approved foreign currency; or (ii) by the 1st day of April of each year, the annual sum of twenty-four thousand dollars in an approved foreign currency; and (d) satisfies such other requirements as the Minister may by regulations specify. (2) In the event a person who has been designated a Qualified Retired Person ceases to meet any of the qualifications set out in paragraphs (b) or (d) of sub-section (1) or to satisfy the undertaking given under paragraph (c) of that sub-section, he shall forthwith lose his entitlement to all the exemptions and privileges conferred upon Qualified Retired Persons by this Act. 6