Privileges and Exemptions of Qualified Retired Persons

(1) A Person who has been designated a Qualified Retired Person shall be entitled– (a) to enter and remain in Belize along with his dependents from time to time and for such time as he remains a Qualified Retired Person; (b) within one year of first entering Belize, to import into Belize his personal effects and approved means of transportation for his personal use free of all import duties and taxes; or (c) every three years thereafter upon proof that he has properly disposed of the means of transportation he had previously imported into Belize, to import new approved means of transportation for his personal use into Belize upon such concessionary terms as the Minister may by Regulations made under this Act provide. (2) A Qualified Retired Person properly disposes of an approved means of transportation within the meaning of this Act if– (a) he exports the approved means of transportation from Belize; or (b) sells, gives, leases or otherwise disposes of the approved means of transportation to another person within Belize and proves that all the import duties and taxes have been duly paid thereon; or (c) proves that the approved means of transportation has been lost or otherwise rendered unserviceable through theft, fire or accident. 7 (3) Any approved means of transportation or other property imported into Belize under the provisions of this section free of import duties and taxes, which is transferred at any time to another person in Belize (other than to a Qualified Retired Person) whether by sale, gift, lease or otherwise shall, immediately upon such transfer, be chargeable with all import duties and taxes, and both the transferor and the transferee shall be jointly and severally liable for the payment thereof. CAP. 55. (4) Notwithstanding anything contained in the Income and Business Tax Act, or any other law, a Qualified Retired Person shall be exempt from the payment of all taxes and levies on all income or receipts which accrue to him from a source outside of Belize or from a person resident outside of Belize and in respect of work performed or investment made outside of Belize, whether such income is earned or passive income and whether or not such income is remitted to him in Belize. (5) Qualified Retired Persons shall be deemed to be non- residents for the purposes of the Offshore Banking Act, the Exchange Control Regulation Act, the International Business Companies Act, the Trusts Act the Immigration Act, and the Belizean Nationality Act, and any other Act which relates or may hereafter relate to international financial services, directly or indirectly. CAP. 156. CAP. 267. CAP. 161. CAP. 202. CAP. 270. CAP. 52.