Retire in Belize: the QRP income requirement and how a US annuity meets $2,000 a month
Written by Hans Goldstein, licensed insurance agent · CA 4273294Short answer: To retire in Belize on the Qualified Retired Persons (QRP) program in 2026, you need at least $2,000 a month ($24,000 a year) of pension or annuity income from outside Belize as a single applicant, and the same $2,000 for a couple, because a spouse joins as a dependent (Belize Tourism Board). Applicants must be 40 or older and deposit the income into a Belize bank. Annuities are named on the official application, so a life-only SPIA bought while you are still a US resident fits directly; at 62, the full $2,000 a month costs roughly $303,000 to $344,000 of premium (illustrative, not a quote). Under the program, income from outside Belize is exempt from Belize tax.
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Belize retirement program requirements in 2026
If you want to retire in Belize as an American, the QRP program is the main route. It is run by the Belize Tourism Board (BTB) under the Retired Persons (Incentives) Act. The bar is a flat US dollar figure, which makes it one of the easiest programs to size for.
| Item | Requirement |
|---|---|
| Minimum age | 40 (BTB’s current page; older program documents said 45) |
| Income | $2,000 a month or $24,000 a year, from a source outside Belize |
| Accepted currencies | US dollar, pound sterling, euro, Canadian dollar |
| What counts | Pension or annuity (the BTB form asks for “Foreign Source of Pension/Annuity”) |
| Where the money goes | Deposited into a licensed financial institution in Belize; a yearly local bank statement proves it |
| Time in Belize | At least 30 consecutive days a year |
| Fees | US$150 program fee, US$1,000 applicant fee, US$200 per ID card, US$750 per dependent; card renewal US$25 (BZ$50) a year (BTB) |
| Work | No employment or income-producing investment in Belize while in the program |
Single or married: how much income you need for the Belize QRP
| Household | Monthly income (USD) | Belize dollars (fixed 2 to 1) | Who must receive it |
|---|---|---|---|
| Single | $2,000 | BZ$4,000 | The applicant |
| Couple | $2,000 (does not double) | BZ$4,000 | The main applicant; the spouse is a dependent |
| Each dependent | No extra income | None | Pays the US$750 dependent fee |
Dependents (spouse and children under 18 on the BTB’s current page; the 2016 program document also allows 18 to 22 if enrolled in school) ride on the main applicant’s income: the program document requires every document from each dependent “with the exception of the proof of income.” Whether the BTB will let a couple add two smaller pensions together, or combine Social Security with an annuity, to reach $2,000 is not spelled out in the documents I could verify; ask the BTB in writing.
When only one spouse has the income
The spouse whose pension or annuity reaches $2,000 a month is the main applicant, and the other spouse joins as a dependent with no income of their own. If neither spouse reaches $2,000 alone, do not count on adding the two together; the fix is a lifetime annuity in the name of the spouse who applies, priced on that spouse’s age and sex (at 62, $2,000 a month costs about $332,000 for a man and $344,000 for a woman at average payouts), bought while you are both still US residents. A joint and survivor payout keeps the income going for the dependent spouse.
Gift note (general information, confirm with a tax adviser): if the savings sit in the other spouse’s name, moving money to the applying spouse to buy the annuity is a gift. Gifts between spouses who are both US citizens are unlimited. To a spouse who is not a US citizen, the 2026 annual exclusion is $194,000 (Rev. Proc. 2025-32); above that you file Form 709, and generally no tax is due until the lifetime exemption is used up. IRA money cannot simply be moved to a spouse; an IRA annuity has to be owned by the IRA owner.
Why a lifetime annuity fits Belize so well
Most of the Belize program is about paperwork, and the income paperwork is where people get stuck. The BTB wants a certificate or document showing you are the recipient of a pension or annuity of at least $2,000 a month, a bank statement showing the deposits, and a signed undertaking to deposit the funds in Belize. Then every year, at renewal, it wants a Belize bank statement showing you kept doing it.
That annual test is the real point. If your only pension is Social Security at $1,400 a month, you are short. If you plan to wire $2,000 a month out of a brokerage account, you can do it, but the BTB is looking for a pension or annuity, not withdrawals. A life-only single premium immediate annuity (SPIA) turns part of your savings into exactly the document Belize asks for: a fixed monthly payment, from a US insurer, for the rest of your life.
Which annuity counts
The clean fits are a life-only SPIA, a joint and survivor SPIA for a couple, or an existing deferred annuity or MYGA converted to lifetime payments. Belize does not require the word “lifetime” the way Panama or Costa Rica do, but the payments must keep arriving every year you renew, so a 10-year period-certain annuity leaves you short in year 11. An income rider (GLWB) on an account you can still cash out, or a MYGA still accumulating, reads as savings, not a pension. The older BTB program document also lists a second route, an investment or deposit at a Belize institution producing $24,000 a year, but at Belize deposit rates that takes a very large balance.
Why I write about this. My mom is Norwegian, my dad is American, and they’re planning the move from the US to Norway. My mom is the sponsor (the host, or “reference person” in UDI’s words), so Norway’s income test falls on her income, not my dad’s. UDI told us in writing that money in an account does not count as income, and only lifelong income does. Their savings were not the problem; the paperwork wanted a monthly number in the host’s name. The rules in Belize are different, but the problem is the same one many retirees hit: the income test, not the net worth. I’m writing this to help others in the same boat as my parents. Read how we worked through the Norway income requirement.
In the same boat? Let’s run your numbers
See roughly what a lifetime annuity would cost to close your income gap, then get my personal read by email. I can help while you still live in the US.
Estimates use the September 9, 2026 ImmediateAnnuities.com payout survey (life only) and a 15% cushion. Illustrative, not a quote.
Example: a 62-year-old American retiring in Belize
Payouts at 62 from the September 9, 2026 ImmediateAnnuities.com survey, life-only, per $100,000 of premium per month: man $603 average ($660 best quote), woman $582 average ($637 best). Premium needed = monthly need divided by payout per $100,000, times $100,000. Illustrative, not a quote.
| Who | Monthly need | Premium, average payout | Premium, best quote |
|---|---|---|---|
| Single man, 62, no other pension | $2,000 | About $332,000 | About $303,000 |
| Single woman, 62, no other pension | $2,000 | About $344,000 | About $314,000 |
| Couple, both 62 (one $2,000 bar) | $2,000 | Joint and survivor: more than the single-life figures above; get a quote | |
| Single man, 62, with $1,200/mo Social Security | $800 | About $133,000 | About $121,000 |
Social Security can start at 62, and every dollar of it shrinks the gap the annuity has to fill (if the BTB accepts the combination). For a couple, a joint and survivor contract keeps the $2,000 arriving after the first death, which matters when the surviving spouse’s status depends on it; it pays less per dollar than single life. Waiting also lowers the cost: at 65 the full $2,000 costs about $290,000 (man, best quote), at 70 about $263,000.
Because Belize’s bar is fixed in US dollars and the Belize dollar is pegged at 2 to 1, you do not need the 10 to 25% currency headroom that euro or krone countries call for. I still like a small cushion (5 to 10%) so wire fees never push a month below $2,000.
How the annuity is taxed in Belize
This is the program’s best feature. Section 4(4) of the Retired Persons (Incentives) Act (Cap. 62) says that, notwithstanding the Income and Business Tax Act, 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,” whether or not the income is remitted to Belize. A US annuity is paid by a US insurer, so Belize does not tax it while you hold QRP status.
That exemption matters: Belize’s Income and Business Tax Act on its face reaches “any pension, charge or annuity” accruing in or derived from Belize or elsewhere, so it is the QRP law, not a general territorial rule, that keeps the annuity out of Belize tax. If you later leave the program for permanent residency, ask a Belize tax adviser how your income is then treated.
US side. US citizens are taxed on worldwide income wherever they live. On a non-qualified SPIA only the part of each payment above the exclusion ratio’s return of premium is taxable; a SPIA bought with IRA money is fully taxable. The foreign earned income exclusion does not apply to annuities (IRC 911(b)(1)(B)(i)), and US withholding is a prepayment of your US tax, not extra tax. There is no US-Belize income tax treaty (IRS treaty list), but with Belize not taxing the income there is nothing to double-tax.
Net result: under QRP the US tax is the only tax on the annuity, which makes Belize one of the most annuity-friendly places in this series. See the exclusion ratio for Americans abroad.
Does Belize have a wealth tax?
Not that I could find. Belize’s main direct tax law, the Income and Business Tax Act, taxes income and business receipts, not net worth, and I found no separate net wealth tax, so a US annuity (in payout or not) is not in any Belize wealth base. Confirm current rules with a Belize tax adviser, especially if you also buy property in Belize.
Practical rules
- Buy while you still have a US address. US insurers generally will not issue a new contract to someone already living abroad.
- Move at least $2,000 a month (or $24,000 a year) into your Belize account. The BTB needs to see the Belize deposits, so set up a standing transfer. Size for withholding: the transfer must reach $2,000 after any federal tax withheld.
- Plan for US withholding. Since January 1, 2026, a US citizen whose residence address on file is outside the US cannot opt out of federal withholding on annuity payments, even if the payments go to a US bank account (IRC 3405(e)(13), Treas. Reg. 31.3405(e)-1). Withholding is a prepayment of your US tax, not extra tax; you settle up on your return.
- Start payments 3 to 12 months before you apply. The BTB wants a bank statement exhibiting the deposits, so you need a payment history.
- Ask the insurer for a letter stating the monthly amount, that it is paid “for the lifetime of the annuitant,” and the contract start date. Notarize it; ask the BTB whether it also wants an apostille.
- Know the status you are getting. QRP is a renewable residence card, not permanent residency. The program document says QRPs are treated as non-residents and that time in the program does not count toward permanent residency under Belize’s Immigration Act. If you want a path to permanent residency or citizenship, that is a separate application.
A US SPIA is not a foreign account, so it is not reported on the FBAR or Form 8938 and is not a PFIC. Your Belize bank account is foreign and does go on the FBAR if your foreign balances top $10,000 at any point in the year.
The trade-offs, once
A SPIA is irrevocable: the premium becomes income, not a balance you can tap. Payments are level unless you add a cost-of-living rider, which matters less in Belize because the bar itself is fixed in dollars. Payments depend on the issuing insurer’s claims-paying ability. Size it to the gap, keep the rest of your savings liquid, and Belize becomes a paperwork exercise instead of a guessing game.
Married? Make the income outlive either of you. In Belize the main applicant shows the income and the spouse joins as a family member, so the annuity sits with the main applicant. If a single-life annuity is on one spouse and that spouse dies first, the payments stop, and the surviving spouse may have to show income of their own at the next renewal. A joint and survivor annuity, which keeps paying until the second death, or a separate annuity on each spouse closes that gap. Joint and survivor pays less per dollar than single life, so ask for both quotes and compare.
Frequently asked questions
Free annuity gap analysis for Belize. Tell me your ages, your Social Security or pension, and whether you are single or a couple. I will show how far your income is from the Belize requirement and what a lifetime annuity would cost to fill the gap, in the sponsor’s or main applicant’s name where that matters.
Related reading
- Moving abroad on a fixed income: hub
- Retirement visa income requirements compared
- Panama pensionado visa
- Costa Rica pensionado
- Retire in Mexico: temporary residency
- The exclusion ratio for Americans abroad
- Immediate annuity calculator
Sources
- Belize Tourism Board: Qualified Retired Persons program (current eligibility)
- Belize Tourism Board: QRP member application form and checklist
- Belize Tourism Board: Qualified Retired Persons Incentive Program (program document, dependents, investment route)
- Belize Tourism Board: Retirement program (current fees and dependents)
- Retired Persons (Incentives) Act, Cap. 62, s. 4(4) tax exemption and s. 4(5) non-resident status
- Belize Income and Business Tax Act, Cap. 55 (s. 5, pensions and annuities)
- IRS: United States income tax treaties A to Z (no Belize treaty)
- 26 U.S.C. 3405 (withholding on pensions and annuities)
- Treas. Reg. 31.3405(e)-1 (T.D. 10008): no withholding opt-out for a foreign residence address from 2026
- IRS Rev. Proc. 2025-32: 2026 inflation adjustments (gifts to a non-citizen spouse)
- ImmediateAnnuities.com: immediate annuity rates by age (survey of September 9, 2026)
Goldstein & Co. LLC dba Goldstein Insurance Services · Hans Goldstein, licensed insurance agent, CA lic. #4273294 · NPN 20602398 · 213-414-2808 · hans@hansgoldstein.com
Education, not tax, legal or immigration advice. Rules, thresholds and exchange rates change; confirm with the consulate or immigration authority and a local tax adviser before you act, and get answers in writing. Hans Goldstein is a licensed insurance agent (CA 4273294) and can only offer annuities to residents of states where he is licensed. Annuity payments are guaranteed by the issuing insurer’s claims-paying ability, not by any government. Payout figures are illustrations from a published survey, not quotes. Immediate annuities are generally irrevocable.