Belize

Belize's Retired Persons Incentive Program allows qualifying individuals a range tax benefits.   The income requirement, at US $2,000 per month, is one of the highest in the region with the result that the actual number of retirees under the program in Belize is relatively small.

Benefits of the Belize retirement program include: Tax-free entry of the retiree’s household goods, car, boat or light aircraft and exemption from the payment of taxes on income outside of Belize whether that income is generated from work performed or from an investment.

Income requirement: US $2,000 per month

Other requirements: Applicants need to be aged 45 or older and pass a background check by the Ministry of National Security.  A person who qualifies under the Belize retirement program can include his or her spouse and children under the age of 18 in the program.  A medical certificate, police record and marriage certificate (if applicable) are needed as part of the application process.

Panama

In 2008 Panama revised its immigration laws.  The benefits of its now famed retirement program have seen little change but income requirements for eligibility have been increased.  Applicants now need to demonstrate US$1,000 per month. There is no minimum age for the program and the benefits are the most far ranging of the region.

• Benefits include: Tax free entry of US$10,000 worth of personal goods and exemption of import duty on a car every two years. A wide range of discounts apply including: 50% discounts for movies, theaters and sporting events; 30% discount for city buses, Panama trains and boats (not cruise boats); 25% discount for flights purchased with COPA airlines in Panama; 30-50% discounts on hotels; 25% discount at restaurants; 15% discount at fast food outlet; 15-20% discount for hospital and private clinic services, dentists and optometric exams; 20% discount on local professional services; 20% discount for prosthetic devices; 50% discount on the price of a Panama passport; 25% discount on electric bill up to 600KW; 25% discount to the basic residential phone service charges; and a 25% discount on primary residential water bill (if monthly bill does not exceed US $30). 


• Income requirement: US$1,000 per month (plus $100 for each dependent.)


• Other requirements: There is no minimum age for the retirement program.  Applicants need to supply a birth certificate, marriage certificate (if applicable) and police report certified by the nearest Panama Consulate.

Nicaragua

The key benefits of Nicaragua's retirement program come in the form of tax incentives.  The program was ammended in 2009, to make it more attractive to reitrees and Nicaragua real estate investors.  Applicants must be over 45 years of age.

• Benefits of the Nicaragua retirement program include: Exemption of taxes on out-of-country earnings, tax-free entry of up to US$20,000 worth of household goods (the previous level was $US10,000), and duty fee import of one car (the car can be sold after 5 years exempt from consumer sales tax and an additional vehicle can be imported under the same tax exemptions).  An exemption from sales taxes applies on home construction materials up to the first $50,000.  Elligible persons are not required to pay taxes on out-of-country earnings.


• Income requirement: US$400 per month (with an additional $100 for each dependent family member).


• Other requirements: Applicants need to provide a certificate of good health, birth certificate and a positive police report.

Costa Rica

Established in 1964, Costa Rica’s retirement residency program is one of the longest running in the region. Some of the early tax privileges have since been eliminated but the overall approach of the program has been used as a model by other countries, most notably Nicaragua. 

• Benefits of the Costa Rica retirement program include: Certain tax exemptions and benefits apply depending on circumstance.


• Income requirement: US$1,000 per month (previously US$600) from a guaranteed source.  A spouse can be included within this income requirement.


• Other requirements: Applicants need to be aged 45 or over and remain in the country at least 4 months per year.  The application process to retire in Costa Rica requires a certificate of good conduct from police where you last resided authenticated by Costa Rican Consulate, an Interpol background check carried out in Costa Rica by the Minsitry of Public Security; a certified copy of birth certificate and a marriage certificate (if applicable).