Cost of Living in Belize

Although Belize is a small country compared to others in Central and South America, it has attracted media attention for unintended reasons. You can be forgiven for thinking that Belize is nothing more than a tax haven, but in reality more and more expats are looking to move to Belize after considering the costs of living in the region.

Let’s take a look at the cost of living in the country and exactly what Belize has to offer, the potential for the future and the attractions.

Economy

As one would expect from a relatively small country, employment opportunities tend to focus on a relatively small number of areas. Employment in Belize tends to revolve around agriculture, marketing, tourism, banking and construction, although a recent oil discovery could change the outlook for the country and the economy.

Despite its relatively small size, the country has strong trade relations with the United States of America, Mexico, the European Union, and Central America. Experts believe that economic growth in the region of 4% per year is achievable in the short, medium and long term, which would represent a continuous improvement in the standard of living, employment opportunities and prospects for the country.

Property in Belize

The credit crunch and resulting global recession hit the Belize real estate market hard causing an average drop of around 40% in property prices. While it is difficult to give a precise figure regarding property prices, there is no doubt that American and European investors have now realized the potential for the future. Several investors have recently taken advantage of price declines, buying properties in some of Belize’s prime areas for a fraction of the amounts offered just two years ago.

It is also interesting to see that the British colonial rule in Belize, although ended many years ago, has created a strong bond between the two countries and English is actually the official language of Belize. So it’s not hard to see why UK expats are starting to switch to the idea of ​​moving to Belize.

Cost of living in Belize

As Belize is made up of several islands, with one main island, the cost of living will vary from place to place, although experts believe that around $3000 per month would be more than enough for a couple to enjoy a relatively standard of living. high. There may be additional transportation costs for some of the smaller islands that will need to be taken into account.

However, you can enjoy a meal at a relatively high-end restaurant for up to $45 per person, buy a bottle of medium-quality red wine for around $15, and purchase a used motor vehicle in good condition for around of $4000. Right now, the cost of gasoline in Belize is relatively high, around $5.50 a liter, although the recent oil find should help lower the cost of gasoline in the long run.

For those with vacation homes in Belize, you can expect to pay around $100 per month for a caretaker and around $120 per year for a cleaning service. General maintenance can cost around $20 per day and junk removal is around $10 per month. In general, it is relatively cheap to live in Belize, something that many travelers are beginning to notice.

Conclusion

While Belize is not a country that would naturally be at the top of your list, there is no doubt that the country offers enormous potential for the future. If you’re looking for somewhere a bit different, relatively inexpensive with a variety of climates, then perhaps now is the time to check out Belize.