Belize is a english speaking central american country, member of the 15 state Caribbean Community CARICOM and a gateway to Central America, only two hours from the US, attractive for investors and retirees.
Back in the 1990’s, Belize was the cheapest citizenship by investment program in the world compared to Dominica and St Kitts.
Belize Economic Citizenship
The amendments made in 1985 to the Belizean Nationality Act, 1981, provided for the registration of persons who make substantial contributions to the economy and or well-being of the nation. In 1995 the Government’s Economic Citizenship Investment Programme was redesigned to further enhance the programme’s credibility and integrity. The Programme was administered by a special unit within the Ministry of Finance.
After an amendment to the Constitution, it was possible for Citizenship to be granted to foreign investors who made a “substantial contribution to the economy and or well-being of Belize”. The program full citizenship rights for economic citizens, except for the right to vote.
Belize citizenship by investment program (CIP) was running until 2002, until security concerns following the 9/11 terrorist attacks in the US, abuses and financial issues forced Belize to suspend its Citizen-by-Investment program in 2002.
Under the economic citizenship scheme, foreigners are required $40,000 investment and $10,000 professional fees, totalling US$50,000 depending on the number of dependents.
Family (wife and children below 18 years)
Registration Fee US $25,000
Non-refundable Contribution Fee US $25,000
Total US $50,000
Single Applicant
Registration Fee US $15,000
Non refundable Contribution Fee US $25,000
Total US $40,000
Dependent adult child below 30 years, as well as dependent father and/or mother.Registration Fee US $15,000 each
Belize Agency Legal fee’s:
US $10,000 per family
US $8,000 for single applicant
The Government appointed BECIP Unit (Belize Citizenship by Investment Unit) and Scrutinizing Committee to ensure proper functioning of the citizenship scheme in Belize. The Government also appointed licensed immigration consultants for submitting citizenship applications. Registration as a licensed Immigration Consultant must be in writing and must be accompanied by a non refundable application fee of US $2,000.00 and annual fee of $5000.
The BECIP Unit shall inform the applicant within 30 days of the receipt of his/her application whether a Licence has been approved or denied. Whenever an Immigration Consultant Licence is granted to an applicant the Licence shall be for a period of one year; shall attract a fee of US $5,000.00 per annum; and may thereafter be renewable annually.
Belize used the proceeds of economic citizenship program to reduce debt, reconstruction and development
- 40% of all money collected is transferred by the Central Bank into a Consolidated fund. This fund is used exclusively by the Ministry of Finance to service the Government’s external debt.
- 30% of the sum raised is transferred by the Central Bank into a Special Economic Development Fund. This money is used solely to finance Capital Projects in the country.
- The remaining 30% of the money collected is transferred by the Central Bank to an account administered by the Reconstruction and Development Corporation. This is then used to provide low interest financing to entrepreneurs in the Agriculture, Tourism, Construction and other productive sectors of the Economy, to support the work of Religious, Charitable, Benevolent and non governmental organizations.
Belize’s citizenship-by-investment program was designed to attract foreign capital and business people by providing in return the right of residence and citizenship – began in 1986. The program was a popular option among Chinese migrants in the 1990s, and included Hong Kong and Taiwanese migrants.
Where an applicant is unsuccessful irrespective of the cause or reason, US$1,500.00 processing fees shall be retained. All other monies paid by the unsuccessful applicant shall be refunded.
Permanent residency
Currently, it is possible to acquire permanent residency status in Belize after living for one year. One must show financial means atleast $25,000 to live in Belize. Permanent residency allows for duty-free entry of household goods and no need for a work permit.
Belize citizenship can be acquired after five years of living.
Belize Passport
Belize passport is ranked 51st powerful passport in the world with visa free travel to 101 countries.
The passport of Belize is quite interesting as it has visa free travel to United Kingdom, Ireland , Israel, Mexico, Brazil, Singapore but has no visa free travel to EU schengen countries.
Conclusion
Belize closed it economic citizenship program in 2002 and as of 2018 it is still closed, and unlikely to open in the future.
Currently more and more countries are opening new citizenship schemes and it is estimated that 15 such economic citizenship programs running in 2018
