Retired Persons (Incentives) Act

Link to law: http://www.belizelaw.org/web/lawadmin/PDF%20files/cap062.pdf
Published: 2000

CAP 62 RETIRED PERSONS (INCENTIVES) ACT BELIZE

RETIRED PERSONS (INCENTIVES) ACT

CHAPTER 62

REVISED EDITION 2000

SHOWING THE LAW AS AT 31ST DECEMBER, 2000.

This is a revised edition of the law, prepared by the Law Revision Commissioner

under the authority of the Law Revision Act, Chapter 3 of the Laws of Belize,

Revised Edition 1980 - 1990.

This edition contains a consolidation of the following laws - Page

ARRANGEMENT OF SECTIONS 3

RETIRED PERSONS (INCENTIVES) ACT 4

Amendments in force as at 31st December, 2000

BELIZE

RETIRED PERSONS (INCENTIVES) ACT

CHAPTER 62

REVISED EDITION 2000

SHOWING THE LAW AS AT 31ST DECEMBER, 2000.

This is a revised edition of the law, prepared by the Law Revision Commissioner

under the authority of the Law Revision Act, Chapter 3 of the Laws of Belize,

Revised Edition 1980 - 1990.

This edition contains a consolidation of the following laws - Page

ARRANGEMENT OF SECTIONS 3

RETIRED PERSONS (INCENTIVES) ACT 4

Amendments in force as at 31st December, 2000

THE SUBSTANTIVE LAWS OF BELIZE REVISED EDITION 2000

Printed by the Government Printer

No. 1 Power Lane,

Belmopan, by the authority of

the Government of Belize.

Retired Persons (Incentives) [CAP. 62 3

[ ]

CHAPTER 62

RETIRED PERSONS (INCENTIVES)

ARRANGEMENT OF SECTIONS

1. Short title.

2. Interpretation.

3. Designation as a Qualified Retired Person.

4. Privileges and Exemptions of Qualified Retired Persons.

5. Restriction on gainful employment.

6. Offence and Penalty.

7. Regulations.

8. Commencement.

SCHEDULE A

SCHEDULE B

Retired Persons (Incentives)CAP. 62]

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Belmopan, by the authority of

the Government of Belize. [ ]

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CHAPTER 62

RETIRED PERSONS (INCENTIVES)

[19th April, 1999.]

1. This Act may be cited as the Retired Persons (Incentives) Act.

2. In this Act, unless the context otherwise requires:-

“annuity” means an entitlement to receive from a source outside of Belize

a periodic payment of at least one thousand dollars a month or its equiva-

lent in a freely convertible currency other than the currency of Belize;

“approved foreign currency” means a dollar as herein defined, and

includes a unit of the currency of the United Kingdom of Great Britain and

Northern Ireland, and such other currency as the Minister may from time

to time declare to be an approved foreign currency by Order published in

the Gazette;

“approved means of transportation” means the means of transportation

set out in Schedule A;

“dependent” means a retired person’s spouse or his children below the

age of eighteen years;

“dollar” means a unit of the currency of the United States of America, and

the sign “$” shall be construed accordingly;

1. This Act has not yet come into force.

Short title.

Interpretation.

Schedule A.

11 of 1999.

Commencement.1

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Retired Persons (Incentives) [CAP. 62 5

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“Minister” means the Minister for the time being responsible for Tourism;

“pension” has the same meaning as “annuity”;

“Retired Person” means a person who is at least forty-five years of age.

3.-(1) Any Retired Person may apply to be designated as a Qualified Re-

tired Person if he:-

(a) is a citizen or legal permanent resident of one of

the countries listed in Schedule B;

(b) is the beneficial owner of a pension or annuity;

(c) gives a written undertaking to deposit for his own

use in a bank, building society, credit union, or other

licensed financial institution in Belize:-

(i) by the 15th day of each month, the sum of two

thousand dollars in an approved foreign cur-

rency, or

(ii) by the 1st day of April of each year, the

annual sum of twenty-four thousand dollars in

an approved foreign currency; and

(d) satisfies such other requirements as the Minister

may by regulations specify.

(2) In the event a person who has been designated a Qualified Retired

Person ceases to meet any of the qualifications set out in paragraphs (b) or

(d) of subsection (1) or to satisfy the undertaking given under paragraph

(c) of that subsection, he shall forthwith lose his entitlement to all the

Designation as a

Qualified Retired

Person.

Schedule B.

Retired Persons (Incentives)CAP. 62]

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exemptions and privileges conferred upon Qualified Retired Persons by

this Act.

4.-(1) A Person who has been designated a Qualified Retired Person

shall be entitled:-

(a) to enter and remain in Belize along with his depen-

dents from time to time and for such time as he re-

mains a Qualified Retired Person;

(b) on first entering Belize, to import into Belize his per-

sonal effects and approved means of transportation

for his personal use free of all import duties and taxes;

(c) every five years thereafter upon proof that he has prop-

erly disposed of the means of transportation he had

previously imported into Belize, to import new ap-

proved means of transportation for his personal use

into Belize upon such concessionary terms as the Min-

ister may by Regulations made under this Act pro-

vide.

(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 ap-

proved means of transportation to another person

within Belize and proves that all the import duties and

taxes have been duly paid thereon; or

Privileges and

Exemptions of

Qualified Retired

Persons.

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Retired Persons (Incentives) [CAP. 62 7

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(c) proves that the approved means of transportation has

been lost or otherwise rendered unserviceable through

theft, fire or accident.

(3) Any approved means of transportation or other property im-

ported 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 trans-

feree shall be jointly and severally liable for the payment thereof.

(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 ser-

vices, directly or indirectly.

5.-(1) Subject to subsection (2) below, no Qualified Retired Person or his

dependents other than a citizen or permanent resident of Belize, shall en-

gage in any gainful employment in Belize.

(2) Nothing in this section shall prohibit a Qualified Retired Person

or his dependents from carrying on business from within Belize if such

Restriction on

gainful employ-

ment.

CAP. 267

CAP. 52

CAP. 270

CAP. 202

CAP. 156

CAP. 161

CAP. 55

Retired Persons (Incentives)CAP. 62]

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business relates to activities carried on mainly outside of Belize and is

conducted exclusively with persons non-resident in Belize.

6. Any person who knowingly makes any false declaration or entry in

order to qualify for or retain any exemption or privilege granted under

this Act commits an offence and shall be liable on summary conviction to

a fine not exceeding five thousand dollars.

7. The Minister may make Regulations for the better administration of

this Act, and without prejudice to the generality of the foregoing, such

Regulations may:-

(a) provide for the registration of Qualified Retired Per-

sons and the procedure to be followed therefor;

(b) specify the type and amount of goods which may be

imported into Belize by a Qualified Retired Person as

personal effects;

(c) specify the type of approved means of transportation

which may be imported into Belize by Qualified Re-

tired Persons;

(d) prescribe the fees to be paid for the grant of visas and

other permits;

(e) specify the type of persons below the age of eighteen

years who may qualify as dependents;

(f) specify the procedures to be followed by a Qualified

Retired Person in disposing of his personal effects and

approved means of transportation imported pursuant

to this Act;

Offence and

penalty.

Regulations.

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Retired Persons (Incentives) [CAP. 62 9

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(g) amend the Schedules to this Act;

(h) designate, by name or by office, the persons or offi-

cials who shall be responsible for the day-to-day ad-

ministration of this Act; and

(i) provide generally for anything incidental to or con-

nected with this Act.

8. This Act shall come into force on a date to be appointed by the

Minister by Order published in the Gazette.

SCHEDULE A

A motor vehicle

A boat

A light aircraft

All suitable for the personal use of the person importing the same.

SCHEDULE B

The United States of America

The United Kingdom of Great Britain and Northern Ireland

Canada

Belize

Commencement.
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