Moving to Belize is rapidly becoming more and more popular to those who are planning to settle and retire. Many say that the country is good for calming the nerves and maintaining a good blood pressure. Belize has a laid back atmosphere ideal to enjoy island life. If you wish to take pleasure in living with natural wonders and the rich cultural history, knowing the average cost of living in Belize is a must.
Since it is still a part of the developing countries, the cost of living in Belize is considerably lower compared to the United States and other Western countries such as Canada and Australia.
To calculate or get an approximate of the average cost of living in Belize, you have to assess the kind of lifestyle you intend to live while staying in the country. Are you going to start a business? What type of living arrangements are you going to prepare? Are you going to shopping for possible real estate properties? These questions and such will help you determine the factors which will affect your living expenses.
According to the International Monetary Fund of 2005, the GDP (Gross Domestic Product) per person in Belize is USD 7,835, putting them as the 83rd in the whole world. A year after, partly because of economic growth, the country's GDP grew to USD 8,400, making them 76th in the world ranking.
What is GDP and why should you care about it if you want to know the average cost of living in Belize? Technically, GDP is defined as the total market value of all goods and services produced in a specified period (usually 1 calendar year for economic measurement). Think of this: the GDP of a country is the amount of money needed in order to survive living in one year. In Belize's case, it was USD 8,400 in 2006 and the figure is lower compared to 75 other countries.
General consumer products taken in consideration for living expenses are essential food items. Fresh fruits and vegetables in Belize are definitely more affordable compared to the United States. Street vendors and farmers markets are the best places to acquire such produces. If you know or learned how to shop your necessary food staples, a weekly food budget of USD 30 can sustain a simple lifestyle in Belize.
With regard to alcoholic beverages, the price of alcohol especially those which are locally produced is a lot cheaper compared to other Western countries. Of course, if you prefer imported and premium spirits, it will cost you more than what it is originally priced in the US. This is due to shipping and storage factors. However, the lower taxes (in comparison to Canada and the US) make the prices of imported beverages in Belize still reasonable by global standards.
In terms or real estate the increase in tourism and immigration land prices are increasing but they are still very reasonable. If you are going to rent or lease property you will find that again if you are going to reside in the tourist areas then rents will be more expensive. However if are content with living outside these area the cost of renting is very low.
In general by moving to Belize you will enjoy the lower cost of living found in this beautiful paradise.
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James Kesel, MS, is the publisher of the Moving to Belize website at http://www.moving-to-belize-info.com, providing great information on visiting and the average cost of living in Belize.
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