On March 9, 2010, Belize Cabinet met in regular session to conclude its discussion of the budget for FY2010-2011.
The Budget will be presented by the Prime Minister and Minister of Finance, Hon. Dean O. Barrow, in the House of Representatives on March 15.
On March 25-26, the budget debate will take place.
The next regular meeting of the Cabinet is scheduled for March 16.
A workshop entitled “Promoting Competitiveness in the Tourism Sector on Tourist Accommodation and Vehicle Rentals” is being hosted by the Belize Bureau of Standards.
The event consists of 2 sessions. The objectives of the all-day workshop are the following:
1. Promoting awareness of the relevant standards under development and how these can improve the competitiveness of businesses. The specific standards are Specification for Tourist Accommodation and Specification for Vehicle Rentals.
2. Improving knowledge of the standards development process and the role of SME’s in the development of standards and technical regulations.
3. Providing the opportunity to contribute to the development of the standards under discussion.
The event is held in collaboration with the CARICOM Regional Organization for Standards and Quality (CROSQ) and the Inter-American Development Bank Multilateral International Fund (MIF) Project.
On February 13, 2010, the Southern Economic Development Co-operative Society Limited (SEDCSL) held its Inaugural Meeting as a Registered Co-operative.
Mr. Alfred Ramirez, Registrar of Co-operatives, on behalf of the Minister of Agriculture, Fisheries and Co-operatives, was the guest speaker at the event. The main activity of the SEDCSL is producing tilapia and vegetable for the local market and later expanding into the export market.
The concept of Co-operatives was introduced in Belize 64 years ago. This registration increases the number of registered Co-operatives in Belize to 211.
The Government of Belize has announced its intention to scale down the attractiveness of its expatriate retiree incentive program.
According to regional property investment specialists Caribbean Land and Property, new retirees who want to settle in Belize from Canada, US and UK will have to apply in order to take advantage of the current program before new regulation is announced in early 2010.
Due to the Qualified Retired Persons (QRP) program that was introduced by the Tourist Board of Belize, the jurisdiction now has 20 000 new residents. According to the QRP program, applicants are required to be over the age of 45 with a minimum monthly income of USD 2 000 in exchange for permanent residency. Currently, a new retiree in Belize is allowed to import household goods worth up to USD 15 000, a vehicle, a boat and a lightweight aircraft duty free and gain permanent residency.
Currently 1 in 15 of the population of Belize have settled in the country as a result of the QRP program. The program provides multiple benefits, for example, expat retirees are not required to pay tax on income derived from outside of Belize. Applicants are encouraged to start their own business if they desire extra income beyond the USD 2 000 which has to be deposited into a Belizean bank account each month. Also, new retirees are entitled to own rental property as well as to operate as a so-called “sleeping” or “silent” partner in a Belizean business.