Even though Belize is a tiny country compared to others in Central and South America, it is one which has attracted media attention for unwelcome reasons. You may be forgiven for thinking that Belize is nothing but a tax haven but in reality more and more expats are looking to move to Belize after considering the living costs in the region.

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

Economy

As you might expect from a relatively small country, employment opportunities tend to be focused in a relatively small number of areas. Employment in Belize tends to occur around agriculture, merchandising, tourism, banking and construction although a recent oil discovery could change the outlook for the country and economy.

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

Property in Belize

The credit crunch and the resulting worldwide recession impacted heavily upon the Belize property market causing an average fall of around 40% in the price of property. While it is difficult to give an accurate figure regarding property prices there is no doubt that American and European investors have now woken up to the potential for the future. A number of investors have recently taken advantage of the price falls, picking-up property in some of the primary areas of Belize for a fraction of the figures on offer just two years ago.

It is also interesting to see that British colonial rule in Belize, even though this ended many years ago, has created a strong link between the two countries and English is actually the official language of Belize. Therefore it is not difficult to see why UK expats are starting to switch onto the idea of a move to Belize.

Living costs in Belize

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

However, you can enjoy a meal at a relatively high standard restaurant for up to $45 per person, purchase a bottle of medium quality red wine for around $15 and acquire a good condition second hand motor vehicle for around $4000. At the moment the cost of gasoline in Belize is relatively high at around $5.50 a litre although the recent oil find should help to reduce the cost of gasoline in the longer-term.

For those with holiday homes in Belize you can expect to pay around $100 a month for a caretaker and around $120 per year for a cleaning service. General maintenance may cost in the region of $20 a day with garbage disposal costs around $10 a month. On the whole it is relatively cheap to live in Belize, something which many travellers are beginning to notice.

Conclusion

While Belize is not a country which would naturally be at the top of your list there is no doubt that the country does offer enormous potential for the future. If you are looking for somewhere a little different, relatively inexpensive with a range of climates around about then perhaps now is the time to take a look at Belize?