Today we're comparing Belize and Israel regarding taxation, retirement, and social rights for long-term immigrants.
Sounds…complex. Let's start with taxes. Belize first.
In Belize, income earned within the country is taxed. However, income from outside Belize is often tax-free for residents.
Tax-free income? Intriguing. What about Israel?
Israel offers tax benefits to new immigrants and returning residents, often called 'Oleh Hadash,' including exemptions on certain foreign income for a specific period. There are also potential exemptions on reporting foreign assets.
Exemptions sound good. What about retirement?
Belize has a Qualified Retirement Program (QRP) for individuals over 45, allowing tax-free living on income generated outside the country, subject to certain requirements.
And Israel?
Israel's national insurance system, 'Bituah Leumi,' provides old-age pensions. As a long-term resident contributing to the system, you're eligible for benefits. However, these pensions provide a basic standard of living; additional savings are recommended.
Healthcare?
In Belize, private healthcare options and international health insurance are common among expats. Israel's 'Bituah Leumi' includes healthcare access for residents.
Finally, social security.
Belize doesn't have a comprehensive social security system like Israel. Israel's 'Bituah Leumi' offers disability benefits and other social services to long-term residents.
So, Israel seems to offer a more robust safety net.
Both countries have their advantages and disadvantages. Remember to consult jetoff.ai for up-to-date information.