Cost of Living in Belize: What Does it Cost to Retire in Belize

Imagine a country where its 395,000 peaceful English-speaking inhabitants can enjoy the idyllic Caribbean Sea, sail to over 200 captivating islands, hike through lush forests, meander across rolling hills, ascend low mountains, savor a delightful climate, and visit stunning waterfalls—all within an area the size of Massachusetts.

This is why, as of 2023, Belize, Central America, has firmly established itself as a leading international retirement haven for expatriates. Notably, in 2020, MoneyWise recognized Belize as one of the top 20 countries where retirees could comfortably live on $150,000.

Now, the question arises: Is it genuinely feasible to retire in Belize and maintain a comfortable lifestyle on the average monthly Social Security payment of $1,500? To uncover the truth, we have sought insights from expatriates and residents living in Belize to understand the real cost of living in this enchanting destination.

Cost of Living in Belize?

Belize Currency

Belize’s currency remains intertwined with the U.S. Dollar, offering a steadfast exchange rate of 1 U.S. dollar to 2 Belize dollars. Notably, U.S. Dollars continue to be widely accepted as a form of payment across the country, simplifying financial transactions for visitors and residents alike.

For travelers arriving in Belize with more than $5,000 USD in currency or its equivalent, it’s essential to declare this amount on the customs form to comply with regulations. To provide clarity and convenience, all prices mentioned in this article will be presented in U.S. dollars, ensuring a seamless understanding of the financial landscape in Belize.

Belize Cost of Living Index

In the year 2023, understanding the Belizean cost of living index is crucial for those considering life in this Central American gem. This index allows us to assess the average expenses for necessities such as food, shelter, transportation, energy, clothing, and entertainment, providing a comprehensive view of the cost of living in Belize compared to a reference city.

In our analysis, the base city for comparison is New York, New York, U.S.A. Here is a comparative chart that elucidates the cost of living in various Latin American countries in relation to New York City and Canada.

Notably, Belize stands out with its compelling affordability. It boasts the lowest rent index compared to neighboring countries like Mexico, Panama, and Costa Rica. The cost of dining at restaurants in Belize only slightly exceeds that of Mexico, further contributing to its appeal as a cost-effective destination. In our comparison, Belize ranks as the second most budget-friendly option in terms of the cost of living index.

However, it’s essential to approach this comparison with a realistic perspective. Drawing parallels between New York and Belize is akin to comparing a big apple to a pomegranate seed. To provide a more accurate representation of Belize’s cost of living, we must also consider rural America. Therefore, let’s take a step back and examine the national averages to gain a well-rounded understanding of the economic landscape in Belize.

What are Utility Costs in Belize?

Electricity

Belize Electricity Limited (BEL) is the main provider. They charge on a graduated use schedule. The more you use, the higher the rate per kilowatt hour. An average home with a small 10 cubic foot refrigerator, washing machine, WI-FI service, and floor fans can expect a monthly electricity bill to be between $18 to 25 dollars. If you want to include wall mounted air conditioning, you should expect your electric bill to be $75 to $150 or more depending on the amount of use, home insulation, and size of the home. 

Water

Almost every home in Belize has access to potable water. For the most part, the water is safe to use, though many expats and locals prefer to buy their drinking water. Drinking water is sold in 5-gallon water bottles for $2.50. Municipal water costs vary based on the location. In many rural villages it is charged at a flat rate starting at $2.50 per month. In larger towns, the water is metered with monthly rates varying between $10 to $35.

Butane

There is no natural gas service in Belize. Residents use butane to cook with. The price per gallon averages $2.10. A 100-pound tank that holds 25-gallons and costs about $50 to fill should last between six to nine months depending on the use. 

Cable

There are different providers of cable in Belize. They offer U.S. channels along with the three national tv stations and four channels that broadcast local ads, news and local radio stations.

All the cable companies we surveyed charge $15 USD per month. The Internet is also available with a bundled price of between $21 and $40.

Internet

Belize has spent the last several years installing fiber optic cables throughout the country. They now offer some of the fastest internet in all of Latin America. There are two providers: Smart and Belize Telemedia. Smart offers unlimited wireless broadband starting at 5 Mbps download for $14 a month and 20 Mbps at only $45 a month.

Belize Telemedia also offers wireless broadband, but they are the star of the fiber optic show with a basic plan at 30 Mbps for $35 plus $5 a month for the modem rental. They offer speeds up to 120 Mbps.

Telephone

Smart and Digicel, owned by Belize Telemedia, also are the two telephone providers in Belize. They both offer prepaid and post-paid plans. Most locals opt for the prepaid plan and they can buy credit at nearly every little corner store and shop in the country.

You can also use your phone credit to buy data as you need it. The per-minute rates are high averaging around $0.25 per minute. Most Belizeans prefer to text anyway. Bundles of text messages are purchased with phone credit. 

One really cool feature of the Belize mobile phone situation is that once or twice a month both phone companies will offer “double up.” During a 24-hour period, any amount of purchased credit (up to $250) is doubled. You can use the bonus credit to buy text message bundles and make phone calls. 

Related: Cost of Living in La Paz, Mexico

What are Food Costs in Belize?

In the year 2023, Belize continues to be a haven for budget-conscious shoppers, especially when it comes to locally grown food. Whether you’re in a bustling town or a tranquil village, you’ll discover that locally sourced produce is remarkably affordable.

In every town across Belize, vibrant markets offer a wide array of fruits and vegetables, both indigenous and imported. For instance, on the mainland, you can procure fresh, vine-ripened tomatoes for a mere $1 per pound. Local treasures like oranges and bananas can be yours at the enticing rate of 8 for $0.50. A dozen eggs typically cost around $2.00. Essential staples like flour, rice, beans, white and raw sugar remain subject to government price controls, ensuring their accessibility to all.

When it comes to imported items, expect to pay equal or higher prices compared to the United States, primarily in tourist-centric markets. Imported goods like romaine lettuce, grapes, peaches, mushrooms, and asparagus tend to fall into this category. However, you’ll find apples readily available throughout Belize, albeit with limited variety. Choices typically include red delicious, gala, golden delicious, and granny smith varieties, with small apples priced at just $0.50 each.

Yet, the real allure lies in Belize’s locally grown delights. Why opt for North American fruits when you can savor locally sourced pineapples for a mere $1.50, indulge in succulent mangos for a mere $0.50 apiece, relish creamy avocados for a mere $0.50, and savor freshly picked papayas for $2.00? Belize’s bountiful offerings make it a paradise for those seeking delicious and budget-friendly culinary experiences in 2023.

In 2023, Belize’s food landscape offers a unique blend of local suppliers and international influences. The Mennonite community in Spanish Lookout plays a crucial role as the primary source of eggs, chicken, beef, and pork in the country. To ensure safety and purity, their meat products are typically sold frozen.

Here’s an overview of food prices you can expect:

• Chicken breasts: Approximately $1.50 per pound.
• Ground beef: Around $2.00 per pound.
• Pork chops: Approximately $3.50 per pound.

One caveat to note is the lack of aged beef in Belize. Red meat can be somewhat tough and less flavorful compared to premium cuts, but it still serves well in dishes like stir-fries and stews.

In terms of grocery stores, most are operated by the Chinese and offer a diverse selection of local and imported items. Products from the United States may cost 20 to 30 percent more in Belize, but there are often Mexican equivalents that are more budget-friendly and taste just as good. However, certain items, like ketchup, may not have a suitable substitute.

One delightful surprise for beverage enthusiasts is Belize’s Coca-Cola. Unlike its U.S. counterpart made with high fructose corn syrup, Belizean Coke is sweetened with locally produced cane sugar. A 500 ml bottle of Coke, including the bottle deposit, can be enjoyed for just $0.75 and is said to have a superior taste.

When it comes to alcoholic beverages, beer and rum are locally produced, while other spirits are imported and subject to high import taxes. Imported wines and spirits may be pricier than in the United States, with quality beverages experiencing even steeper increases.

On average, a couple can reasonably anticipate spending between $150 to $300 per month on groceries in Belize, depending on their dining preferences and habits.

Related: Is Belize Safe?

Cost of Restaurants in Belize?

While dining options can still be limited in some areas, particularly if you are not in San Pedro or Placencia, there has been a noticeable diversification in restaurant choices across the country.

Chinese restaurants are still quite prevalent, with one on many street corners. Belizeans continue to enjoy the affordable options, such as $3 fried chicken and French fries.

Additionally, you’ll come across a variety of Belizean eateries offering dishes centered around beans and rice paired with chicken, pork, or beef. Prices for these meals typically range from $6 to $8. If you opt for a fried fish dinner, expect to pay around $7 to $10. And yes, you’ll still receive the entire fish, including the head, as it’s a traditional preparation.

Moreover, street food vendors serving Mexican-inspired dishes like fried tacos, empanadas, and burritos remain a popular choice. These vendors offer Belizean “bellyfuls” for just a few dollars, making it an affordable option for a quick and tasty meal.

Related: What is Belize’s Climate Like?

What are Transportation Costs in Belize?

There are three quick ways to get around in Belize:

1. Public Buses: Belize still relies on repurposed U.S. school buses for public transportation. Each city maintains a bus terminal, and you can flag down a bus by waving your hand. Tickets are not required; simply board and take a seat. The conductor will approach you to ask about your destination. Fares are based on your final stop, with a minimum charge of $1. For longer journeys, like a 2-hour ride across the country, expect to pay no more than $5.
   
2. Inter-City Public Transportation: In Belize City and Belmopan, smaller buses and vans serve as inter-city public transportation. These vehicles are typically unmarked, so asking a local for directions is a good idea. Fares for these shorter trips are generally around $1 to $2. Regular taxis are often private cars, but registered taxis can be identified by their green license plates. Short trips within the city typically cost less than $5 per taxi, not per passenger.
   
3. Private Vehicles: Vehicles in Belize, especially Toyota trucks and 4Runners, as well as Mazda SUVs, hold a high resale value. Even older models can fetch a good price in the Belizean market. For example, a 1992 Toyota 4×4 pickup could easily sell for $7,000. Vehicle insurance is relatively affordable, but full coverage primarily covers medical costs and personal property damage.

That Toyota pickup is fully insured for about $150 per year and the annual registration costs $100.

While vehicles can be expensive to buy, they are cheap to keep running – especially if you own a Toyota. Parts are cheap and considering the wages in the country, labor is even cheaper. The downside, however is that fuel will be one of your largest expenses.

The cost of regular gasoline averages about $5 a gallon and has gone up to nearly $6 due to the high governmental taxes. 

Cost of Living by Area

Living costs in Belize can still vary significantly based on your location, much like in the United States. If you’re considering an island lifestyle where casual attire like shorts, flip flops, and a Belikin beer in hand is the norm, be prepared to budget for costs that can be over 40 percent higher compared to living on the mainland. It’s essential to research specific areas and their associated living expenses to make an informed decision based on your preferences and budget.

San Pedro is officially a peninsula in the north of Belize, but due to the terrain, it’s only accessed by private boat, water taxi or plane. San Pedro offers residents the feel of a Mexico destination with all the culture of Belize.

Prices here are considerably higher  than anywhere else in the country; but there are also more entertainment options and a higher quality of life. The average monthly cost to live in San Pedro, Belize is $2,720.

Placencia is a seaside town located in the south of Belize. It’s also located on peninsula which is accessible via a newly paved road. It is home to some of Belize’s finest resorts and multi-million-dollar homes.

The quaint sleepy village has some nightlife and an above-average selection of restaurants. While the rent is near average, the cost of food and dining is quite high. The average living expenses in Placencia are just over $2,000.

Corozal is located close to Belize’s northern border with Mexico. It takes just a short drive and a few minutes through the boarder to cross into Chetumal, Mexico – the promise land to most Belizeans.

There you can visit the local cinema, shop at a small mall, eat at McDonalds and visit Walmart. Groceries and clothing are substantially cheaper in Mexico and most residents of Corozal cross the border to do their shopping.

You can find American-style homes and plenty of expats in the village of Consejo east of Corozal. Retirees can live comfortably on $1,600 USD a month. 

San Ignacio is located inland on the western border with Guatemala. It is home to stunning Mayan ruins, idyllic rolling farmland, and one of the most beautiful rivers in all of Belize. For foreigners looking to retire away from the coast, San Ignacio and its sister town of Santa Elana are the top choices.

The fresh food market is the best in the country. The cost of living here is 15 to 20 percent cheaper than the national average for expats. You could expect to live comfortably in San Ignacio for less than $1,600 a month. 

Punta Gorda is the southernmost town in Belize. It takes nearly six hours of driving to reach there from the international airport in Ladyville. Many residents prefer to leave their vehicle at home and fly up on one of the nation’s two airlines, Maya Island Air or Tropic Air. It’s located on the coast, but without the soft sandy beaches found in Placencia.

There is a great little fresh market but it lacks a nightlife and much in the line of. This is a great destination for a couple looking for peace and quiet, beautiful scenery, and gentle people. As one of the cheapest expat retirement destinations in Belize, Punta Gorda can be thoroughly enjoyed on less than $1,500 a month. 

While most homes that will appeal to Americans or Canadians will have air conditioning, it is not entirely necessary. Yes, Belize can get hot and is humid most of the time, but it is not unbearable. For those outdoor enthusiasts, using fans and natural ventilation makes adjusting to the outside temperature much easier and they can live comfortably on about $1,700 as a national average.

Air-conditioned homes rent for more and their occupants can expect their electric bill to triple, at a minimum. This brings the national average living expenses with air conditioning to start at $1,900 U.S. dollars per month. 

Does that mean that it’s impossible to live in Belize for less than $1,500? Absolutely not. But it all depends on your standard of living. I know lots of expats that move to Belize and after living a close-to-American lifestyle for a while, decide to simplify and adopt some of the Belizean customs.

They move out of the expat retirement destinations and into smaller villages. Forfeit air conditioning in favor of fans. They rent a more Belizean-style home and eat more of the local foods. Still own a vehicle, however, and enjoy some of the finer imported goods.

But with this sort of lifestyle change, a couple could reasonably live on around $1,100 a month. Now, I wouldn’t recommend moving to Belize and starting with that budget or lifestyle. It’s sort of something you slide into after adjusting to the climate and the culture.  

What is the Average Income in Belize?

It’s important to note that the minimum hourly wage in Belize remains at $1.63, a rate that has not changed since May 2012. For individuals working a standard 45-hour work week, this translates to a monthly income of approximately $293. Farm laborers, on average, earn around $10 per day, resulting in a monthly income of about $240.

For those with Associates Degrees or higher qualifications, the income prospects improve significantly. They can expect to earn around 220 percent more than the minimum wage, which equates to approximately $5.35 per hour or around $965 per month.

Living on an income of around $1,100 per month is possible in Belize, especially if you are willing to adopt a lifestyle in line with the local Belizean cost of living. It’s essential to budget carefully and make informed financial choices to manage your expenses effectively in this context.

Buying Property in Belize

There comes a time in every expat’s life when they find themselves in love. Next comes the need for the commitment of buying a house.

Buying property in Belize is very similar to buying a property in the United States – albeit a much cheaper process. There are no restrictions on foreign land ownership and residency is not required – though it is recommended. Expats in Belize have the same rights as citizens when it comes to land ownership. 

You can purchase property direct from the owner by using an attorney or you can use a real estate agent. You will find familiar franchises such as Century 21, Re/Max, and Keller Williams. There is also an assortment of local real estate companies.

Residential real estate commission rates in Belize continue to be similar to those in the United States, typically ranging from 6 to 8 percent. However, when it comes to vacant land, the commission rate is often higher, around 10 percent. Like in the U.S., these commissions are typically charged to the seller, meaning that the services of a buyer’s agent are typically provided at no direct cost to the buyer.

A piece of advice for potential buyers is to use your own attorney during the real estate transaction, rather than one associated with or recommended by your agent. This approach helps ensure transaction neutrality and protects your interests throughout the process.

It’s also worth noting that there have been instances where property “owners” did not possess a legal title to the land, having only a government-granted land lease, or the title was transferred without their knowledge. To safeguard your financial security, obtaining legal counsel is strongly recommended when engaging in real estate transactions in Belize. This precaution can help you navigate potential legal complexities and ensure that your property purchase is secure and legitimate.

How Much Do Houses Cost in Belize?

In a recent survey of 80 house listings in Belize – that is homes that would appeal to a foreigner – the average price of a 1,500 square foot home was $340,000.

Home prices in Corozal will be one of the cheapest. You can find a stick-built, two bedroom/one bath home for a little over $100,000; a two-bedroom cement home for around $155,000 and a luxury home for over $300,000. Waterfront homes in the expat village of Consejo Shores can be purchased for less than $500,000 and a quarter acre cleared waterfront parcel will set you back only $75,000. 

If you are looking for waterfront living, then Placencia is an excellent option. This is expat heaven with the Caribbean Sea to the east and the lagoon and view of the Mayan mountains to the west. The average price of an expat-quality residence or condo along the peninsula is $428,000 for 1,900 square feet of living area. Private waterfront homes will be around $650,000 and up. There is an abundance of condominiums that offer gorgeous views, pools, spas, dining and maintenance-free living. Prices start at $169,000. 

San Pedro and Ambergris Caye also offers waterfront living with the average price being $450,000 for 1,600 square feet. You can find older one-bedroom condominiums starting at $95,000 and modern luxury waterfront residences for $1.3 million and nearly everything in between. Inland lots can be found for less than $50,000 and beachfront lots start at $109,000. 

Let’s not forget about San Ignacio, Cayo where expats who love the green trees instead the blue ocean go to get away. Home prices are considerably cheaper here than anything on the east coast with average prices found in our survey to be under $120,000 with 1,000 square feet. You will find a lot more wood construction rather than concrete. The area is less affected by hurricanes and flooding, so this construction method poses less risk. You can find simple starter homes for around $50,000 and or a three-bedroom/three-bath home downtown will only set you back $200,000. 

Related: Pros and Cons of Living in Belize

What are the Closing Costs in Belize? 

Just like in the States, property transactions in Belize are often facilitated through an escrow service. Typically, the buyer will make a 10 percent down payment upon executing an Agreement for Sale. The closing process typically takes place within a 30 to 90-day timeframe. In Belize, it’s customary for the buyer to bear all closing costs. While U.S. dollars are commonly used for purchase transactions, Belizean dollars can also be utilized. Please note that these details are accurate as of 2023.

You can expect to pay a 5 percent government-imposed stamp/transfer tax on the purchase price after the first $10,000. Buyers will also need to pay for their legal fees which includes a title search. Belize attorney fees will cost around 2 percent of the purchase price. If you use a real estate attorney from Belize, then title insurance is not necessary as the Government of Belize will guarantee Belize Land Certificates and clear Deeds of Conveyance. 

If you have other questions about property purchasing in Belize, I recommend you visit the website for Wrobel & Company. While we are not recommending one attorney over another, their site has some valuable information about property purchases. 

How Much are Property Taxes in Belize?

Belize continues to offer favorable property tax rates. Property taxes in Belize are notably affordable. Once a property is improved, the property tax rate is reduced to a mere 1.5 percent of the assessed value. It’s worth noting that Belizean assessments typically represent only 10 to 30 percent of the property’s market value, which is significantly lower than the United States where assessed values are often around 50 percent of market value. These tax policies make Belize an attractive destination for property owners seeking cost-effective tax obligations.

What are Some Other Expenses?

In addition to regular monthly expenses, individuals living in Belize may encounter incidental expenses that arise from time to time. For instance, when it comes to shopping for clothing, Belize has limited options. Many retail stores in the country typically carry clothing manufactured in Guatemala, and the quality can be subpar while sizing remains inconsistent. Another alternative is exploring the numerous resale shops. It’s worth noting that surplus clothing from the United States, including items that don’t sell in stores like Goodwill, is sometimes shipped to Belize in bales for resale.

As of 2023, it is advisable to consider doing your clothing shopping when you return to your home country, as it can provide a more satisfactory shopping experience with a wider variety of choices and better quality clothing.

If you ever need childcare or a housekeeper in Belize, there will never be a shortage of volunteers. Nannies in Belize not only look after your children, but they also are willing to take care of household chores. Prices are negotiable, but a fair rate for a day’s work could be as low at $10. Just make sure you discuss discipline because physical punishment is still allowed in Belize. 

We cannot forget the monthly entertainment expense. That really comes down to what you classify as entertainment. There are two movie theaters in the country. One is at the Princes Hotel and Casino in Belize City and the other at Paradise Theater in San Pedro.  Admission will be around $7.50 plus popcorn. Speaking of casinos, besides the official casino in Belize City, you will find small gaming establishments throughout the country. There are three golf courses in the country. The best course is on an island 45 minutes by boat from San Pedro with green fees around $200. There are 9-hole courses both in Consejo Shores and in Belmopan with prices starting at $17.50. The common Belizean pastime is to hang out at a local bar and shoot some pool. A bottle of the local Belikin beer shouldn’t cost more than a couple of dollars.  

Related: Belize Retirement Tours

Can I Get Good Medical Care in Belize?

The healthcare landscape in Belize continues to evolve. The country boasts government-run hospitals and polyclinics in most villages and major cities, providing accessible healthcare services to the population. Medical consultations remain largely free of charge, and some medications are available at no cost to patients. However, there have been improvements in access to additional diagnostic procedures, including x-rays, MRI scans, and ultrasounds, which are now offered at significantly reduced rates compared to previous years.

Expatriate residents residing in Belize may still be eligible to access these subsidized healthcare services. However, it’s important to bear in mind the adage that “you get what you pay for.” The quality and availability of healthcare services in Belize have shown positive developments, but expats and residents should maintain realistic expectations when utilizing the healthcare system. It’s advisable for individuals to consider private healthcare options and health insurance plans for more comprehensive coverage and access to higher quality medical care.

For more serious ailments or if you are in search of better service, there are plenty of private clinics. You can expect to pay $25 for a doctor visit. Many medications do not require a prescription and local pharmacists are very helpful. On the other hand, the dental care in Belize is equivalent to the States and will at least half. You can find more information about the medical care in Belize by visiting Belize.com. 

Because there is no level one trauma center in the country and the skill for very technical surgeries or treatment options are just not available in the country, it can be a good idea to obtain medical coverage from their home country. 

What Taxes Will I Need to Pay in Belize?

As of 2023, Belize has specific income tax regulations in place. Income taxes are deducted from employee paychecks at a rate of 25 percent, with an exemption for the first $7,250 of income. It’s worth noting that foreign income remains tax-exempt for residents in Belize. Furthermore, Belize continues to not impose any capital gains taxes on its residents.

For expatriates or individuals who decide to establish a registered business in Belize, there are business taxes to consider. These taxes vary depending on the type of trade or profession and are structured as a percentage of your business income. Business tax rates typically range from 0.75 percent to a maximum of 15 percent. However, it’s important to be aware of income exemptions that are designed to provide relief for small businesses. These exemptions often mean that many small businesses don’t have to pay any business tax. Additionally, a significant number of sole proprietorships in Belize remain unregistered.

The tax that affects expats and locals alike is the General Sales Tax (GST) or value added tax (VAT). At a rate of 12.5%, it can add up quickly. It applies to most goods and service with an exception to some basic food items. In nearly all cases, the tax is included in the price of the individual item. 

Non-residents are required to pay a departure tax when they leave the country. If you are flying out, then the $39.35 tax will be included in your airline ticket. The fee is less if you leave by land or sea. 

All non-residents are required to renew their tourist visas each month at an immigration office. For the first six months, the monthly fee is $25. For every month thereafter, until he or she leaves the country for at least 14 days, the monthly fee increases to $50. The tourist visa is stamped into your passport. 

Another tax that can unwarily affect an expat is the import tax or customs duties. These are levied on anything that is imported into the country. That includes if your brother sends you an anniversary gift. When you pick it up from the post office, you will have to open it there for inspection and pay approximately 30 percent of the value, including the shipping. The import tax can go as high as 80% of the value. This is one reason why the price of vehicles in Belize is so high. If you would like more detailed information, you can get individual rates at the Belize Customs website. 

It is interesting to note that Belize residents can import personal household effects free from customs duties as long as they have been owned for at least one year. Under the Qualified Retired Persons Incentive Program, expats do not have to become residents to residency benefits. If an expat meets the requirements, they will no longer have to pay the monthly tourist visa. They qualify for import tax exemptions on personal and household effects, vehicle, aircraft and boat for one year. 

Related: Best Areas to Live in Puerto Vallarta

How Much Do I Need to Live Comfortably in Belize? 

Belize remains an attractive retirement destination for many individuals. It boasts a stable government, favorable legal framework, relatively low tax burden, and convenient currency exchange facilities. Housing prices continue to be significantly more affordable than in many other parts of Central America. Additionally, the cost of living in Belize remains considerably lower compared to the United States.

Depending on your choice of retirement location within Belize and the quality of life you desire, you can realistically budget as follows:

1. On the mainland: You could comfortably live on a monthly budget ranging from approximately $1,700 to $2,000. This budget would cover your basic living expenses, including housing, food, transportation, and healthcare.
2. In San Pedro: If you prefer the coastal lifestyle of San Pedro on Ambergris Caye, your monthly budget may be slightly higher. An estimated budget of around $2,700 per month should allow for a comfortable retirement in this area. This higher cost may be due to increased housing and living expenses associated with the island lifestyle.

Related: Best Panama City Neighborhoods to Live