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I would like to tempt you with the idea of retiring to this beautiful
Caribbean island. It boasts nearly all the factors that make for an attractive
retirement haven: beautiful terrain, temperate climate, international
airport, safety, stability, friendly people, and, most important, a very
low cost of living. Unquestionably, the overall cost of living in this
country is more than affordable. A visit to the doctor is $15. Pharmaceutical
drugs cost 30% to 50% less than in the United States.
There is a general hospital transport plane, operated by the local
Episcopal Church which will fly you to the mainland for emergencies. A
decompression chamber for divers is available at Fantasy Island Beach
Resort, and another at Anthony’s Key.
Keep in mind that Roatan, the most developed of the Bay Islands, is
far from cosmopolitan. There is no cinema, the handfuls of restaurants
are mainly located in hotels, and, with the exception of the archeology-oriented
Roatan Museum, there is no cultural institution to be found.
But if you get a hankering for a little action and want to make the
jaunt to the big city, you can fly to the mainland for about $100 round
trip or take a passenger ferry for $20.
Helpful facts for the Investor
While Roatan is still in the early stages of its development as a tourist
destination, and the overall level of development is still modest on an
international scale, the last two years have seen a substantial increase
in both the number and quality of new developments, as well as overall
real estate activity. More and more people are discovering both the life
style joys and investment opportunities, and several large scale developments
including major hotels and an expansion of the cruise ship terminal are
currently in the works.
Honduras' stable, democratic government is but one of the reasons I
recommend this country as one of our favorite retirement havens. If you
check the history books, you will find that it has never had a civil war.
This is a safe, stable spot, with neither guerrillas nor terrorist rebels.
A temperate climate year-round, a diverse topography with beaches and
mountains, a developing economy, many English-speaking natives, and one
of the most reasonable costs of living in the world.
Honduras is lush and varied, full of natural wonders, from its spectacular
coral-studded barrier reef to its ancient Mayan ruins. Honduras is a safe
haven, removed from the troubles of other Central American political conflicts.
And, best of all for the traveler, Honduras is one of those few places
on earth where the living (and the traveling) is still inexpensive.
Roatan, the largest of the three Bay Islands, was previously not a
major international travel destination. This is rapidly changing. Surrounded
by the 2nd largest barrier reef in the world, Roatan boasts excellent
snorkeling and diving. The beaches are uncrowded and the water is emerald
or ice blue. Coconut, mango, wild plum, banana, papaya, cashew, grapefruit,
lime, avocados and almond trees grow in profusion. The 700-foot-high hills,
covered with jungle foliage, and the valleys at sea level create a refreshing
topography not found in most Caribbean hideaways.
The new airport is an international port of entry and can accommodate
727's, 737's as well as the A-320’s. The runway has now been lengthened
to 10,000 feet to accommodate 757's and 767's.
International Living magazine has reported on the advantages and attractions
of retirement and travel in Honduras many times during the past two years.
Honduras is highly affordable, completely safe and stable, and has a lot
to offer the foreign traveler, investor, or would-be retiree.
Visas and Residency
Foreigners may visit Honduras for up to 30 days without a visa. A three-month
visa may be obtained from your nearest Honduran consulate or embassy and
should also be done when processing documents for residency. Additional
30-day extensions may be obtained from the Honduran Immigration Service.
If you want to avoid the paper work involved with acquiring the residence
visa that is required for anyone wishing to stay longer than six months,
you can make a quick three-day trip to a neighboring country. When you
return, you are eligible for another three-month visa-free stay.
Residency requirements and benefits have undergone numerous, substantial
changes recently and for those interested in obtaining a Honduran Residency
status I recommend detailed discussion with a Honduran attorney specializing
in such matters.
Taxes and Banking
Foreign residents living on their foreign income, including pensions,
are not subject to income taxes on their foreign income, regardless of
the amount of the income. Only the income earned in the country of Honduras
will be taxed by Honduras. The general range is 5%-20% on personal income.
You are exempt in the U.S. from paying income tax on the first $80,000
per person of earned income in a foreign country.
It is next to impossible to cash personal checks in Honduras, and it
is also difficult to transfer funds, at times. There are a few ATM’s.
They do however have U.S. dollar bank accounts in which you can deposit
money and then cash personal checks. U.S. Dollar savings accounts and
term deposits are available at Honduran banks on Roatan. U.S. credit cards,
such as Visa and Master Card, are accepted at most hotels, restaurants,
and stores on Roatan.
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