Five Places for Affordable Caribbean Living
November 26, 2024
Who wouldn’t want to live by the beach, enjoying the sound of the waves crashing against the shores?
Living in the Caribbean is alluring for pretty much everyone.
Even if you’re a city dweller at heart, there comes a time in every person’s life when they want to escape the fast-paced city life.
Most people move away from the city centre towards the suburbs or out in the countryside. But what if you want to go a step further than that?
If you’re exploring your options for Caribbean living, then you’re in the right place. Our goal is to help you discover how to go where you’re treated best, and this guide, based on the expertise of our global teams at Nomad Capitalist, will help you do just that.
Caribbean Living
All over the world, people look for places where they can enjoy the perks of life after they retire. It’s one of the reasons why immigration has increased over the past few years.
If you’re looking for a peaceful place to settle, the Caribbean will suit you.
The Caribbean Islands are known for their peaceful and beautiful nature. They’re aesthetically appealing islands with crystal blue seas, clear skies and fresh air.
They’re the perfect escape anyone could look for. You can make these islands your permanent home or retirement destination and have it just the way you want it to be. The Caribbean has a series of islands to choose from.
Better yet, you can fulfil your dreams of living in the Caribbean at a low price.You’ll be pleased to learn that there are various citizenship options available, including Caribbean citizenship by investment.
Benefits of Caribbean Life
There are many benefits of living in the Caribbean.
Good Educational Options
Firstly, families moving there will have a wide variety of private and international schools to choose from.
The education system on most islands is heavily influenced by the British and Europeans, with primary school beginning at the age of five on English-speaking islands.
Plenty of Leisure Activities
Caribbean living essentially means indulging in a lifestyle full of unlimited outdoor activities.
Whether it is sailing, sunbathing, snorkelling, hiking, off-roading or bouldering inland, choices are abundant thanks to the archipelago’s climate.
On some islands, cricket, polo and horse racing are popular with residents and make for excellent spectator sports.
Residents can get the full tropical experience in one of the many national parks, wildlife areas and gardens, seek out the many waterfalls or dive among the plethora of reefs in the Caribbean’s warm waters.
There are a lot of activities in which you can easily engage. In the Caribbean, you can never truly suffer from boredom.
There’s also a constant influx of people visiting the Caribbean, which means you can always find someone to relate to easily.
Travel Freedom
If you pursue Caribbean citizenship, you may find you’re able to travel to more countries without a visa due to the strength of the passports in this region. For instance, if you get Dominica citizenship by investment, you can travel to 133 countries without a visa.
You can execute all the travel plans which you have had over the years. With a Caribbean passport, you can move around the Schengen countries without a visa, open your own business in the USA or Great Britain, register a company and assets and open currency accounts in foreign banks.
So, you will be able to quickly move to another country in an unforeseen situation.
Cost of Living in the Caribbean Islands
To understand the cost of living in the Caribbean, it is important to first understand what factors contribute to the cost of living.
Living in the Caribbean as an American is not hard. Plus, the US dollar exchange rate can be of benefit. However, it is important to determine where you will be spending your money.
Caribbean Standard of Living
Caribbean nations’ total gross national income per capita varies between around US$1,700 and US$31,000, depending on the country. Most Caribbean countries’ economies rely heavily on tourism.
Expenses such as groceries, education and healthcare are extremely affordable. The Caribbean is a diverse region with significant economic potential growth. There are many foreign firms operating in the region.
Although every island in the Caribbean has its distinct economic features, you can live well on a moderate budget in a lot of these countries.
Taxes in the Caribbean
A country’s tax policies are often an integral consideration for any Nomad Capitalist deciding on a long-term home base or second citizenship
Luckily, those who choose to live in Caribbean countries can enjoy favourable tax systems for both individuals and companies. Many Caribbean countries charge little or no taxes, especially for those who aren’t generating income from within the island.
Residents will also often benefit from great levels of financial privacy compared to elsewhere in the world.
A reduced tax system means that the cost of living is lower. Some of these countries are the biggest tax havens globally, making them financially stable in terms of living.
Renting and Buying Property
Housing and real estate are affordable throughout the region.
However, whether you want to buy or rent a property, Jamaica, Dominican Republic, Aruba, Honduras and Belize have the cheapest property.
You can easily rent a lovely one-bedroom apartment for around US$800 to US$1300 in many parts of these regions. Some places, such as Turks and Caicos, don’t even have property taxes, so you can benefit from affordable housing.
Utilities
Utilities are worth considering when moving. Some of the highest utility rates range from about US$200 to US$500 per month for small apartments in the Caribbean. For larger ones, the cost may vary.
Most islands in the Caribbean have higher than expected utility costs. The Dominican Republic, Belize, Costa Rica and Panama have the cheapest cost of living in terms of utilities.
Food and Drink
Staple food items like milk, eggs and chicken are higher across the board in most Caribbean islands compared to the US, due to a reliance on air and sea travel for imports. Food tends to be cheapest in Grenada, St Lucia, Jamaica and the Dominican Republic.
The local fruit stands charge less for fruits and vegetables compared to grocery stores. Places like the Bahamas and the Turks and Caicos are more expensive for food and drink, but they also tend to have a greater selection of imported items coming into the islands that are more readily available.
Restaurants and Entertainment
Despite an absence of taxes, you can expect some restaurants and entertainment venues to be a bit on the pricey side, especially in the hubs that attract thousands of tourists.
Affordable Living in the Caribbean
It’s not only simple to acquire passports and residencies from some Caribbean islands; you can also enjoy a luxury lifestyle without burning a huge hole in your pocket.
An absence of high taxes allows you to enjoy more of your money while residing in this luxurious part of the world. Below, we’ll list some of the most affordable islands in this region.
The Dominican Republic
The Dominican Republic is a brilliant place to live after retirement. Its cost of living is less than that of the US, Canada and Europe. The island has various residential programs for investors and retirees.
Its fast-track residency program is permanent and affordable.
Grenada
The ‘Isle of Spice’ is one of the most awe-inspiring Caribbean islands, attracting visitors with its picturesque surroundings.
Even so, it’s one of the more affordable islands in the West Indies.
If you push forward with Grenada’s citizenship by investment program and choose to live there, you’ll be delighted at how far your money goes.
Cuba
The largest Caribbean island. Living in Cuba can feel like stepping back in time due to the historic, colourful architecture and a slower pace of life. The general cost of living can be cheap, although some imported goods can be costly or difficult to find.
However, it’s challenging to live in Cuba permanently unless you are already a Cuban citizen or have close family ties to a Cuban citizen.
Dominica
Dominica has historically offered one of the world’s cheapest citizenship by investment programs, and it’s also one of the Caribbean islands with one of the lowest costs of living. You’ll be able to enjoy hikes in glorious nature, bathing in hot springs and other affordable hobbies.
St Lucia
St Lucia is another Caribbean island offering affordable citizenship by investment scheme and a reasonably low cost of living for those choosing to live there. Local produce is the most inexpensive, although imported goods and housing costs in popular tourist areas can be pricey.
How to Get Citizenship in the Caribbean Islands
Over the years, Caribbean citizenships have become extremely popular, due mostly to their low cost and low physical presence requirements.
Many people who invest in these citizenships have no immediate plans to live in the Caribbean. Instead, they’re looking for a stronger passport or a ‘Plan B’ in case the situation worsens in their country. The Caribbean Islands offering citizenship by investment include:
- Antigua and Barbuda
- St Kitts and Nevis
- St Lucia
- Grenada
- Dominica
We’ve helped many of our clients obtain second citizenship in the Caribbean and have witnessed people get their hands on a passport within three to four months of applying.
The minimum investment required to get Caribbean citizenship is US$200,000 for single applicants, although the costs tend to rise when applying with a spouse or dependents. Of course, each country has its own investment minimums.
Dominica offers the cheapest passport in the Caribbean for single applicants, at US$200,000, but it’s worth exploring Antigua and Barbuda’s scheme if you’re applying with a big family. In most cases, this nation’s fees are the most affordable when applying with dependents.
The cheapest way to obtain Caribbean citizenship tends to be via a donation to the country’s national development fund. Many Caribbean nations also offer citizenship to those who invest a bit more in real estate or a local business. The offers vary depending on the nation.
In our experience, many clients prefer to make a donation since that’s the cheaper and faster route to a second citizenship. Investing in real estate or local business often comes with its own set of complications and inflated prices that often mean there’s little chance of getting all your money back.
Caribbean Living – Do Your Research
However, before you start packing to move, there are some things you must do before you go and look for paradise.
It’s imperative that you do some research and preparation, or you can find yourself in trouble: visit the island, talk to expats in the region and gain knowledge and insights – it’s vital to understand the travel and tax implications.
Although most Caribbean islands are fairly similar from a financial standpoint, your preferences still need to be considered.
Fortunately, if you get citizenship of one island, you can travel to any of the others, thanks to the CARICOM agreement, which allows greater freedom of movement between Caribbean nations.
Ultimately, if you’re interested in seeking a second citizenship in the Caribbean, it can pay off to seek guidance from the experts.
We’ve helped many investors secure their second citizenship in the most suitable country for their unique goals. Learn more about how our holistic Nomad Capitalist plans can help you here. living in the Caribbean, then you should definitely apply to work with our team.
Five Places for Affordable Caribbean Living: FAQs
Data suggests that Haiti is currently the Caribbean island with the lowest cost of living, although it’s currently plagued by civil unrest and armed conflict, so we wouldn’t recommend that anyone visit at this time.
Dominica, Antigua and Barbuda, Saint Kitts and Nevis, Grenada and St Lucia all currently run simple citizenship-by-investment programs. If you’re willing to invest the money in these islands, you’ll be able to secure a second passport within a few months of applying.
It’s difficult to compare since most major crime rate indexes don’t include Caribbean islands. Anguilla, Grenada, Antigua and Barbuda are among the islands that are considered the safest.
Dominica is the cheapest for a single investor, at US$200,000, and Antigua and Barbuda tends to be the cheapest if you’re applying with dependents, where you’ll pay US$230,000 for a family of up to four.
Some Caribbean islands are expensive, but there are plenty of islands where you can enjoy a luxurious lifestyle without breaking the bank.
Barbados, Cayman Islands and the British Virgin Islands are most often cited as being among the most expensive Caribbean islands.
The Dominican Republic offers affordable living in the Caribbean and is often cited as one of the islands with the lowest cost of living.
Generally, the Dominican Republic offers lower real estate prices compared to more developed and tourist-heavy islands such as the Bahamas or Barbados. Other islands like Jamaica offer relatively affordable real estate, but prices and availability vary widely between regions.
The 13 Caribbean countries are:
1. Antigua and Barbuda
2. Bahamas
3. Barbados
4. Cuba
5. Dominica
6. Dominican Republic
7. Grenada
8. Haiti
9. Jamaica
10. Saint Kitts and Nevis
11. St Lucia
12. Saint Vincent and the Grenadines
13. Trinidad and Tobago
Puerto Rico is both a Caribbean island and an unincorporated territory of the United States, giving it a unique blend of Caribbean culture and US governance.
Grenada’s cost of living is considered moderate compared to other Caribbean islands. It is generally more affordable than islands like Barbados or the Bahamas, especially in terms of housing and local produce.
The cost of living in St Lucia tends to be more budget-friendly than in highly developed tourist hotspots such as the Bahamas. However, it may come at a higher cost than in some lesser-developed islands.
Housing prices vary considerably based on location and type. For example, renting a one-bedroom apartment ranges between US$500 and US$1,200 monthly.
Planning Your Caribbean Life – What Next?
Once you have made up your mind about living in the Caribbean, you will need a team of experts who can help you (unless you’d rather chain yourself to a desk and start doing paperwork). As you can probably tell, the process of getting Caribbean citizenship requires a lot of administration.
You will need to ensure that all your documents are in order and that your tax planning is done correctly. You may also find yourself undecided between a few countries.
We will help you with your decision to acquire Caribbean citizenship. We offer tax planning and offshore banking services to seven and eight-figure entrepreneurs.
At Nomad Capitalist, we make sure that you can go that extra step further to achieve comfort, success and a more elevated life.
If you’re interested in affordable Caribbean living, we can help make this dream a stress-free reality. Click here to apply to work with our team.
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