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 center towards the suburbs or out in the countryside. But what if you want to go a step further than that?
Life in the Caribbean
All over the world, people look for places where they can enjoy the perks of life after they retire.It’s actually one of the reasons why immigration has increased over the past few years.
If you are looking for a peaceful place to settle, then the Caribbean is a suitable place for you.
The Caribbean Islands are known for their peaceful and beautiful demeanor. They are all a bunch of aesthetically appealing islands with crystal blue sea, clear skies, and fresh air. It is the perfect break to take from life.
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 fulfill your dreams of Caribbean living at a low price as well. Yes, that is correct. You’ll be pleased to learn that there are various citizenship options available for you, including Caribbean citizenship by investment.
Benefits of Living in the Caribbean
There are many benefits of living in the Caribbean. Families moving there will have a wide variety of private and international schools to choose from.
- Good Educational Options
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.
Families moving to the Caribbean 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 age five on English-speaking islands.
Caribbean living essentially means indulging in a lifestyle full of unlimited outdoor activities.
- Plenty of Leisure Activities
Whether it is sailing, sunbathing, snorkeling on the coast or 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 often 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. In fact, you can enjoy all forms of activities which are there. As an expat, you can enjoy the vast culture it offers.
There is an influx of people who visit the Caribbean, which means you can always find someone to relate to easily.
- Travel Freedom
Apart from this, getting visas for many countries is free. For instance, if you get Dominica citizenship by investment, you can travel to 146 countries without a visa. Traveling around can be extremely fun.
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 with a second passport, 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.
If you’re worried about the Caribbean cost of living, there’s no need to be concerned.
Caribbean Standard of Living
The total Gross National Income per capita is around $800 and $30,000. The country’s primary reliance is on tourism. The normal grocery expenditure varies from place to place. However, these places are easily affordable.
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, some common characteristics are shared among the different economies of the region. This means that living in the Caribbean is very affordable.
Taxes in the Caribbean
When deciding where to live, taxes are an integral part. Everyone decides how much tax they are willing to pay a country. Depending on your nationality, you may have to pay taxes in multiple countries.
Luckily those who choose to partake in Caribbean living enjoy a favorable tax rate system for both individuals and companies. This is because Caribbean countries provide financial privacy where you are just free to do what you like. They have little or no tax policy.
A reduced tax system means that the cost of living is lower. 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.
You can easily rent a lovely one-bedroom apartment for around $800 to $1300. Some places, such as Turks and Caicos, don’t even have property taxes, so you can benefit from affordable housing.
Utilities are worth considering when moving. Some of the highest utility rates range from about $200 to $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, as each is affordable. Utilities are free of taxation, but they depend on your lifestyle.
If you have air conditioners or other such additional amenities, then the cost can go up. Caribbean citizenship does come with the perks of not paying heavy amounts on utilities.
Food & Drink
Milk, eggs, and chicken are higher across the board in most Caribbean islands compared to the US but are the cheapest in Grenada, St. Lucia, Jamaica, and the Dominican Republic. They are high because they get delivered via planes or ships.
However, 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
An absence of taxes makes things more affordable than usual. However, since these places are tourist hubs, do not be surprised if the places are expensive. Especially the closer you are to popular ports and on-the-beat tourist destinations.
Which Caribbean Islands Are The Cheapest To Live?
These islands are affordable under every account. Whether investing in property or securing your future, it is very easy to acquire passports and residencies from these places. All you have to do is research thoroughly what you want.
No matter which island you prefer, all you need is about $1,500 per month, and you’re good to go. An absence of taxes in these countries makes it possible for you to purchase whatever you like. You don’t have to worry about paying additional taxes.
The Dominican Republic
The Dominican Republic is a brilliant place to live in after you retire. Its cost of living is lesser than that of the US, Canada, and Europe. They have various residential programs for older people.
There is a fast-track residency program that is permanent and affordable. All you have to do is purchase real estate in the Dominican Republic, and you are good to go. Housing is not expensive at all, and property tax is exempted.
Honduras is filled with expats. Many expats and retirees come to live here. There are lots of government benefits which you can enjoy. And gaining residency is as easy as purchasing a property.
Mexico is famous for many reasons, and being super cheap is one of them. The US dollar is higher than the Mexican peso. Unlike the US, the exchange rate is extremely affordable. You can purchase a 2000-square-foot house for about $700,000.
Nicaragua is very affordable. If you are a family of two, you can live extremely luxuriously for $1500 per month. What’s also worth noting is that Nicaragua has some very affordable and really good universities.
One of the main benefits of living in Colombia is the low cost of living. Also, it is a low cost of living in a country that offers many of the first-world amenities and infrastructure that you’d expect in a much more expensive location.
The minimum wage in the country is only $250, which says a lot about the expenses there. You do not have to worry much about anything.
How to Get Citizenship in the Caribbean Islands
The reason is simple; the Caribbean is affordable. Countries in the Caribbean have a reputation for being cheap while offering a very luxurious lifestyle. You can buy Caribbean citizenship by purchasing a property.
Antigua and Barbuda offer citizenship by investment program, and so do Saint Kitts and Nevis, Saint Lucia, Grenada, and Dominica. You can obtain a Caribbean passport in just two months.
A Caribbean citizenship does not require a big investment. The maximum investment it requires is $100,000. It’s a fast and very inexpensive way of getting citizenship.
Similarly, you can get your Mexican citizenship using the same procedure for $150,000.
This is true for the Dominican Republic as well. You can get a Dominican Republic passport in 2 to 3 months with a minimum investment of only $100,000. With this little investment, you get to travel to 137 countries for free without a visa.
The passport arrives in 3 to 4 months without any other legalities. Once you get the passport, you can start working on other legal documents such as health insurance, residence cards, etc.
And finally, Grenada’s citizenship comes with the same perks. The procedure is also the same for all other Caribbean countries. You need to invest only $150,000 US Dollars on anything. It could be land or property, and then you are good to go.
Make Sure to 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 is 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. The travel and tax implications are important to understand.
And although most Caribbean islands are fairly identical financially, there are still your preferences to consider. Fortunately, if you get the citizenship of one island, then you can travel to any of the others.
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 paperwork.
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. So, if you are the kind of person who is interested in living in the Caribbean, then you should definitely apply to work with our team.