All you need to know about buying a home in the Caribbean

All you need to know about buying a home in the Caribbean

12th May 2023

Sea, sand and mountains are yours for the taking when moving to the Caribbean. Sun-drenched for most of the year, the islands boast warm, sunny tropical weather, a break from the harsh winters. If you are searching for a new home under the sun, the Caribbean might be the destination you are looking for. So, what is life like when you call this paradise your new home?

Diverse and warm climate

Diversity best describes the terrain of the islands. Lush rainforests and breathtaking landscapes are everywhere among the Caribbean nations with their mix of rugged mountains and flat terrain. More than 700 islands, islets, and cays that form the 16 Caribbean nations are surrounded by blue waters. For expats accustomed to city life, the waters of the Caribbean are a sight to behold.

Most expats and tourists alike flock to the islands for their endless summers. The average temperature is 26°C, a far cry from the cold winter seasons. February to April are the dry season, while August and December see a lot of rain and humidity. But in general, it is pretty much sunny all year round.

The ecosystems around the islands are among the most diverse in the world. Diving into its clear turquoise waters is like entering a whole new universe. Its rich marine life offers many experiences with its coral reefs, mangrove forests, lagoons and estuaries.

Colourful culture

When it comes to culture, the Caribbean has a whole range to offer. Each nation is unique in its own right, with a distinctive character that sets it apart. The diversity among the island nations has significantly contributed to its popularity among expats looking to experience a different environment.

So many influences have shaped the culture of the Caribbean. Exposure to American and European settlers has given locals their innate easygoing attitude and openness to different foreign nationalities. After all, tourism is the top industry in practically all the economies in the region. English is widely spoken among the locals, making the transition for expats effortless.

Each country has its flavours to be proud of, shaping one-of-a-kind cuisines. You will never have a dearth of delectable dishes to choose from.

Laid-back lifestyle

Expats who decide to settle in the Caribbean leave behind their city life, opting for the easygoing flow of life. Imagine taking a vacation in a sun-kissed paradise and living that way for most of the year.

Growing expat community

This laid-back life has been the big draw for most expats who have chosen to relocate to the islands or retire. The popularity of the Caribbean as a viable second home has been buoyed by the success of its Citizen by Investment or CBI programmes that allow foreigners to purchase a property in the islands for a specified amount and obtain their second citizenship in the process.

Each country has its own set of investment schemes to attract foreigners. Among the most popular CBI programmes are those of St Kitts and Nevis, Dominica, Antigua and Barbuda, St Lucia and Grenada. Another draw of the CBI regimes is the mobility that the second passport accords its new citizens. The golden passport unlocks visa-free travel to more than 150 countries and destinations, including the EU Schengen states, the US, the UK, Canada, Australia, Singapore and Hong Kong.

Lenient tax policies

Expats looking to leverage on the freedom of travel promised by the Caribbean golden passports find relief in the tax policies available for citizens.

In St Kitts and Nevis, for instance, foreigners can invest in hotel shares for a minimum of US$200,000, which must be held for seven years before resale in order to comply with the citizenship by Investment requirements. They also have the option to invest US$400,000 in a freehold property with a title deed which has to be held for five years.

You have many choices for the type of property you can invest in, ranging from villas, apartments, condo hotel bedrooms, boutique hotels and luxury hotels.

Antigua and Barbuda have a similar CBI programme. For a US$400,000 minimum, foreigners can invest in a real estate property to be held for a minimum of five years. Its tax scheme is likewise favourable for foreign nationals as there are no taxes on personal income, inheritance, wealth and capital gains. Only the income derived from within the country is subject to taxes.

Wherever you choose to have your second home in the Caribbean, you are guaranteed amazing experiences with nature, a sunny tropical climate, and a relaxed lifestyle while making the most of tax-free regimes and freedom of travel with your golden passport for you and your entire family.

If you want to begin your journey to owning your future home in the Caribbean, our seasoned consultants will gladly assist you.

Source - Citizenship Invest