The Caribbean comprises some 700 islands, but only 13 are recognized as independent countries. A few to this day are still territories of other nations. The 13 islands that dot the crystal-clear waters of this captivating region not only attract plenty of tourists but also many retirees and people looking to make this paradise their home.
Although the cost of living in the Caribbean can be lower in comparison to other regions, like Europe and North America, not all the island nations offer an affordable lifestyle. For starters, most goods have to be imported, and the price of real estate tends to rise with limited inventory. With tourism driving the economy of most islands, prices for dining, accommodations, and relevant activities can also raise your expenses.
When you’re weighing your options for a Caribbean passport, it’s worth considering the cost of living.
Here are four of the most affordable Caribbean islands to live in.
1. Antigua and Barbuda
A world-class destination with its white sand beaches and laid-back lifestyle, Antigua and Barbuda is one of the more affordable places to live in. The cost of living here is 30% lower than in the US and most parts of Europe.
The average monthly expense for one person ranges between $700 to $1,200, excluding rent and utilities. Most properties on the island start at about $300,000, which is the minimum amount for Antigua & Barbuda citizenship by investment under real estate purchase. If you’re looking for something lower and want to initially rent a house, you can qualify under the government donation route, which offers a minimum of $230,000 investment.
In terms of everyday living, the average cost of dinner for two at a mid-range restaurant is about $92, and a single meal at a fast food spot is $8.
If you have a car, a liter of petrol will cost $1.3 whereas taking public transportation will cost about $33 for a monthly pass.
2. Grenada
The Island of Spice has one of the more attractive real estate prices in the Caribbean. On average, a square meter costs $754, with a single resident paying an estimated $536 for monthly rent and utilities.
Eating out at a mid-range restaurant will cost $74 while a fast food meal for one person will cost $9. A cup of cappuccino is about $4. Alternatively, you could just cook your meals since the price of groceries and produce can be lower.
To obtain Grenada citizenship, you only need a minimum of $270,000 investment in a real estate share. Grenada is the only one in the Caribbean that offers visa-free travel to Russia and China (along with 140 other countries), and the only jurisdiction that will allow residents to apply for an E-2 visa in the US.
3. St. Kitts and Nevis
St. Kitts and Nevis offers a resort-style life with two world-class championship golf courses, a 300-berth mega-yacht marina, private beach clubs, and resort communities. Despite the grand amenities, St. Kitts and Nevis is still one of the least expensive Caribbean islands to live in.
The average monthly cost of living here is estimated at $1,145. The cost is a bit more than its counterparts, but this island offers a few tax incentives that make it an attractive place to live.
When you obtain a second passport from the St. Kitts and Nevis citizenship program, you’re exempt from paying income tax, inheritance and gift tax, and capital gains. You can protect your assets and optimize global tax strategies, helping you build wealth while living in paradise.
4. Dominica
Finally, we reach the island of Dominica. It is one of the most affordable, if not the most inexpensive, Caribbean islands to live in. The average rent for a one-bedroom apartment is $280, and a three-bedroom house could go on the market for $100,000. If you’re planning to live on a modest budget, Dominica is a good choice.
When eating out, a meal for two people will cost about $55, and a fast food meal could cost about $6. Domestic and foreign beers are also inexpensive, with local beers priced at $1.85 in a restaurant. Meanwhile, a cup of cappuccino will cost $3.
Life on the island is not only affordable, but relocation here is also inexpensive. The Dominica investment citizenship program offers two routes: a government donation of $200,000 and up and a real estate purchase at a minimum of $200,000.
Caribbean life beckons with its white sandy beaches, tropical weather, world-class amenities, and, best of all, affordable ways to live. You can live in paradise without the big cost.
Secure a better future for yourself and your family by learning more about the Caribbean’s citizenship programs and citizenship for investment countries today.
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