What is the Cost of Living in the Caribbean?

A couple checks the cost of living in the Caribbean

People considering Citizenship by Investment (CBI) programmes will undoubtedly know about the popular programmes offered by many Caribbean countries, like St. Kitts and Nevis, Dominica, Grenada, St. Lucia, and Antigua & Barbuda. However, the available information usually doesn’t include the day-to-day cost of living in the Caribbean. These islands offer very reasonable cost-of-living averages, making them attractive living destinations for a family.

Premier Consultancy can help navigate the requirements and investments needed to make life in the Caribbean a reality. We can also work with you to provide a holistic cost and programme analysis before you decide in which country to apply for citizenship. In this post, we’ll provide information about the daily cost of living in the Caribbean so you can rest easy and know you’ve made the right decision for your family.

Tax Benefits, Mobility and Lifestyle

Along with the tax benefits and travel mobility that a CBI programme offers, there is also the lifestyle aspect that many people wonder about. Surprisingly, many of these Caribbean CBI countries offer a very affordable cost of living. We’ve included a list of average monthly living costs for one person in US dollars, excluding rent. They include:

Dominica – $508
Grenada – $533
Antigua and Barbuda – $577
St. Lucia – $633
St. Kitts and Nevis – $702

Real Estate Investments

Residential real estate investments in CBI countries mainly come from government-approved lists and can encompass high-end, two-or three-bedroom villas and luxury condominiums. In Dominica, the lowest cost of real estate that qualifies for the programme is $200,000. However, in St. Kitts and Nevis, the minimum property purchase is $325,000 in property shares or $600,000 in a privately owned home.

Buying property should be carefully weighed against the cost of long-term rentals, especially in capital cities and popular ocean side areas. You may find that renting frees up significant capital that allows you to make more profitable investments.

Utilities and Services

Although Dominica is one of the islands that generates significant sustainable energy, you may live on an island with sometimes limited power grids and services. You may be paying much more for water, electricity, phone and broadband internet services than you did in your previous residence. Your increased air-conditioner use in the tropics can also impact your monthly cost of living.

Groceries and Dining

Caribbean countries grow much of their own produce and staples. However, other imported and exotic food products may be considerably more expensive due to the region’s high import taxes and limited supply chains.

Transportation

High fuel prices and vehicle import duties make owning a private car a significant investment in the Caribbean. Because of this, public transportation is often readily available. Consider embracing public transportation or investing in two-wheel motorised or pedal-powered private transportation to reduce your cost of living in the Caribbean.

Healthcare

It’s advisable to have a private healthcare plan when relocating to the Caribbean region, and healthcare providers like MSH International offer health insurance for foreigners in the region. Island healthcare in countries offering CBI programmes is generally regarded as excellent.

Many expats prefer the abundant private health clinics and hospitals to public hospitals. For example, Antigua and Barbuda residents have a private healthcare facility, Sir Lester Bird Medical Centre, comparable to the hospitals available in most developed nations.

Education

The Caribbean education system includes kindergartens, primary and secondary schools, and universities. International schools in Caribbean countries can be public or private. They accept children from ages 5 to 16, and schooling from primary through secondary school is mandatory.

Children can also be homeschooled. However, the Ministry of Education in each country sets the requirements for the curriculum and the academic hours for the subjects, which the parents must fulfil.

Common Mistakes to Avoid

Some common mistakes of island life can be avoided once you’re aware of them. They include:

Many people underestimate the shipping duties on imported cars and furniture, and end up leaving these items behind when they relocate. Check the duties before deciding what to bring with you.
When pricing insurance costs, include hurricane insurance premiums in your policy, particularly when buying a property.
Never assume every island nation has the same tax rules and living costs.

How Premier Consultancy Can Help Guide Your Decisions

Premier Consultancy offers cost-to-benefit benchmarking and living-expense projections for each CBI option, which can help you make clear decisions about which options are best for your family.

We help you devise an investment and tax strategy to align your investments and donations with long-term budgets. Once you’ve decided on a country, we offer management and due diligence services that streamline the application process. We also handle passport renewals and family-member additions to your new country.

When your application is accepted, we can connect you with trusted real estate agents, school placement, and relocation services. Schedule a Premier Consultancy consultation today for immigration guidance.

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