Caribbean countries providing Citizenship by Investment (CBI) programs, such as Dominica, Grenada, St. Lucia, St. Kitts and Nevis, and Antigua and Barbuda, have been attracting investors and high-net-worth individuals over the past decades for many reasons, including their stable political atmosphere, high level of security and safety, sociable people, attractive tropical features, and warm climate, along with their immense business opportunities and affordable cost of living.
Living in Caribbean countries
Living in a Caribbean country as a citizen offers a unique and fulfilling experience. However, each nation has its own distinct culture, benefits, lifestyle, and economic opportunities. For foreigners seeking a long-term residence in an affordable Caribbean nation, this article will highlight the features and pros of each country and the opportunities it offers.
GRENADA: Various investment opportunities
Known as the “Spice Isle”, Grenada is a small country with a population not exceeding 112,000. It is a stunning island with lots of tropical landscapes, which makes it perfect to live in peace and serenity after retirement from many years of hard work. Foreigners can expect an excellent quality of life due to the low crime rate, friendly inhabitants, and solid and rich culture. The country’s growth is estimated to have reached 6.4% in 2022, driven by a tourism rebound and construction activity. Economic growth is expected to continue in 2023, however, at a slower pace of 3.9 percent, led by activity in tourism-related sectors. Grenada’s financial sector is stable, liquid, and resilient to shocks amid tightening global financial conditions. The country offers citizens and residents several benefits, including stable currency as well as tax exemptions on foreign income, capital gains, dividends, wealth, and inheritance.
Grenada is considered to be an affordable country to live in, as the estimated monthly costs for a single person are $915 without rent[1], which is on average 16% lower than the United States. The average rental price for a 1-bedroom apartment in City Center is $655 and drops slightly outside the center to $365. Rent in Grenada is, on average, 66% lower than in the US. The country is home to top hospitals and universities, including St. George’s University, which is one of the top medical schools in the region.
Grenada offers a range of various investment opportunities within key growth sectors, including tourism and hospitality services, health and wellness, ICT, energy, and agribusiness. It is a port country, therefore providing investors with wide access to global markets including Europe, the UK, the USA, and Canada, especially since there are numerous relationship agreements in place and a large diaspora that quickly adopts products and provides local support. Therefore, Grenada is considered an excellent place to establish a business due to its open and diversified economy, excellent infrastructure, skilled and creative workforce, low cost of business operation, and political stability.
DOMINICA: Affordable cost of living
Living in Dominica can be a peaceful and idyllic experience for those who appreciate natural beauty, a close-knit community, and a slower-paced lifestyle. Known as the “Nature Isle of the Caribbean,” Dominica has a population of 75,000. Real GDP is projected to grow 4.9% in 2023[2], and the economic outlook is positive[3], due to the continued expansion in tourism and the implementation of the country’s economic modernization and resilience-building agenda. The transition to local geothermal energy production and construction of a new airport, planned for the coming years, will sustain economic activity, reduce dependency on fossil fuels, bolster resilience to external shocks, and improve international connectivity.
The cost of living in Dominica is relatively low compared to the US or Europe. Renting and real estate property prices are lower than in most Caribbean islands; local products are cheaper; and transportation is cheaper as well. A family of four monthly costs are estimated at $3,200 without rent, which slumps to $860 for a single person without rent. A 1-bedroom apartment in the city center is around $300, and a 3-bedroom apartment is $800. Outside the city center, prices are even cheaper; a 1-bedroom apartment costs $200, and a 3-bedroom apartment costs $400. Taxis and buses are privatized and available mostly everywhere in Dominica at considerably lower prices than in the US.
The paradise island, with its white sandy shores, macroeconomic stability, world-class health care, high level of medical institutions, burgeoning education system, and numerous entertainment activities, offers rich and fertile land for families to live, work, and savor life. Foreigners can also benefit from a favorable tax regime, as there is neither wealth, capital gains, estate, death, or inheritance tax on its inhabitants or residents nor global income tax for non-residents. Investors can also avail themselves of registered and regulated offshore banks, which are more private and flexible than traditional banks.
As the home to some of the most prosperous and innovative startups in the world, Dominica offers vast opportunities to foreign investors. It is the perfect setting for aspiring business owners to establish their enterprises. Dominica has massive investment opportunities in various sectors, including tourism, renewable energy, agriculture, and the agro-food industries. It also has geographic advantages due to its proximity to Europe and America. Taking advantage of the cheap flights, individuals can arrive in France in 15 minutes and in the United States in two hours. Dominica is building an international airport, expected to open by 2025, and will provide direct flights to the United States of America and the UK, among other countries. This airport, along with the trade agreements signed with Europe and CARICOM, will boost Dominica’s economic landscape by opening doors to crucial global regions and becoming a regional commercial and tourism hub.
LUCIA: Ease of doing business
Saint Lucia’s desirable quality of life and ease of doing business have captivated many investors to make it their home and explore its myriad business opportunities. The country’s GDP was estimated at $2.07 billion in 2022, and economic growth is projected to rise by 3% in 2023[4]. St. Lucia provides an appealing investment climate with cutting-edge solutions. It continually ranks at the top in factors like ease of doing business, economic freedom, and transparency, making it an irresistible and unique choice for investors. The country’s proximity to the nearshore markets of North America, South America, and CARICOM member countries makes it a strategic location to serve regional, international, and virtual markets. It is only a three-hour flight from the USA and an eight-hour flight to Europe, boasting two airports servicing regional and international airlines. Investors can take advantage of massive opportunities in various sectors such as tourism, manufacturing, and global business outsourcing, along with the safety, stability, and zero taxes imposed on non-residents.
St. Lucia’s cost of living is affordable and globally cheaper than in the US. A 1-bedroom apartment in the City Center is $480 per month, and a 3-bedroom apartment is $1,000. Basic utilities, including electricity, heating, cooling, garbage, and water, for an 85 m2 apartment amount to $70 per month.
KITTS AND NEVIS: Fast-growing economy
St. Kitts and Nevis is a dual-island Caribbean destination located 2,000 km to the southeast of Miami. The country has impressive natural beauty, with pristine beaches, tropical landscapes, and coral reefs beckoning swimmers and snorkelers from all over the Caribbean. The country is well connected by flights from the US and Europe. It is one of the smallest and wealthiest Caribbean islands, with a population of just 55,000. The capital city of Basseterre is home to one of the most prominent medical schools in the Caribbean: the University of Medicine and Health Sciences. It also contains the headquarters of the Eastern Caribbean Central Bank as well as the Eastern Caribbean Securities Exchange, which lists securities for companies and corporations in the region.
There are plenty of business opportunities in St. Kitts and Nevis, and it is famous for its foreign-friendly business policies. With its mesmerizing beaches and strong national infrastructure, the country has turned into one of the fastest-growing economies in the Caribbean, with a GDP reaching $961 million in 2022. Economic growth is expected to reach 4.5% in 2023, with real GDP returning to pre-pandemic levels by the end of 2024. The country guarantees financial privacy by not making any information about offshore business owners and top managers public.
The cost of living in St. Kitts and Nevis is considered relatively moderate; however, it is more expensive to live there than in most of the Caribbean islands due to the high reliance on imported goods. Estimated monthly costs[5] for a family of four are around $2,800, and for a single person, they are $1,150. Renting prices for a 1-bedroom apartment in the city center are around $850, and outside the city center, they are around $600. Basseterre, Sandy Point Town, Charlestown, and Bath are some of the best cities to live in St. Kitts and Nevis. The country is diversified and offers a wide variety of villas, luxurious resorts, boutique hotels, and family houses. Education in St. Kitts is free and compulsory for children aged 5 to 16, and it is home to several hospitals, like Joseph N. France General Hospital and Alexandra Hospital.
ANTIGUA AND BARBUDA: Home for international celebrities
Antigua and Barbuda, the stunning Caribbean Island with its mesmerizing beaches, excellent accommodations and amenities, and posh climate, has been an appealing destination for many investors and international celebrities like Oprah Winfrey, Giorgio Armani, and Silvio Berlusconi. This is due to its political stability, high quality of life, solid financial services, and favorable tax regime. The charming island also has an advanced and booming economy, with GDP projected to reach $1.86 billion[6], registering 5.5% growth compared to 2022. The country offers investors looking to expand and broaden their business opportunities in various sectors, mainly hospitality and tourism, real estate, agriculture, renewable energy, ICT, and agro-food manufacturing, as well as health and wellness sectors. Antigua and Barbuda is considered an attractive investment hub due to its skilled and well-educated population, robust ICT infrastructure, high level of safety and security, low crime rates, generous financial incentives, business-friendly currency, and strong investor protection.
Because of the country’s high status, the cost of living in Antigua and Barbuda is considered more expensive than the majority of Caribbean countries; however, it is cheaper by 20% than in the US and UK. The estimated monthly costs for a single person are around $1,100, excluding accommodation, and for a family of four, they are $3,900, without rent. The rental price of a 1-bedroom apartment is $1,000 per month in the city center and around $740 outside the city center. A 3-bedroom apartment in the city center costs $1,850 and $1,200 outside the city center. For local transport, there are public buses, with a monthly pass costing $33.
How to obtain citizenship
To qualify for obtaining a Caribbean passport by investment and citizenship, applicants must donate a minimum amount ranging from $100,000 to $200,000 to the government or invest a minimum amount of $200,000 in a real estate-accredited project. To be eligible to apply for citizenship, the investor must be over 18 years old, have no criminal record or prosecutions, have no serious illness, be capable of confirming the legality of the income, and undergo a strict due diligence process. The investor can also add their close family members, a spouse, and children under 18 to the application.
For more information required about acquiring Caribbean citizenship by investment and the financial goals, please visit our website here.
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Sources
[1] https://www.numbeo.com/cost-of-living/country_result.jsp?country=Grenada#:~:text=A%20single%20person%20estimated%20monthly,lower%20than%20in%20United%20States.
[2] https://www.imf.org/en/Countries/DMA#
[3] https://www.imf.org/en/News/Articles/2023/07/05/pr23257-imf-concludes-2023-article-iv-consultation-with-dominica
[4] https://www.imf.org/en/Countries/LCA#countrydata
[5] https://www.numbeo.com/cost-of-living/country_result.jsp?country=Saint+Kitts+And+Nevis