Why invest in Caribbean real estate?
Caribbean vacations are a great way to spend time with family or friends, and many leave wishing they could turn the islands into a permanent home of paradise. Now more than ever, that is exactly what wealthy investors are doing. Second homes and resorts are being bought in high-end Caribbean communities, and for a good reason.
First, investing in Caribbean real estate is cheaper than spending money on lavish vacations. Direct flights to the Caribbean have also become widely available to those looking for a quick getaway, or even a place to retire. Visitors to the Caribbean can also enjoy beautiful weather year-round and a slower-paced lifestyle without the hassle of navigating congested and over-developed cities. Even more, investors in Caribbean real estate can take advantage of tax breaks offered to eligible buyers.
However, one of the many advantages of investing in Caribbean real estate is the opportunity to obtain a second passport through Citizenship by Investment Programs (CIPs). For island nations such as Antigua and Barbuda, Saint Lucia, Dominica, and Saint-Kitts and Nevis, properties can be purchased at prices ranging between USD $200,000 and USD $400,000 depending on the choice of location. In the Caribbean, all citizenship programs allow eligible applicants to quickly acquire a second passport, which provides investors visa-free and visa-on-arrival travel to more than 100 countries around the world. Another great perk is that applicants are not required to permanently reside in their chosen country, which means the perfect vacation spot is just a plane ride away.
Whether investors choose to purchase or build their own home or island resort, sale prices and labor costs remain substantially low by comparison to beachfront property located in North America or Europe. While buying multi-million Caribbean resorts is gaining popularity in the U.S., foreign nationals are also looking for more affordable immigration solutions abroad. In countries such as Saint-Kitts and Nevis or Saint Lucia, investors can purchase condos in up-scale neighborhoods for as little as USD $200,000.
In Antigua and Barbuda, government-approved prime real estate can be purchased by ultra to high net worth individuals for an affordable USD $400,000 through the country’s popular Citizenship by Investment Program. In exchange for their investment, successful applicants and dependants can obtain their second citizenship and passport in 3-6 months and enjoy access to 134 countries, including the UK and Schengen region. Applicants also have the option of selling their home after maintaining the property for a minimum of 5 years. Although foreign investors have typically used their Caribbean property as a vacation destination or seasonal home, more and more buyers seeking greater privacy are choosing to permanently relocate to the quiet twin-island state.
In the Commonwealth of Dominica, real estate can be purchased for as little as USD $200,000, making it the cheapest citizenship program on the market. Aside from scenic beaches and tropical forests, one of the great advantages of obtaining Dominican citizenship is tax relief benefits provided to foreign investors. In addition to no income taxes, corporate taxes, or taxation on income earned abroad, real estate also remains untaxed. Like all Caribbean CIPs, applicants for the Commonwealth of Dominica’s citizenship program are not required to physically reside in the country. In short, Dominica is a haven for those in search of the perfect paradise to escape burdensome tax laws, and at an affordable price.
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