A Practical Guide to the Most Cost-Effective Relocation to the Caribbean

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The Caribbean is one of the most famous regions for international relocation, mainly because of its citizenship by investment programs (CIP). From government donations to Caribbean real estate investment, you have numerous investment opportunities, not to mention plenty of perks you can enjoy as an economic citizen in the region.

While many are inclined to invest, not everyone who applies for Caribbean citizenship is after the returns on investment (ROI). Others just want to live on one of the beautiful islands in the Caribbean and enjoy life as best as they can.

Whatever the case, you’ll surely benefit from knowing the following seven tips in this practical guide to the most cost-effective Caribbean relocation:

1. Time your move wisely.

Whether you plan to move to the Caribbean or anywhere else in the world, there’s always a peak season for relocation to consider. This is the period when the cost of the move is at its highest.

Studying the peak season allows you to save money when relocating. Make sure you research the periods when the demand for movers is low, and flights cost cheapest before choosing a date for your move.

Unless you’re investing in real estate and plan to live in the property you buy, you should also consider timing your move at the end of the school year and other seasonal property markets that can benefit you more financially.

Other national events like Thanksgiving, New Year, etc., could also increase the cost of transportation, so it’s best to steer clear of them as much as possible during your move.

2. Choose the best investment option for you.

You should also think about the investment routes available for citizenship by investment in the region. Given the excellent choices available, it might be challenging to determine which country to select for a cost-effective move.

To make things easier, consider the following factors before deciding on a Caribbean citizenship by investment country:

Investment Options

Caribbean countries offering economic citizenship have varying investment options available.

Most CIP countries in the Caribbean have two: government donation and real estate investment. However, there are a select few, like Antigua citizenship by investment, that offer four investment routes, namely:

Donation to the National Development Fund (NDF)
Real estate investment in government-approved properties
Business venture investment
Contribution to the University of the West Indies Fund (UWIF)

Every option has its own benefits, of course, but what you need to consider first and foremost is what you can get the most out of the type of investment you choose.

Obviously, the most practical choice for relocation is real estate investment since you can live in the property you buy.

But this may not be applicable for everyone, especially if you intend to use your investment property as a source of steady income (i.e., rental). To be sure, consider your life plans and ponder the investment routes thoroughly before deciding.

Benefits

Caribbean citizenship by investment offers various lifestyle, business, and travel benefits that could also affect your decision on which country you should relocate to. This includes:

Visa-free or visa-on-arrival access to other countries
Tax incentives and exceptions
Citizenship extension to dependents
Proximity to beaches
Laidback lifestyle

Almost all Caribbean CIP countries have most of these perks. Some do have slight variations for each territory, like the specific visa-free countries, the number of dependents that can be added, etc. A few citizenship by investment programs also complete applications faster than others.

The key is to check the details of each program and match them with your specific needs, preferences, and lifestyle.

Cost

The cost of Caribbean citizenship can range from $100,000 to $1,500,000 or more, depending on the country and investment route.

Below is a quick summary of the citizenship by investment costs in some of the most popular CIP nations in the Caribbean:

Dominica: $100,000 (donation); $200,000 (real estate)
Antigua and Barbuda: $100,000 (NDF donation); $150,000 (UWIF donation); $200,000 (real estate); $1,500,000 (business)
Lucia: $100,000 (donation); $300,000 (real estate); $1,000,000+ (business)
Grenada: $150,000 (donation); $220,000 (real estate)
Kitts and Nevis: $150,000 (donation); $200,000 (real estate)

3. Consider the location.

Location is king in most relocation and real estate ventures not only because of proximity, accessibility, and safety but also due to transportation considerations.

Airfare is one of the major expenses during a move and just about any Caribbean trip (i.e., discovery trips) for that matter. Besides, some islands in the region are easier to get to than others.

Make sure you check the availability of direct flights from your origin country to weigh the transportation costs. It also pays to remember that the more competition airlines have, the lower plane ticket prices can go.

4. Read up on the cost of living.

While airfare is important, you should still factor in living costs in your chosen Caribbean destination. If it is significantly less expensive than the more popular places, you could save up the extra cash you paid for in airfare – maybe even more.

In general, the more popular the place is with tourists, the harder it can be on your wallet. On the other hand, less developed islands tend to offer cheaper food and other living costs.

5. Bring US dollars.

The Eastern Caribbean dollar (XCD), the local currency in most Caribbean countries offering economic citizenship, is pegged to the United States dollar (USD) at a fixed 2.70-to-1 rate. This applies to St. Kitts and Nevis, Antigua and Barbuda, and several other Caribbean CIP nations.

The more cash you carry, the less you’ll need to transact through local ATMs, which usually come with international withdrawal fees. Just remember to bring an amount you’re comfortable carrying at one time and keep it tucked safely in a money belt under your clothing or other secure places.

Of course, withdrawing money from your bank account isn’t always avoidable, especially if you’re getting settled in a Caribbean nation. In this case, the next tips should be able to help.

6. Forgo the currency exchange counter.

Since you’ll be staying longer in the Caribbean, you would eventually need to replenish your cash. If you’re all out, it’s better to skip the currency exchange counter altogether and get your money from an ATM.

This gives you access to the interbank exchange rate, which is far more favorable than cashing in your traveler’s checks or using an exchange counter. Just remember to account for the fees that apply for your ATM withdrawals in your budget.

7. Set up an international and local bank account.

Want to find a way to reduce banking fees in the Caribbean? Open both a local and international bank account.

Since you’ll be staying in the Caribbean for far longer than just a visit, you’ll benefit immensely from setting up both types of accounts. You can simply transfer funds between the two without the need to calculate expensive international transfer fees.

As a bonus, your local bank account could also keep your money safe until you need to access them upon your arrival. At the same time, the international account can help consolidate your local earnings with the rest of your money.