You’ve worked hard, you’ve put in the hours, an d now it’s your turn to relax and enjoy the fruits of your labors. You’re about to retire and you’re asking, “Where is the best place to retire?” For our money, we recommend an island in the Caribbean. It’s not just a stereotype, it’s one of the best retirement locations in the world.
The Caribbean has long been a favorite destination for retirees and expats. The islands provide access to beautiful beaches, warm weather all year, great food, and all for low prices, especially for people retiring from countries with favorable money exchange rate.
But where should you start your research? How should you relocate after retirement? And where in the Caribbean should you retire?
All these questions are answered here.
Consider These Top Caribbean Locations
What Caribbean island should you choose when you retire? These are some of the most popular options as chosen by most people moving from Europe and the United States.
We’ve collected this data from sources online including Expat Financial and the National Library of Medicine.
The Bahamas
Without a doubt, the most common Caribbean island that people choose for retirement is the Bahamas. It’s the first place that many think of when they imagine the Caribbean. White sandy beaches, blue water, and tropical sunshine every day.
Medical Care: The Bahamas are very close to the United States, which makes travel back and forth to visit family and friends easy. This also makes it possible to get US medical care if that matters to you.
Amenities: If you want to have close proximity to the amenities of a first-world country, then the Bahamas is one of the best retirement locations.
Cost of Living: The cost of living in the Bahamas is higher than any other Caribbean island mentioned on this list. Most retirees are living on a fixed income or using their savings to fund their new lifestyle, so consider the price tag that comes with living on the Bahamas. The cost of living in the Bahamas is 14% lower than the average cost of living in the US.
Low Taxes: Alternatively, the cost of living may be high, but the taxes are low or virtually nonexistent. “There are no taxes on personal income, capital gains, inheritance or gifts.”
Best Islands: The most friendly Caribbean islands for retirees are the Abacos and Harbor Island. There are by far some of the most beautiful and peaceful places to retire.
US Virgin Islands
The US Virgin Islands is one of the best places to retire in the Caribbean, bar none. Because this is a United States territory, moving there is incredibly simple for US Citizens. It’s as easy as packing your bag, booking a flight, and buying a nice place to retire on the island.
Medical Care: Because the US Virgin Islands is a territory of the United States, you can still enjoy all the medical coverage you would be used to if you lived on the mainland.
Amenities: Much like the Bahamas, the US Virgin Islands also benefit from close proximity to the mainland United States.
Cost of Living: The cost of living in the US Virgin Islands is also quite high. The same prices that you would expect living in the US. Some prices are even higher because some goods have to be shipped over, increasing the markup on these items. The cost of living in The US Virgin Islands is 1.26 times higher than the average cost of living in the US mainland.
Real Estate: Remember that the housing market in the US Vigran Islands is pricey and most retirees should consider that the vast majority of their income will likely be spent on accommodation.
Best Islands: There are multiple islands to choose from that offer high-standard, modern living. Most retirees start and end on St. Thomas, St. John, and St. Croix.
The Dominican Republic
The Dominican Republic is often referred to as “DR” by people who have septa a considerable amount of time on the island. And this island is just as much a tropical paradise as the rest. Making it one of the best places to retire in the Caribbean.
Many people decide to move here by taking advantage of schemes such as the Dominica Citizenship by Investment program.
Medical Care: The DR also offers international-level standards in terms of health care, food preparation, and other health-related industries.
Amenities: This country is filled with enough activities to keep you busy for years. The north side of the island is coevered with beautiful, sandy beaches, while the east side is filled with city life.
Cost of Living: The Dominican Republic is cheaper to live in than The Bahamas and the US Virgin Islands. On average, the cost of living is 63% lower than in the United States.
Real Estate: The island is filled with beautiful, newly constructed apartments and condos. This is a great place to invest in real estate.
Best Areas: The best places to retire in the Dominican Republic are Playa Dominicus, Casa de Campo, Juan Dolio, and Santo Domingo. Each area offers something unique and special for retirees.
Anguilla
Anguilla is very popular with European and British retirees because this Caribbean island is a great option for people interested in financial savings. There are beneficial tax exemptions to consider if you want to move to a warm, friendly, tropical destination.
Medical Care: There is only one hospital on the island, and the medical care there does meet international standards. However, Anguilla’s medical care is lower than any other Caribbean island on this list. If retiring to a Caribbean island with good medical care is important to you, then you may want to consider some of the other islands instead.
Amenities: The island is quite small and so there are fewer things to do if you are into action packed adventures or busy life. But the beaches are incredible. If you prefer to sit by the sand, read, and eat good food, then Anguilla is the best Caribeaab island to retire to.
Cost of Living: The cost of living is one of the lowest on the list. If you have limited funds, and a strict budget, then retiring on Anguilla may be the best option for you.
Real Estate: Although options are limited, you will find that purchasing your own little slice of paradise is much more affordable on this Caribbean island.
Why Retire in the Caribbean?
The islands offer a relaxed lifestyle, comfortable weather, and plenty of amenities to keep retirees busy. Whether you are looking for a quiet place to relax or a lively spot to socialize, there is an island in the Caribbean that is perfect for you.
With so many different cultures represented, you are sure to find a place that feels like home. One of these destinations may just be the perfect place to spend your golden years.
Tips to Move From the US to the Caribbean
You do not have to change citizenship in order to retire in the Caribbean. There are many expats and full-time residents from the United States and other countries around the world. Always look into the rules and regulations for the specific country you intend to settle in. Plan your finances carefully.
While things are generally less expensive in many locations to the south, you still have to ensure that your money will afford you the lifestyle you want after you stop working.
Keep an eye on Caribbean news to learn about important changes and opportunities in the real estate market and location-specific information. This will help you make the right decision when it comes to your retirement plans.
Real Estate Prices and Cost of Living
Just like any other region in the world, the Caribbean offers a wide range of property costs and ongoing expenses for different destinations. The most popular tourist spots offer full-time homes for quite high investments.
When you move away from these areas, however, you will find considerable savings. Be aware that it may be more difficult to get your favorite products or a wide range of options in the islands, however.
