Buying property in the Caribbean is a popular practice for wealthy Americans, Canadians, and the British but people from other countries own houses and apartments on Caribbean islands too. Why do foreigners buy real property in the Caribbean?
There can be different reasons for that. First, some investors are attracted by the high profitability of the lease business in the region. Around 46 million tourists visit the Caribbean every years and they are prepared to spend quite a few thousand on rent per week. Thus, having an apartment or a house for rent on one (or several) of the islands can bring you a hefty passive income.
Second, some Caribbean countries run citizenship-by-investment programs. That is to say, they ‘sell’ their passports to foreign nationals putting some money into their economies. Purchase of real property counts as sufficient legal grounds for applying for Caribbean citizenship. Why do foreigners ‘buy’ Caribbean citizenship? Well, some of them want to have a ‘plan B’ just in case while others are attracted by a large number of destinations that Caribbean passport holders can visit without visas. These destinations include the Schengen Zone countries, Great Britain, Singapore, Hong Kong, and many others.
Below we discuss five popular Caribbean islands where foreign nationals like to purchase property. We also give a general overview of the real property prices on each of the islands.
Saint Kitts and Nevis
St Kitts and Nevis is a Federation of two islands. Basseterre, the capital of the country, is located on the island of St Kitts and this is where the largest part of the country’s population lives. Divers especially like this location because around 400 sunk ships can be found in the vicinity. There are multiple entertainment opportunities on the island: sports complexes, golf courses, tennis courts, horseback riding facilities, spa salons, authentic restaurants, and so on. Besides, the new marina offers wonderful opportunities for yachting and windsurfing is one more popular activity on the island. You can join numerous excursions around the islands and Nevis attracts visitors by its plantations and old architecture.
St Kitts and Nevis also administers an economic citizenship program. Moreover, it is the oldest such program in the Caribbean and in the world. Wealthy foreigners can qualify for citizenship of the country if they buy an apartment in a condominium for at least US$ 400,000 (the required investment amount was doubled last year). If you would like to have a detached house in St Kitts and Nevis, you have to invest at least US$ 800,000 in it. You can sell the property bank after 7 years without losing citizenship of St Kitts and Nevis.
If you are looking for the most affordable Caribbean island to buy property, St Kitts and Nevis is the wrong place. The price per square meter of property is US$ 3,500 to US$ 4,000 there, which is higher than in some other Caribbean countries.
Barbados
Barbados is located in the eastern part of the Caribbean Sea. Accra Beach is the most popular beach on the island and it is frequented by lovers of active recreation. You can swim with the turtles there, dive to the coral reefs, and go kayaking or windsurfing. Hasting Rocks coast will suit families with small children. The Barbados Food and Rum Festival takes place at the end of November and that’s an event that you must attend if you can.
Property prices are rather affordable in Barbados. A square meter costs US$ 2,200 to US$ 2,500. You can buy a small house of 170 m2 or a huge villa of 1,800 m2. Prices for villas at the waterfront start at US$ 3 million while a small house inland may cost US$ 300,000 or a bit more. A 45-square-meter apartment can cost only US$ 175,000.
Saint Lucia
St Lucia is a paradise for a calm and peaceful vacation. There you will find cozy little bays and wild tropical nature. You can climb up the mountain to a volcano crater and bathe under a waterfall. The entertainment infrastructure is well-developed in St Lucia too: you can go boating, kayaking, snorkeling, and windsurfing. Many hotels have spa salons with massage services. Yacht regattas, festivals, fairs, and masquerades take place on a regular basis in St Lucia.
Property prices are comparatively low in St Lucia while the quality of life is high by Caribbean standards. A square meter of property costs US$ 1,800 to US$ 2,000 in the country.
St Lucia is not only a wonderful location for yachting and recreation but it also offers citizenship-by-investment opportunities. Purchase a piece of property for at least US$ 300,000 and pay around US$ 50,000 in administrative fee and you will become qualified for a St Lucian passport. There are luxury villas on sale in the country that cost US$ 35 million but you can find something acceptable for half a million or a million dollars. More than 60% of foreign buyers of St Lucian property come from Great Britain.
Dominica
Dominica occupies a single island and it is the largest of the Windward Islands. It is famous for its hot springs and pristine nature. It’s a wonderful place for diving and Northern Forest national park is home to a great number of exotic birds. Champagne reef with its volcanic bubbles going up from the bottom is one of the most popular tourist attractions in Dominica.
The price of property is not high in the country (around US$ 2,000 per a square meter) but the country will suit lovers of wild nature in the first place. The island is astoundingly beautiful but Dominica offers a countryside lifestyle.
Purchase of property in Dominica will also make you eligible for citizenship of the country. The minimum required investment amount is US$ 200,000.
Antigua and Barbuda
The country actually occupies three islands: Antigua, Barbuda, and Redonda. However, Barbuda was devastated by hurricane Irma a few years ago and Redonda is uninhabited. Thus, you have to consider the island of Antigua alone. This is a location with multiple opportunities both for active recreation and for peaceful holidays at the beach. Lovers of diving and snorkeling will find lots to see in the coastal waters and you can also swim in the company of dolphins and rays in Antigua. Besides, you will find golf courses, tennis courts, and cricket grounds on the island as well as water scooters and kayaks.
In the western part of Antigua, between Darkwood Beach and Ffryes Beach, you can find a series of villas and apartment houses with panoramic views and infinity pools. The infrastructure is simply superb there: spas, beauty salons, Pilates and yoga studios, gyms, tennis courts, as well as stores, a library, and a business center. The residential complex can satisfy the most demanding customer.
The price of a square meter of property is a bit higher in Antigua than it is on some other Caribbean islands. It is normally between US$ 3,500 and US$ 4,000. A villa of 150 m2 sells at 700 hundred thousand to a million dollars and the price for a 300-m2 villa starts at 2 million.
If you invest at least US$ 400,000 into real property in Antigua and Barbuda, you will qualify for a passport of the country. You can add your family members (including your spouse, your children up to 26 years of age and your parents at least 58 years of age) to the application for Antiguan citizenship. Other Caribbean countries administering citizenship-by-investment programs also accept family applications for citizenship.
If you buy a piece of property in one of these countries and qualify for citizenship, it does not mean that you will have to relocate to the country for good. Most economic citizens do not live in their Caribbean houses and apartments permanently. Rather, they stay there on vacations and rent their property out to tourists. Wealthy Canadians and residents of the northern states of the USA also like spending the winter months in the Caribbean. You could do that too.