Many tourists leave the Caribbean with a heavy heart after a long or short holiday.
If you also never want to leave the Caribbean after your first or second visit or don’t want to go through the time-consuming process of applying for a visa, looking for and booking a hotel for your next holiday here, one of the best options you can consider is to invest in first class Caribbean investment properties.
If having your own home in one of the beautiful islands of the Caribbean isn’t enough reason for you to invest in a property here, below are other great advantages of doing so:
1. You could gain Caribbean citizenship
Many countries in the Caribbean including Antigua and Barbuda, St. Kitts and Nevis, Grenada, and St. Lucia offer a citizenship by investment program.
Under these programs, when you purchase a house, condo, or apartment unit in an approved project in any of these countries, you can also apply to become a legal citizen in the country where you bought the property.
The citizenship by investment program allows you to have dual citizenship. This means you can use your Caribbean-issued passport and still enjoy the privileges you currently have as a national in your current country of residence.
With a British Commonwealth passport from one of these jurisdictions, you won’t need to get a visa to visit any Caribbean islands, Europe and dozens of other destinations. It’s a wonderful way to benefit from visa-free entry or access to visa-on-arrival services.
To be sure you can take advantage of this benefit, work with a Caribbean citizenship and real estate consultant.
2. You will enjoy tax-free living
The majority of countries in the Caribbean offer low-tax living. For anyone not from the region, they are very attractive offshore jurisdictions and, in some cases, completely free from personal income, capital gains, inheritance, and wealth tax.
3. You will own a property in a country where the real estate market is stable
Compared to other countries, the Caribbean continues to maintain a steady property market. This is mainly due to the continuous influx of tourists and retirees.
In addition, the stable political conditions, safe living and beautiful environment of the Caribbean islands make the countries here a popular destination among property investors from different parts of the world.
If you own property here, you will be in the company of other seasoned and successful real estate investors.
4. You can get extra sources of income
Thousands of tourists arrive in the different Caribbean islands every day. And all these holidaymakers need a place to stay for their vacation. Many of these visitors will want accommodation that is more affordable than the hotels and resorts, which are quite expensive at the higher end.
If you won’t be living in your preferred Caribbean country all year round, you can start your own business by turning your property into a holiday home rental and begin earning some passive income.
It’s one of the easiest and most affordable ways to have your own business since you won’t need a huge capital investment (other than your Caribbean home) for this type of undertaking.
By partnering with Airbnb, HomeAway, and other holiday rental marketplaces, and one of the many local property managers, you can rent out your home to travelers looking for reasonably-priced accommodation.
5. You will experience future financial growth
Aside from having a stable property and tourism market, according to the 2017 Caribbean Economic Review, the IMF forecasts that the overall growth of the Caribbean will increase in 2018 and 2019 from 3.7% (in 2017) to 3.9%. It’s quite likely that owning a property here will offer you more advantages as time goes by.
In addition, you will have a better chance of healthy capital appreciation if you choose to sell your property in the future.
Having a home in the Caribbean is one of the smartest and most rewarding investments you can make. You will have your dream home in an economically and politically stable island paradise. You will also have different opportunities to boost your financial standing with your property here as well.
Kaline Kennard is the co-founder of Citizens International, a white-glove specialist firm offering private client services necessary for citizenship investment into the Caribbean. Based in the Caribbean for the past 15 years, she is an experienced consultant who works directly with many professional partners and advises clients worldwide.