Living in the Caribbean is not only for rich people. There are many places there with affordable real estate, and even those with modest means can afford and live comfortably. Also, the government has made the process of acquiring property in the Caribbean easy. Here are three places where you can get a property at an affordable price.
Isla Mujeres, Mexico
Isla Mujeres is a few miles away from the bustling Cancun. People use golf cart for transportation here. Thus, there is less pollution, giving the island clean air. Residents there spend most of their time lounging on the lovely white-sand beaches, swimming with dolphins, diving, and sailing on one of the most stunning blue seas in the world.
A couple can live in the Isla Mujeres comfortably without worrying much as their monthly living cost is around $2,500 only, and that includes the rent. The real estate on Isla Mujeres is very affordable, even for the average earners. You can actually rent a one-bedroom apartment for as low as $700 a month. If you want to stay here longer, you can buy a one-bedroom with two bath condo at $230,000.
The Dominican Republic
This tropical country occupies most of the Hispaniola island. Here, the weather is favorable for those who are in their senior years as it is mostly warm. You will not feel homesick as the people there are very friendly. The biggest attraction of the Dominican Republic is the beaches being in the Caribbean. You can do kayaking, snorkeling, diving, sailing, and a lot more all day long.
Like other islands around the Caribbean, the cost of living here is lower than that of the USA, Canada, or Europe. If your earnings are around $10,000, you will be exempted from paying tax. Higher than that, the government will collect 25% of your profits. Pensions are non-taxable.
If you have plans to buy some properties on the island, you will need to pay the transfer tax, which is 3% of the property’s cost, as determined by the government.
There is a program for retirees to apply if you choose to live in the Dominican Republic. But for others who choose to transfer here and purchase a property, you can apply for temporary residency and should be renewed every year. After staying here for 5 years, you can apply for permanent residence. Another option is to pay an overstay fee is intend to stay here for more than 30 days. Pay the fee when it is time for you to leave the Dominican Republic.
The Corn Islands, Nicaragua
The Corn Islands has two small islands, which are 50 miles off the Caribbean coast. It is hard to resist the lovely beachfront, and the people here are very friendly. Most of the expatriates there say that they were attracted not just by the sceneries but also they love the people there.
The cost of living there is relatively low than in other countries. You will not be taxed on anything you earn outside the country. Buying a property here is not as strict as compared to others. Anyone can purchase real estate.
You will be charged 1% to 3% as a transfer tax. The minimal requirement is, you should have a minimum earning of $750 a month to get a property in the Dominican Republic. A special program is offered to retirees.
Don’t get discouraged if someone told you that properties in the Caribbean are quite expensive. Check https://caribbean-escape.com/affordable-caribbean-real-estate/ . You will find lots of affordable Caribbean real estate there. One of these properties could be yours.
