The prospect of retiring in another country is becoming increasingly attractive to many Americans nearing retirement. Motivated by factors such as a lower cost of living, favorable climates, access to affordable healthcare, and enhanced global mobility, the trend of securing a second passport for retirement is gaining momentum. Once seen as a niche strategy, obtaining multiple citizenships has evolved into a significant aspect of long-term financial and personal planning. This shift reflects a growing interest in achieving greater stability and mobility in retirement years.
Specialists in Caribbean citizenship programs, such as Caribbean Golden Passport Advisors, highlight that the five Caribbean nations offering Citizenship by Investment programs provide a straightforward and transparent path to acquiring a second passport. These destinations offer safe and secure environments coupled with appealing climates, making them a compelling choice for retirees.
Below is a brief overview of the five islands offering Citizenship by Investment (CBI) – Antigua and Barbuda, Dominica, Grenada, St. Kitts and Nevis, and St. Lucia – and some of the advantages with Best Caribbean Islands to Retire guide providing more in-depth information.
Grenada: A donation of US$235,000 or a real estate investment of US$270,000; a 4-6 months application period; Visa-Free or Visa on Arrival Countries: over 140 countries, including the UK, Schengen Area, Argentina, Brazil, China, India, and Russia.
Antigua and Barbuda: A donation of US$230,000 or a real estate investment of US$325,000; a 3- 4 month application period; Visa-Free or Visa on Arrival Countries: over 150 countries.
St. Kitts and Nevis: A donation of US$250,000 or a real estate investment of US$400,000; a 4-6 month application period; Visa-Free or Visa on Arrival Countries: over 150 countries.
Dominica: A US$200,000 donation or a real estate investment of the same amount; a 3-4 month application period; Visa-Free or Visa on Arrival Countries: over 140 countries.
Saint Lucia: A donation of US$240,000 or a real estate investment of US$300,000; a 4-6 month application period; Visa-Free or Visa on Arrival Countries: over 140 countries.
These five islands are singled out for their exceptional Golden Passport schemes, but the easy and affordable CBI process is not their only advantage.
Tax Benefits
One of the most attractive features of these islands is their tax-friendly environment. None of them impose taxes on capital gains or inheritance. Personal income tax is limited to income earned locally, with some islands having zero personal income tax altogether.
For those planning a long-term stay, tax residency rules generally apply after spending over 183 days on the island, but these islands remain advantageous compared to many other systems.
Safety and Security
The islands are considered safe, with crime rates typically lower than in much the U.S. Most incidents are minor, such as theft, and violent crime is rare. Tourism is one of the important economic drivers of the islands, which motivates the governments to prioritise public safety. Well-developed law enforcement and justice systems enhance the sense of security.
Healthcare
All islands offer access to healthcare, with most providing free or heavily subsidised public services. St. Kitts and Nevis adopts a different model, offering free medical care for citizens under 18 and over 62. Private healthcare options are readily available, and insurance ensures access to premium care and overseas transfers if needed.
Accessibility
Travelling to and within these islands is straightforward. Each has an international airport with direct flights to major global hubs, ensuring easy connectivity. Public transport is affordable but limited within the islands, so owning a car is often necessary for convenience. While roads and infrastructure are best in St. Lucia and Grenada, they continue to improve across all islands.
Lifestyle and Amenities
The Caribbean islands offer a blend of relaxation and modern living. Their natural beauty, warm climate, and friendly communities make them desirable for retirees and investors. While living costs and car import taxes are higher than average, these are balanced by the overall quality of life, tax advantages, and investment potential.
