Where to Invest in a Second Home and Second Passport in the Caribbean
Owning a second home in the Caribbean is a dream of many and well worth working hard for. The Caribbean is the perfect place for your holidays or retirement. With a home in one of the countries here, you will have a place to go for your planned and unplanned getaways. You will also have a ready residence when you retire and want to enjoy your golden years in a tropical island paradise.
Owning a residential property in one of the beautiful islands in the Caribbean also allows you to have another passive income stream. You can turn it into a vacation rental whenever you are not here. Since all Caribbean islands receive hundreds of tourists every month, your chances of someone renting your home several times throughout the year will be higher, allowing you to have another possible source of steady income.
But aside from these benefits, there is another important reason why you should seriously think about investing in a property in the Caribbean: the chance to acquire a second passport.
Second Citizenships by Investment Programs
Several countries in the Caribbean offer citizenship by investment programs or CIPs which allow foreigners to own a residential or commercial property and a second passport at the same time.
CIPs are programs that grant citizenship to foreigners who donate to the issuing country’s national development fund or government-approved charity or invest in a real estate property or a local business. Once you have made the donation or investment and meet the other requirements, you and your family, if you are applying with them, will be granted second citizenship, making you legal citizens of the country.
A second passport from certain countries in the Caribbean gives you more freedom of movement. For instance, an Antigua and Barbuda passport allows you visa-free access to more than 150 countries, including various nations in the Schengen area, United Kingdom, China, and Singapore.
Aside from getting a second passport, you will have access to the other benefits the issuing country offers. These include paying lower or being exempted from certain taxes, such as capital gains, inheritance, estate, and wealth taxes. If you choose the real estate investment option, you will have different types of residential properties to select from. You’ll have the chance to find the perfect second home in the Caribbean, which can serve as your holiday or retirement residence. You can also rent out your property whenever you are not in the Caribbean to earn additional income.
Caribbean Countries Offering Second Passport Programs
Below are the five best countries in the Caribbean where you can own a second home and acquire dual citizenship at the same time:
Antigua and Barbuda
With 365 beaches, Antigua and Barbuda is one of the best countries in the Caribbean to own a second home in.
The numerous picturesque beaches are the main reason why you should own a home here. In this one country alone, you can explore dozens of coastlines with unique features and try different activities. Antigua and Barbuda also has an exciting assortment of natural wildlife, including more than a hundred species of birds.
The country also has a fascinating history and culture in the Caribbean, represented by its numerous must-visit cultural and historical sites. Additionally, Antigua and Barbuda has exciting nightlife and plenty of festivities spread throughout the year.
There are plenty of government-approved residential properties here available for purchase. Because of this, you have various options to choose from when shopping for a second home. Some of the government-approved homes you can invest in here are located in Secret Bay, Tamarind Hills, English Harbour, and Nonsuch Bay — all prime residential and tourist spots in Antigua.
If you want to have a home in the Caribbean that allows you to explore and get close to nature, you might want to buy a property in Dominica. Dominica is called the Nature Isle of the Caribbean since it is the lushest country in the region. It is teeming with mountains, lakes, rainforests, and other natural attractions, and diverse wildlife.
The cost of living in Dominica is low to average when compared to other Caribbean countries. However, its economy is stable and growing, and the living standards are good. Dominica also has an almost non-existent crime rate. On top of it, the official language here is English. As such, it is the perfect place for your yearly holidays, unplanned getaways, and retirement. It is also a popular destination for tourists, which means you can surely earn additional income when you turn your property into a vacation home whenever you are not in the Caribbean.
Grenada is another country with plenty to offer to tourists and residents. It has dozens of white-sand beaches with clear blue waters and world-class diving sites. The country also has several waterfalls and a vast, beautiful rainforest. Additionally, Grenada is also one of the safest countries in the Caribbean with a warm and friendly population.
Presently, Grenada also has a booming real estate market. Property prices are affordable and there are numerous housing options you can choose from With a beautiful environment, paradise-like vibe, and affordable residential properties, you will be able to find your dream second home here.
St. Kitts and Nevis
St. Kitts and Nevis is considered an exclusive Caribbean destination with a stunning natural environment. The country enjoys almost year-round sunshine, numerous stunning beaches, and a diverse range of landscapes. The twin-island country also has a national park, lush rainforest, and several UNESCO-protected colonial forts, making it one of the more popular destinations in the Caribbean.
If you want to enjoy a luxurious lifestyle when you live in the Caribbean, you can do so here in St. Kitts and Nevis at an affordable rate. The cost of living here is low, meaning you can live here comfortably with access to premium goods and services without spending a lot on them. This Caribbean country also has one of the most mellow, laid-back vibe, suitable for anyone looking forward to a relaxing, restful holiday or retirement.
With the low cost of living and various residential property options, St. Kitts and Nevis is also another great place you can have a second home in.
St. Lucia is another country that boasts fantastic beaches and a vast rainforest. Living here also allows you to explore several picturesque waterfalls and lakes. There are also plenty of restaurants, bars, and shops to visit and cultural events to attend, including the Jazz and Arts Festival and the Atlantic Rally for Cruisers.
The country offers an idyllic lifestyle and is already home to many expats from different parts of the world. Because of this, it is a foreigner-friendly nation that offers good quality education, healthcare, and other services. The real estate market in St. Lucia is interesting and diverse. You can choose among luxury villas, bungalows, and modern condos and apartments when you are ready to buy a home here.
Whatever your reason is for wanting a change in your environment or moving overseas, having a second home in your destination gives you plenty of benefits. Acquiring a second passport in the process is also a huge perk that you shouldn’t pass up on.