Buying Property in the Caribbean - Your Real Estate Guide

A home in the Caribbean – with its year-round tropical climate and golden sunshine – does not only have to be an occasional getaway for the winter months. Purchasing a home here is an opportunity for you to make your dream of owning a home in paradise a reality. Navigating the process of becoming a homeowner in the Caribbean can be challenging, which is why we’ve put together this helpful guide to buying property in the Caribbean.

In this guide, we’ll discuss the Caribbean property market, whether foreigners can buy property here, the purchasing process, Caribbean property prices, and more.

The Caribbean Real Estate Market

The Caribbean is an exceptionally large region that consists of over 700 islands, reefs, and cays that are collectively divided into 30 different territories. The different regions in the Caribbean all have different climates, economies, legal systems, cultures, and political landscapes, all of which are important to consider when choosing where you would like to purchase property.

As an example, let’s consider the weather. As mentioned above, you’ll find a tropical climate in the Caribbean. The main characteristics of this type of weather are year-round warmth and humidity. What you’ll also find are two main seasons, namely the wet and dry seasons. The wet season, generally running from May to November, involves more rainfall and higher humidity. The dry season, generally running from December to April, presents cooler temperatures and less humidity.

While this is the general weather pattern for the Caribbean, the seasons can differ slightly between countries. For example, the wet season in Belize runs from June to December, and destinations like St Maarten have a heavier period of rainfall during May.

Another important aspect of the weather is the fact that the Caribbean experiences hurricanes. For this reason, it is essential that the homes you look at purchasing are hurricane-proof to ensure your safety during hurricane season.

Finally, the Caribbean is a diverse cultural landscape. This means that different languages are more prevalent in different areas. For example, across several islands, you’ll find a significant population of people who speak Dutch, English, French, and Spanish. A number of these islands offer citizenship by investment programs, including Antigua and Barbuda, Dominica, Grenada, St Kitts and Nevis, and St Lucia.

Citizenship by investment in the Caribbean

One of the biggest aspects of the Caribbean that appeals to overseas investors is obtaining citizenship through their property investment. You can find more detailed information about each country’s citizenship by investment program by visiting the following articles:

As mentioned, a great advantage of these investment programs is that they offer you the opportunity to invest in Caribbean real estate. When deciding whether to pursue this route, you should consider what the Caribbean real estate market has to offer in terms of the type of properties available to purchase, property prices, the area’s climate, the lifestyle, and the people who live there.

Pros and Cons of Buying Property in the Caribbean

Owning your dream property on an idyllic Caribbean island is certainly within reach, and while it may sound like a perfect situation, it is important to have a realistic idea of what to expect. Owning real estate abroad comes with its advantages and disadvantages, and the Caribbean is no different. So, in this section, we’ve outlined some of the pros and cons of Caribbean property investment.

Pros

Island life: The Caribbean is generally quite laidback with welcoming locals, a relaxing atmosphere, and plenty of diverse activities that cater to different interests. Whether you’re an adventurous traveler looking for adrenaline-filled experiences, a retiree in search of a private dwelling within walking distance of the ocean, a digital nomad interested in learning about the region’s rich history, or a family looking to start a new life outside of a bustling city, you are sure to find your ideal destination in the Caribbean.

Affordability: The Caribbean caters to a range of budgets, with everything from luxury resorts to affordable condos. When it comes to more affordable properties, there are many Caribbean islands – such as Dominica and St Lucia – where your property search will turn up a variety of budget-friendly options.

Tourist market: Many Caribbean destinations are popular stops for tourists from all over the world. Foreign buyers looking to take advantage of the thriving tourist market will find that earning rental income from a rental property can be quite a profitable venture.

Cons

Natural disasters: While the Caribbean is a tropical paradise, certain islands are more prone to natural disasters such as hurricanes and earthquakes. Owning property on one of these islands could result in unexpected costs from weather damage. On the other hand, investing in property reinforcement/protection measures early on can help minimize these costs down the line.

Cost of living: While some areas in the Caribbean offer an affordable cost of living, others can become quite expensive. It is important to research the cost of groceries, restaurants, transport, etc., when choosing the best Caribbean island to buy property on.

Property Prices in the Caribbean

As you may expect, the cost of buying property in Caribbean islands varies greatly from area to area. If you’re looking for something more affordable, locations like the Dominican Republic, Jamaica, or Puerto Rico offer some good options. Here, you will be able to find Caribbean homes for sale for under $200,000.

If you’re looking for more luxurious Caribbean real estate investments, you may find what you’re looking for in locations like Anguilla, Barbados, St Barts, and the Turks and Caicos islands. Here, you’ll be able to find fantastic beachfront homes for sale, allowing you to wake up each day with a view of the sparkling blue ocean.

Typically, the price per square meter of an apartment in the Caribbean is more affordable the further away you move from the city centers and financial capitals. When doing your research, it can be beneficial to use real estate websites to get an idea of the types of properties available, as well as the prices they tend to be listed for. You can also speak to local real estate professionals who will be able to give you expert advice tailored to your circumstances.

Take a look at our
Caribbean Citizenship by Investment Comparison Guide

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Caribbean Real Estate – What are your options?

After doing your research and deciding on where in the Caribbean you will relocate to, you need to decide on the property type that will best meet your needs. As we discussed in the section above, the Caribbean offers a diverse range of property types for sale and rent, from affordable condos and apartments to boutique hotels, luxury villas, resorts, and private island retreats.

If you’re in the market for a beachfront villa, why not look to the west coast of Barbados, also known as the Platinum Coast? Known for its stretch of white sandy beach and clear, warm waters, this coast is ideal for families, romantic getaways, and luxury real estate. You’ll also find a taste of luxury in locations such as the Bahamas, the Cayman Islands, St Barts, and Turks and Caicos Islands. If you’re more of a sailing enthusiast, you should consider the Bahamas, the British Virgin Islands, the Grenadines, Antigua, St Lucia, St Maarten, or the US Virgin Islands.

If you’re into water activities, there are several Caribbean islands that should be top of your list, namely the east coast of Barbados, the northern coast of the Dominican Republic, Martinique, and Puerto Rico, particularly if you like to surf. Scuba divers may prefer Belize, Bonaire, Grenada, or Roatan, as their waters are home to a variety of stunning marine life. If you’re looking for investment properties that provide a route to second citizenship, then you should consider Antigua and Barbuda, Dominica, Grenada, St Kitts and Nevis, and St Lucia, the only islands in the Caribbean that run citizenship by investment programs. Finally, if you are in search of a more secluded and tranquil escape, look to islands such as Bequia, Dominica, Montserrat, or Saba.

Check out our article: Is Real Estate in the Caribbean a Good Investment?

How to find your Caribbean home

If you’re feeling a bit overwhelmed at the prospect of finding your dream vacation home or rental property, you’re not alone. Navigating the real estate market and buying process in a foreign country can be tricky. That’s why we recommend using the services of a real estate agent with expert knowledge of the local market, processes, and laws. You can also use real estate websites to conduct searches and gain a realistic idea of what is available.

What is the cheapest island to buy Caribbean real estate?

Budget is often one of the most important factors when buying property, particularly when relocating to a new country. Fortunately, you’ll be able to find something that meets your budgetary requirements when buying property in the Caribbean.

Check out our article: Which is the Cheapest Caribbean Island to Live On?

It is best to speak to a real estate professional who is familiar with the local markets and can advise you on the most affordable places in the Caribbean. In general, however, locations like the Dominican Republic and Jamaica offer real estate options at affordable prices without compromising the value you can get for your money. For example, the price per square meter to purchase an apartment in the Dominican Republic can range between $1,011.77 and $1,442.94. In Jamaica, this will cost anywhere between $2,210.42 and $2,570.96 per square meter.

If you are interested in purchasing property through one of the Caribbean’s citizenship by investment programs, you’ll be looking at places like Antigua and Barbuda, Dominica, and St Kitts and Nevis. According to Numbeo, the price per square meter to buy an apartment in Antigua and Barbuda ranges between $4,446.15 (outside the city center) and $6,008.32 (in the city center). Here, you’ll find a vast range of property types on offer, including beachfront villas.

In St Kitts and Nevis, this changes to around $4,000 outside the city center and $5,000 in the city center. In Dominica, prices drop to a minimum of around $500 but can reach as high as $5,000 per square meter. In fact, you’ll find that in Dominica, prices are lower than in other Caribbean islands.

Again, the best place to find property for sale in the Caribbean will depend on factors such as the type of lifestyle you want to lead, your budget, your reason for relocating, and more.

Real Estate Ownership in the Caribbean Region: Can foreigners buy property?

A great benefit of the Caribbean is that most locations here allow foreigners to purchase property. What you will have to look for, however, is whether your chosen area in the Caribbean has any specific restrictions in place or bureaucracy that may extend the timeline of the purchasing process.

You will also need to consider how you will finance the purchase of the property, as well as any fees you may incur. For example, you will need to factor in the cost of services when using a real estate agent, lawyer, transfer taxes, and other fees over and above the purchase price of the property. Furthermore, if you are looking to take out a mortgage in order to purchase a property, you will need to obtain pre-approval from a lender before beginning your search for Caribbean real estate.

There are a number of lenders that offer mortgages to foreign buyers in the Caribbean, so you will need to determine which institution is the right fit for you. Mortgage loans are typically for a period of 15 to 20 years, and lenders consider factors such as your country of residence, the price of the property, the island on which the property is located, and the loan-to-value (LTV) ratio.

The purchasing process may vary slightly from island to island, which is why it is essential to employ the services of a lawyer who is familiar with the real estate laws specific to the location of your property.

The Process of Buying Property in the Caribbean

The process of buying property in the Caribbean varies among the islands thanks to the influence of legislation from different countries. For instance, in English-speaking regions like Antigua, Barbados, and St Lucia, the purchasing process is influenced by English law. In contrast, in the French Caribbean areas such as St Barts, St Martin, and Martinique, the buying process is influenced by the general procedures found in France.

Due to these variations, it is highly beneficial to consult with an attorney who is familiar with the purchasing process specific to your chosen area and who can provide professional guidance and advice before you proceed with the purchase of a property.

Why work with Global Citizen Solutions?

Global Citizen Solutions is a multidisciplinary firm offering bespoke residence and citizenship solutions in Europe and the Caribbean. In a world where the economy and politics are unpredictable, having a second citizenship opens up opportunities and creates flexibility for you and your family.

So, why work with Global Citizen Solutions when buying property in the Caribbean?

Global approach by local experts. We are corporate members of the Investment Migration Council, with local expertise in all five Caribbean CBI programs.
100% approval rate. We have never had a case rejected and will offer you an initial, free-of-charge, due diligence assessment before signing any contract.
Independent service and full transparency. We will present to you all the investment options available, and all expenses will be discussed in advance, with no hidden fees.
An all-encompassing solution. A multidisciplinary team of immigration lawyers, investment specialists, and tax experts will take into consideration all your and your family’s mobility, tax, and lifestyle needs.
Confidential service and secure data management. All private data is stored within a GDPR-compliant database on a secure SSL-encrypted server.

Frequently Asked Questions about Buying Property in the Caribbean

Can foreigners buy property in the Caribbean?

Yes, foreigners can buy property and land in the Caribbean. In fact, the Caribbean encourages investment from foreigners and makes the process of buying, owning, and selling land and property straightforward. Foreign buyers must obtain an Alien Landholding License (ALHL) when buying real estate in the Caribbean. However, if investing under a citizenship by investment program, the buying process differs slightly and an ALHL is not necessary.

Can anyone buy property in the Caribbean?

In general, most places in the Caribbean allow real estate to be purchased by both locals and foreign individuals. However, some locations may have certain restrictions in place or bureaucracy and cultural differences that cause the process to be more drawn out.

What is the cheapest and safest Caribbean country to live in?

Aruba, Belize, the Dominican Republic, Honduras, and Jamaica are some of the most affordable and safest locations to buy real estate in the Caribbean. For more information, check out our article: Which is the Cheapest Caribbean Island to Live on?

Which Caribbean island is best for investment?

There are many locations in the Caribbean that offer fantastic opportunities for real estate investment. In particular – due to their easier route to citizenship through their citizenship by investment programs – Antigua and Barbuda, Dominica, Grenada, St Kitts and Nevis, and St Lucia are some of the best islands for investment. For more information, check out our Caribbean Citizenship by Investment Comparison Guide.

Your Guide to Buying Property in the Caribbean – What You Need to Know