Be it the picturesque natural landscapes, warm tropical climate, white sand beaches, slower-paced lifestyle, advanced infrastructure, or stable government and economy, the Caribbean islands have it all.
Additionally, the cost of living in the Caribbean islands is also relatively economical compared to other parts of the world, making it one of the most attractive regions to live and work in.
So, if you are planning to move to a Caribbean island, then it is very important to consider the cost of living in the Caribbean. In this article, we will take you through the cost of living in the Caribbean, the benefits of island life, the citizenship by investment programs available in the Caribbean, and more.
Cost of Real Estate in the Caribbean
In order to obtain citizenship in the Caribbean islands, foreign investors often resort to purchasing property. As per Numbeo, places like St Vincent, the Grenadines, and the Dominican Republic have the most affordable real estate prices in the Caribbean, offering an average price between $1,095 and $1,426 per square meter. On the other hand, places like Jamaica and Barbados have the most expensive properties in the region. The average price per square meter in these places varies from $2,230 to $3,100.
Here is the average cost per square meter of properties in the Caribbean islands:
- St Vincent and the Grenadines – $1,095
- Dominican Republic – $1,426
- Trinidad and Tobago – $1,804
- Grenada – $1,911
- The Bahamas – $1,968
- Jamaica – $2,230
- Barbados – $3,087
Please note that these prices don’t include additional expenses that foreign investors need to pay, such as Caribbean taxes and fees.
Certain Caribbean islands offer citizenship in return for investment in real estate in the country. They include:
- St Lucia
- Antigua and Barbuda
- St Kitts and Nevis
- Dominica
- Grenada
Foreign investors buying properties in these countries in order to obtain citizenship must note that the real estate they choose to purchase must meet all the criteria provided by the citizenship by investment program of the particular country. Generally speaking, the real estate must be a government-approved project that mainly includes shares in luxury hotels and premium villas.
The minimum real estate investment threshold under the citizenship by investment program varies from country to country. For example, the minimum real estate investment required for the Grenada Citizenship by Investment Program is $220,000, while in the rest of the Caribbean islands, it is $400,000.
In addition to the minimum real estate investment requirement, most Caribbean citizenship by investment programs also imply that these properties can be rented out to tourists to garner more profit. Generally, property owners don’t stay in these properties for more than a week or two in the entire year. But in Antigua and Barbuda, foreign investors can purchase real estate for personal use. Interested buyers can make a minimum investment of $400,000 in a private dwelling house or a family condominium. In this case, the property can only be sold or converted into apartments or condominiums after five to seven years of obtaining citizenship in the country.
Cost of Living in Caribbean Countries
Various countries on the Caribbean coast offer citizenship in return for investment. Among them, the cost of living in Grenada and Dominica is the most affordable. An individual can live comfortably in these places within a budget of $650 a month. So that you know, this amount covers only daily costs and doesn’t account for rent and other utilities.
In addition to Grenada and Dominica, most Caribbean islands have an economic cost of living. Even in places like St Lucia and Antigua and Barbuda, living costs – excluding rent and utilities – are at most $700 for an individual.
Cost of living in Grenada
Planning to move to Grenada? As per the latest data in Numbeo, here is a detailed breakup of the cost of living in the country.
Restaurants and Food | Cost |
Meal in an inexpensive restaurant | $7.40 |
Three-course meal for two people in a mid-range restaurant | $79.55 |
Regular cappuccino | $3.53 |
Coke/Pepsi (0.33-liter bottle) | $1.70 |
Water (0.33-liter bottle) | $1.21 |
Market | Cost |
Regular milk (1-liter bottle) | $1.86 |
Loaf of fresh white bread (500g) | $1.51 |
Rice (white), (1kg) | $1.60 |
Eggs (regular) (12) | $3.66 |
Chicken fillets (1kg) | $8.07 |
Beef round (1kg) (or equivalent back leg red Meat) | $12.66 |
Apples (1kg) | $7.92 |
Banana (1kg) | $2.50 |
Oranges (1kg) | $2.37 |
Tomato (1kg) | $4.22 |
Potato (1kg) | $2.38 |
Onion (1kg) | $1.86 |
Lettuce (1 head) | $1.22 |
Transportation | Cost |
One-way ticket (local transport) | $1.11 |
Monthly pass (regular price) | $37.56 |
Taxi start (normal tariff) | $22.20 |
Taxi 1km (normal tariff) | $9.25 |
Gasoline (1 liter) | $1.37 |
Monthly Utilities | Cost |
Basic utilities (electricity, heating, cooling, water, garbage) for 85m2 apartment in Grenada | $163.48 |
Internet (60 mbps or more, unlimited data, cable/ADSL) | $47.07 |
Monthly Rent | Cost |
One bedroom apartment in city center | $602.80 |
One bedroom apartment in city center | $364.94 |
Three bedroom apartment in city center | $1151.56 |
Three bedroom apartment outside city center | $631.37 |
Real Estate | Cost |
Price per square meter of an apartment in city center | $1,428.39 |
Price per square meter of an apartment outside city center | $66,388 |
Grenada citizenship by investment
Under the Grenada Citizenship By Investment Program, foreign investors can obtain citizenship in return for economic investment of at least $150,000 in the country. With a Grenada passport, individuals can travel to more than 140 countries without a visa and enjoy various other benefits.
Benefits of the Grenada citizenship by investment program
- You can include your entire family in your passport application
- Grenada has tax-friendly economic infrastructure
- There are no residency requirements
- The citizenship process is quite quick
- Access to visa-free travel to more than 140 countries
- You will be eligible to apply for USA E-2 visa
Grenada citizenship by investment – investment options
Under the Grenada Citizenship by Investment Program, you can invest in the country through two ways: The National Transformation Fund and real estate.
National Transformation Fund | Single Applicant | Family Up to 4 | Additional Dependent | Additional Dependent (Parent Under 55) | Additional Dependent (Sibling) |
Minimum Donation | $150,000 | $200,000 | +$25,000 each | +$50,000 each | +$75,000 each |
Application Fee | $1,500 per person | ||||
Due Diligence Fee | $5,000 for each family member aged 17 or over | ||||
Processing Fee | $1,500 per person aged 18 or over | ||||
Interview Fee | $1,000 per applicant aged 17 or over | ||||
Real Estate Investment | Family Up to 4 | Additional Dependent | Additional Dependent (Parent Under 55) | Additional Dependent (Sibling) |
Minimum Investment | OPTION 1: $220,000 in shares | |||
Government Fee | $50,000 | +25,000 each | +50,000 each | +75,000 each |
Application Fee | $1,500 per person | |||
Due Diligence Fee | $5,000 for each family member aged 17 or over | |||
Processing Fee | $1,500 per person aged 18 or over | |||
Interview Fee | $1,000 per applicant aged 17 or over | |||
To know more, read about Grenada Citizenship by Investment Program.
Take a look at our Grenada Citizenship by Investment Ultimate Guide by Experts
Cost of living in Dominica
Here is a detailed break-down of the cost of living in Dominica.
Restaurants and Food | Cost |
Meal in an inexpensive restaurant | $7.40 |
Three-course meal for two people in a mid-range restaurant | $60 |
Regular cappuccino | $2.94 |
Coke/Pepsi (0.33-liter bottle) | $1.75 |
Water (0.33-liter bottle) | $1.49 |
Market | Cost |
Regular milk (1-liter bottle) | $5 |
Loaf of fresh white bread (500g) | $2.54 |
Rice (white), (1kg) | $1.18 |
Eggs (regular) (12) | $3.89 |
Potato (1kg) | $2.40 |
Onion (1kg) | $1.48 |
Lettuce (1 head) | $1.67 |
Transportation | Cost |
One-way ticket (local transport) | $1.30 |
Monthly pass (regular price) | $14.80 |
Taxi start (normal tariff) | $11.10 |
Gasoline (1 liter) | $1.06 |
Monthly Utilities | Cost |
Internet (60 mbps or more, unlimited data, cable/ADSL) | $64.75 |
Monthly Rent | Cost |
One bedroom apartment in city center | $332.83 |
One bedroom apartment in city center | $360.24 |
Three bedroom apartment in city center | $1,411.19 |
Three bedroom apartment outside city center | $956.27 |
Real Estate | Cost |
Price per square meter of an apartment in city center | $115.12 |
Price per square meter of an apartment outside city center | $45.24 |
Dominica citizenship by investment
The Dominica Citizenship by Investment Program is one of the most attractive Caribbean CBI programs. Foreign investors can obtain a Dominica passport in return for a minimum investment of $100,000 in the country.
Benefits of Dominica citizenship by investment program
- There is no residency requirement
- The qualifying investment starts just at $100,000
- Your entire family will be eligible for citizenship
- You will get your passport within four months
Dominica citizenship by investment – investment options
There are primarily two routes available through which you can invest in the country. They are the Economic Diversification Fund and real estate.
Economic Diversification Fund | Single Applicant | Applicant + Spouse | Family of Up to Four | Additional Dependent Under 18 | Additional Dependent Over 18 |
Minimum Donation | $100,000 | $150,000 | $175,000 | $25,000 each | $50,000 each |
Due Diligence Fee | $7,500 | $4,000 for each family member aged 16 or over | |||
Application Fee | $1,000 per application | ||||
Passport Fee | $500 per passport | ||||
Oath of Allegiance | $250 per person | ||||
Pre-Approved Real Estate Investment | Single Applicant | Family of Up to Four | Family of Up to Six | Additional Dependent |
Minimum Investment | $200,000 | |||
Government Application Fee | $25,000 | $35,000 | $50,000 | +$25,000 each |
Due Diligence Fee | $7,500 | $4,000 for each family member aged 16 or over | ||
Application Fee | $1,000 per application | |||
Passport Fee | $500 per passport | |||
Oath of Allegiance | $250 per person | |||
To learn more, read this article: Dominica Citizenship by Investment
Check out our Dominica Citizenship by Investment Ultimate Guide by Experts
Cost of living in St Lucia
Below is a detailed break-down of the cost of living in St Lucia.
Restaurants and Food | Cost |
Meal in an inexpensive restaurant | $7.40 |
Three-course meal for two people in a mid-range restaurant | $62.90 |
Regular cappuccino | $2.83 |
Coke/Pepsi (0.33-liter bottle) | $0.94 |
Water (0.33-liter bottle) | $0.88 |
Market | Cost |
Regular milk (1-liter bottle) | $2.24 |
Loaf of fresh white bread (500g) | $0.97 |
Rice (white), (1kg) | $1.84 |
Eggs (regular) (12) | $3.23 |
Chicken fillets (1kg) | $10.74 |
Beef round (1kg) (or equivalent back leg red meat) | $15.66 |
Apples (1kg) | $5.74 |
Banana (1kg) | $1.65 |
Oranges (1kg) | $3.93 |
Tomato (1kg) | $6.02 |
Potato (1kg) | $4.26 |
Onion (1kg) | $2.26 |
Lettuce (1 head) | $1.76 |
Transportation | Cost |
One-way ticket (local transport) | $0.90 |
Monthly pass (regular price) | $37 |
Taxi start (normal tariff) | $8.33 |
Taxi 1km (normal tariff) | $0.37 |
Gasoline (1 liter) | $1.42 |
Monthly Utilities | Cost |
Basic utilities (electricity, heating, cooling, water, garbage) for 85m2 apartment in Grenada | $111.01 |
Internet (60 mbps or more, unlimited data, cable/ADSL) | $45.02 |
Monthly Rent | Cost |
One bedroom apartment in city center | $477.41 |
One bedroom apartment in city center | $295.24 |
Three bedroom apartment in city center | $830.03 |
Three bedroom apartment outside city center | $638.70 |
Real Estate | Cost |
Price per square meter of an apartment in city center | $148.01 |
Price per square meter of an apartment outside city center | $185.01 |
St Lucia citizenship by investment
The St Lucia Citizenship by Investment Program provides an opportunity to foreign investors to obtain citizenship in the country in return for economic investment. The economic investment can be in the form of purchasing real estate or donating to fund government-approved projects. In addition to this, you can also purchase government bonds or start a business in the country in order to obtain citizenship.
Benefits of St Lucia citizenship program
- The country offers great tax benefits for its citizens
- The application process is quick and easy
- There are no residency requirements
- You can include your entire family in the application
- There are no test requirements
- You can travel visa-free to more than 140 countries
St Lucia citizenship by investment – investment options
There are four different ways to invest under the St Lucia citizenship program. They are as follows: National Economic Fund, real estate, enterprise investment, and government bonds.
National Economic Fund | Single | Applicant | Family up to 4 | Additional (to a Family of 4) | Additional (in a Family |
Minimum Donation | $100,000 | $140,000 | $150,000 | +$15,000 each | +$25,000 each |
Processing Fee | $2,000 | $1,000 for each applicant | |||
Due Diligence Fee | $8,000 | $5,000 for each family member aged 16 or over | |||
Passport Fee | $500 per passport | ||||
Real Estate Investment | Single | Applicant | Additional (over 18 years old) | Additional (under 18 years old) |
Minimum Investment | $200,000 | |||
Government Application Fee | $30,000 | $45,000 | +$10,000 each | +$5,000 each |
Due Diligence Fee | $8,000 | $5,000 for each family member aged 16 or over | ||
Passport Fee | $500 per passport | |||
Enterprise Investment | Single | Applicant | Additional (Over Age 18) | Additional (Under Age 18) |
Minimum Enterprise Investment | OPTION 1: $3,500,000 as a solo investor OPTION 2: $1,000,000 (in a joint $6,000,000 enterprise) | |||
Government Fee | OPTION 1: $50,000 OPTION 2: $75,000 | OPTION 1: $85,000 OPTION 2:$110,000 | +$35,000 each | +$25,000 each |
Processing Fee | $2,000 | $1,000 for each applicant | ||
Due Diligence Fee | $8,000 | $5,000 for each family member aged 16 or over | ||
Passport Fee | $500 per passport | |||
Government Bonds | Single | Applicant | Family | Additional |
Bond Minimum Investment | $300,000 | |||
Government Fee | $50,000 | |||
Processing Fee | $2,000 | $1,000 for each applicant | ||
Due Diligence Fee | $8,000 | $5,000 for each family member aged 16 or over | ||
Passport Fee | $500 per passport | |||
For more details, you can read the article: St Lucia Citizenship by Investment – The Ultimate Guide by Experts.
Have a look at our St Lucia Citizenship by Investment Ultimate Guide by Experts
Cost of living in Antigua and Barbuda
Restaurants and Food | Cost |
Meal in an inexpensive restaurant | $9.25 |
Three-course meal for two people in a mid-range restaurant | $92.51 |
Regular cappuccino | $4.74 |
Coke/Pepsi (0.33-liter bottle) | $2.50 |
Water (0.33-liter bottle) | $1.30 |
Market | Cost |
Regular milk (1-liter bottle) | $2.04 |
Loaf of fresh white bread (500g) | $2.59 |
Rice (white), (1kg) | $2.32 |
Eggs (regular) (12) | $3.92 |
Chicken fillets (1kg) | $7.48 |
Beef round (1kg) (or equivalent back leg red meat) | $15.45 |
Apples (1kg) | $8.89 |
Banana (1kg) | $2.85 |
Oranges (1kg) | $6.20 |
Tomato (1kg) | $4.52 |
Potato (1kg) | $5.28 |
Onion (1kg) | $1.70 |
Lettuce (1 head) | $2.81 |
Transportation | Cost |
One-way ticket (local transport) | $1.02 |
Monthly pass (regular price) | $33.30 |
Taxi start (normal tariff) | $5.55 |
Taxi 1km (normal tariff) | $5.65 |
Gasoline (1 liter) | $1.18 |
Antigua and Barbuda citizenship by investment
By making a minimum investment of $100,000, foreign investors can obtain citizenship in Antigua and Barbuda. There are various routes from which you can choose to make your investment: A donation to the National Development Fund, a real estate investment, a university fund donation, or a business investment.
Benefits of Antigua and Barbuda citizenship by investment program
- There are limited residency requirements – five days, to be exact
- Antigua and Barbuda has a great tax infrastructure
- Visa-free travel to more than 140 countries
- The application process for citizenship is real fast
- There are no tests required
- You can include your entire family in your passport application
Antigua and Barbuda citizenship by investment – investment options
Under the Antigua and Barbuda citizenship program, you can make an economic investment in the country through four routes- National Development Fund, real estate, University of the West Indies Fund, or business investment.
National Development Fund | Single Applicant or Family Up to 4 | Family of 5 or more |
Minimum Donation | $100,000 | $125,000 |
Processing Fee | $30,000 | +$15,000 for each additional applicant |
Due Diligence Fee | Main applicant and spouse: $7,500 each | |
Passport Fee | $300 per passport | |
Interview Fee | $1,500 per application | |
Real Estate Investment | Single Applicant or Family Up to 4 | Additional Family Member |
Minimum Investment | $200,000 | |
Processing Fee | $30,000 | +$15,000 for each additional applicant |
Due Diligence Fee | Main applicant and spouse: $7,500 each | |
Passport Fee | $300 per passport | |
Interview Fee | $1,500 per application | |
University of the West Indies Fund | Family of 6 or More | Additional Family Member |
Minimum Donation | $150,000 | |
Processing Fee | No fee | $15,000 for each additional applicant |
Due Diligence Fee | Main applicant and spouse: $7,500 each | |
Passport Fee | $300 per passport | |
Interview Fee | $1,500 per application | |
Business Investment | Family of 6 or More | Additional Family Member |
Minimum Donation | OPTION 1: $1,500,000 as a solo investor OPTION 2: $400,000 (in a joint $5,000,000 enterprise) | |
Processing Fee | No fee | $15,000 for each additional applicant |
Due Diligence Fee | Main applicant and spouse: $7,500 each | |
Passport Fee | $300 per passport | |
Interview Fee | $1,500 per application | |
To learn more, read about Antigua and Barbuda Citizenship Program.
Check out our Antigua and Barbuda Citizenship by Investment Guide by Experts
Cost of living in St Kitts and Nevis
Restaurants and Food | Cost |
Meal in an inexpensive restaurant | $12.95 |
Three-course meal for two people in a mid-range restaurant | $92.51 |
Regular cappuccino | $3.70 |
Coke/Pepsi (0.33-liter bottle) | $1.86 |
Water (0.33-liter bottle) | $1.96 |
Market | Cost |
Regular milk (1-liter bottle) | $3.06 |
Loaf of fresh white bread (500g) | $4.07 |
Rice (white), (1kg) | $2.96 |
Eggs (regular) (12) | $5.77 |
Chicken fillets (1kg) | $10.44 |
Beef round (1kg) (or equivalent back leg red meat) | $4.81 |
Apples (1kg) | $2.22 |
Banana (1kg) | $2.45 |
Oranges (1kg) | $1.85 |
Tomato (1kg) | $3.59 |
Potato (1kg) | $1.11 |
Onion (1kg) | $1.57 |
Lettuce (1 head) | $3.45 |
Transportation | Cost |
One-way ticket (local transport) | $1.85 |
Gasoline (1 liter) | $2.10 |
St Kitts and Nevis citizenship by investment
Foreign investors looking to obtain citizenship in exchange for an economic investment that is used to develop the country can consider the St Kitts and Nevis Citizenship by Investment Program.
Benefits of St Kitts and Nevis citizenship by investment
- The application process is fairly fast
- You can include your family members in your passport application process
- The country has great tax benefits
- There isn’t any residency requirement
- You can travel to more than 140 countries visa-free
- There isn’t any test requirement
St Kitts and Nevis citizenship by investment – investment options
There are three main ways through which you can make your investment under the St Kitts and Nevis Citizenship by Investment Program – the Sustainable Island State Contribution (SISC), real estate investment, and the Public Benefit Option.
Sustainable Island State Contribution | Single | Applicant | Family | Additional (Over 18 years old) | Additional Under 18 years old |
Minimum Donation | $250,000 | $300,000 | $350,000 | +$75,000 each | +$50,000 each |
Due Diligence Fee | $10,000 | $7,500 for each family member aged 16 or over | |||
Application Form | $250 per set of forms | ||||
Passport Fee | $350 per passport | ||||
Real Estate | Single Applicant | Applicant + Spouse | Additional (over 18 years old) | Additional Dependent (under 18 years old) |
Minimum Investment | $400,000 (share of property) OR $400,000 (condominium unit) OR $800,000 (single-family private house) | |||
Government Application Fee | $25,000 | $40,000 | +$15,000 each | +$10,000 each |
Due Diligence Fee | $10,000 | $7,500 for each family member aged 16 or over | ||
Application Form | $250 per set of forms | |||
Passport Fee | $350 per passport | |||
Public Benefit Option | Single | Applicant | Additional (Over 18 years old) | Additional (under 18 years old) |
Minimum Donation | $250,000 | |||
Government Application Fee | $25,000 | $40,000 | +$15,000 each | +$10,000 each |
Due Diligence Fee | $10,000 | $7,500 for each family member aged 16 or over | ||
Application Form | $250 per set of forms | |||
Passport Fee | $350 per passport | |||
To find out more, read our article: St Kitts and Nevis Citizenship and Investment – The Ultimate Guide by Experts
Take a look at our St Kitts and Nevis Citizenship by Investment Ultimate Guide by Experts
Interested in moving to the Caribbean? You can read the following articles for more information:
Frequently Asked Questions about Cost of Living in the Caribbean
Which is the cheapest Caribbean country to live in?
Dominica is one of the cheapest islands in the Caribbean to live in. However, the perfect island for you will depend on your circumstances and needs. Check out our article: Best Caribbean Islands to Buy Real Estate.
Which is the easiest Caribbean country to move to?
Antigua and Barbuda, Dominica, Grenada, and St Lucia are some of the most accessible countries to obtain citizenship.
Which Caribbean country has the cheapest CBI program?
Antigua and Barbuda, St Lucia, and Dominica have the cheapest citizenship by investment programs with investments starting at $100,000 for a single applicant.
