antigua_and_barbuda_alec-brunelle-mfGkaQC5j4E-unsplashBe 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.

Caribbean cost of living The cost of real estate in such projects varies from $150,000 for cottages with two bedrooms to $2,000,000 for luxurious villas with pools. Interested buyers can also purchase residential property for $200,000 or more.

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
$500 per person under 18

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
OPTION 2: $350,000 as sole owner

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
$500 per person under 18

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

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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

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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

Applicant
+ Spouse

Family up

to 4

Additional
Dependent 

(to a Family of 4)

Additional
Dependent

(in a Family
without Spouse)

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

Applicant
+ Spouse

Additional
Dependent

(over 18 years old)

Additional
Dependent 

(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

Applicant
+ Spouse

Additional
Dependent

(Over Age 18)

Additional
Dependent

(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

Applicant
+ Spouse

Family
up 
to 4

Additional
Dependent

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

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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
Family members over 18: $4,000 each
Family members aged 12-17: $2,000 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
Family members over 18: $4,000 each
Family members aged 12-17: $2,000 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
Family members over 18: $4,000 each
Family members aged 12-17: $2,000 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
Family members over 18: $4,000 each
Family members aged 12-17: $2,000 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

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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

Applicant
+ Spouse

Family
up 
to 4

Additional
Dependent

(Over 18 years old)

Additional
Dependent 

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
Dependent

(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

Applicant
+ Spouse

Additional
Dependent 

(Over 18 years old)

Additional
Dependent 

(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

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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.

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