Cheap retirement living in the Caribbean is real. Many retirees are discovering that the cost of living on a beautiful Caribbean island is much lower than it would be in the United States or Europe.
A retiree who has a limited pension will find that living in the Caribbean enables one to stretch the pension further and enjoy a comfortable lifestyle while only spending a minimal amount of cash.
Where Should One Retire in the Caribbean?
There are many islands in the Caribbean. While all the islands have beautiful weather, gorgeous beaches and a rich cultural heritage, some islands are more suitable for retirees than others. One thing that is important to know about retirement living in the Caribbean is that most Caribbean islands do not provide cheap living across the board. On some islands, food and gas are cheap while housing is expensive. In other instances, a person can rent an apartment at a low price but buying real estate is prohibitively expensive. Following are some of the best islands for cheap retirement living in the Caribbean.
Trinidad and Tobago is a group of Caribbean islands that are quite cheap. Gas is only 60 cents a liter, one can rent a three bedroom apartment outside a large city for $520 a month and utilities only come to around $190 a month. While groceries are a bit pricey and eating out is expensive, Trinidad and Tobago is one of the best groups of islands for retirement living in the Caribbean.
Barbados is another great place to live. Barbados consists of three islands – Barbados Island, Culpepper Island and Pelican Island.
One can eat out for as little as $7, gasoline is $1.50 a liter, utilities are about $185 a month and renting a three bedroom apartment would come to around $670 a month. Groceries are a bit pricey but not as expensive as they would be on most other Caribbean islands.
The Bahamas is another popular destination for those who are interested in retirement living in the Caribbean. While rents are prohibitively expensive, one can purchase a one bedroom apartment in a small town for as little as $34 per square meter. Gas comes to $1.35 a gallon and this small Caribbean island is located in close proximity to the United States. The economy is booming, taxes are low and the island is passing legislation aimed at attracting retirees.
Things That One Should Know About Retirement Living in the Caribbean
While some Caribbean islands such as Puerto Rico and the US Virgin Islands are part of the United States, most Caribbean islands are sovereign countries or are territories of sovereign countries. One would need to obtain a passport and a visa in order to retire in the Caribbean.
Many Caribbean islands are interested in attracting retirees and provide retirement visas. However, one would need to show either money in the bank or proof of a steady retirement pension. In many instances one would also need to show a medical certificate and police record.
Cheap living in the Caribbean can be done. While some Caribbean islands are prohibitively expensive, others are relatively cheap. A person that is interested in living in the Caribbean should research the options and choose the islands that he or she finds most suitable and affordable. In nearly all instances the price of food is quite high but the low cost of housing, utilities and gas will often more than make up for this. Cheap retirement living in the Caribbean enables one to live out his or her retirement at low cost in a beautiful, scenic environment.
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