Located on the east coast of Central America, the Caribbean has 17 dependent territories. Though small in total size, the Caribbean has a favorable tropical climate, a mixture of culture with different influences such as French, Spanish, and English, as well as beautiful beaches that make this region a natural choice for expatriates to live, work and retire. The natural beauty of the Caribbean attracts millions of travelers and expats visiting the Caribbean each year. In this article, we will discuss ten great reasons to move to the Caribbean and become an expat. It includes people to move to the Caribbean for work, long-term travel, or retirement.
1. Pleasant Weather
The climate of the Caribbean is tropical to subtropical, with year-round sunshine and moist wind. The rainy season starts from May to October, while hurricanes occur between June and November. The average temperate is around 28 to 30 Celsius. The hurricane season is from July to October can bring powerful storms to your island, so you must obtain a property with adequate storm protection. You may want to exit the Caribbean in the Summer months when the humidity and heat can be quite extreme. Many expats will choose to return to their home country to see family members during this time.
2. Natural Beauty
The Caribbean is well known for its beautiful island life and excellent beaches. You can experience impressive beaches such as Shoal Bay in Anguilla, Palominos Island in Puerto Rico, as well as Eagle Beach, and Nassau. They all have warm waters and white sands. It is a natural paradise for beach lovers.
3. Diving and Water Sports
The Caribbean islands are full of marine life, including turtles, rainbow-colored fish, coral, reefs, and dolphins. Diving is a great activity for tourists and expats. For experienced surfers, long coasts and tides in the Caribbean will provide an unforgettable adventure. There are also many surfing training classes on the islands for new surfers.
4. The Caribbean Cuisine
Caribbean cuisine has many influences from Africa, Europe, Latin American, and Spain. Local restaurants prefer to use a kind of green herb and olive oil as common ingredients, as well as coconut, potatoes, bean, and tomatoes. Meats and seafood are widely consumed on the islands. In Jamaica, one of the most popular dishes is Saltfish, served with ackee fruit, which is the national fruit of Jamaica. Ackee and Saltfish is the national dish of Jamaica, but a favorite for locals and expats alike is Jerk Chicken. Many Caribbean expats and locals will enjoy an island staple called Conch, a tropical mollusk that is quite common on the islands.
5. Friendly People and Culture
Residents living in the Caribbean islands come from different countries and cultures all over the world. As a multicultural community, you will hear different languages, such as English, Dutch, Chinese, and Spanish. As a result, it is all the more likely that you will encounter your native language spoken on the islands. The people, in general, are very friendly and welcoming.
6. Favorable Tax Structures
Here’s another reason to become an expat in the Caribbean. Unlike many countries in the world, most of the islands in the Caribbean have desirable tax rates for both companies and individuals living in the Caribbean. Known as one of the most chosen tax heavens by many expats in the world, the Caribbean islands provide financial privacy and little or no tax policy. The Cayman Islands is highly accessed in the Caribbean.
Offshore corporations do not need to submit financial reports to any Cayman government. Besides, for international business companies, the Cayman Islands have no income tax nor corporate tax. The other popular option is Panama. The level of security and privacy of account holders in offshore banking services attracts many expats from all over the world.
There are many all-inclusive resorts on the islands, as well as a variety of accommodation types, no matter you are looking for luxury hotels or a budget place. To rent an apartment in the Caribbean, for example, in Anguilla, a two-bedroom and two bathroom apartment located in Crocus Bay Beach costs USD 750 per month, according to Sublet.com. Properties on Ambergris Caye, Belize, can be found around USD 17,500. It is important to talk to an experienced real estate agent on the islands that you are thinking of living in as he or she should be able to find a home or condo that can meet your budget should you wish to buy or rent.
8. Best Islands to Live On
There are more than 7,000 islands in the Caribbean, and they belong to at least 28 nations. Many people recommend destinations such as Bahamas, BVI, Anguilla, and Barbados. Many will move to the Cayman Islands or Turks & Caicos, which are considered great islands to live and retire. These islands are also quite safe and well run.
9. Family-Friendly Activities
The Caribbean offers a range of family-friendly activities to expats and tourists from beach activities and boat fun tours. These kinds of arrangements will keep your children busy so that they won’t get bored while you are out enjoying yourselves.
10. Affordable Living & Lifestyle
Generally speaking, the cost of living in the Caribbean islands is reasonable and affordable. The accommodation in most of the Caribbean nations is relatively inexpensive when compared to western countries. Local produce is also low-cost. Expats planning to retire in the Caribbean would want to consider Panama – as they use US dollars and is very affordable on pension income for retirees.
Don’t Forget to Bring International Health Insurance with You
Expat Financial has a great deal of experience in sourcing international insurance plans for individual expatriates and even expat employers in the Caribbean. We can also source global medical coverage for select local nationals in the Caribbean that will allow for global medical coverage that includes the United States. Most expats in the Caribbean will want to consider an international health plan that will cover them for treatment in the USA as local hospitals may not have the level of medical care that is necessary for many illnesses. Also, most local plans will only cover you on the island or provide minimal off-island care. The expat healthcare plans are available via our firm from a variety of international insurance companies.
Here is a list of different types of insurance coverage you will want if you are planning to become an expatriate in Panama:
- International Health Insurance
- Expat Life and Disability Insurance
- Travel Insurance
- Evacuation Coverage
- Group Expat Insurance Plans
There are a hundred reasons to live, retire, and work in the Caribbean. Becoming an expat in the Caribbean is an adventure on its own. If you require a quote for the Caribbean expat insurance, contact Expat Financial today for a quote.