How much does it cost to live in the Caribbean?

One can purchase real estate in the Caribbean for themselves or as an investment. Also, buying a property may help you get citizenship.

Since many Caribbean countries don’t publish official statistics on real estate prices, we based our research on crowd-sourced databases.

Caribbean citizenship by investment

The cheapest countries in the Caribbean to purchase real estate, according to Numbeo, are Grenada, Saint Vincent and the Grenadines, and the Dominican Republic, with average prices for a square metre from $1,095 to 1,668.

Foreigners are allowed to purchase property in each of these states — however, there may be specific rules and restrictions.

For instance, to purchase property in Saint Vincent and the Grenadines, a foreigner has to obtain an Alien Land Holding Licence, which comes with a $2,500 fee. In the Dominican Republic, on the other hand, the law almost equates foreign property buyers to those among the country’s citizens.

The most expensive property is in Barbados and Jamaica. The average cost of a square metre in an apartment in a city centre in these countries varies $2,024 to 3,500.

To purchase a house in Barbados, a buyer from overseas must obtain permission from the Central Bank. In Jamaica, the rules for foreigners and citizens are the same when buying real estate.

Average prices for real estate in the Caribbean countries:

• Grenada — $754;

• Saint Vincent and the Grenadines — $1,095;

• Dominican Republic — $1,668;

• Bahamas — $1,925;

• Jamaica — $2,024;

• Barbados — $3,500;

• Trinidad and Tobago — $4,055.

The prices per square metre don’t include additional expenses a foreign buyer has to pay, such as taxes and fees.

Real estate purchases as investments for obtaining citizenship. In certain Caribbean states, it is possible to get citizenship of the country after buying property. This applies to:

• St Lucia,

• Antigua and Barbuda,

• St Kitts and Nevis,

• Dominica,

• Grenada.

If a foreigner buys real estate for that purpose, they need to choose a property that meets the criteria of citizenship-by-investment programs. The properties come from a government-approved list. Generally, these are high-end villas and shares in luxury hotels.

Prices on such objects vary from about $150,000 for two-bedroom cottages to $2,000,000 for luxurious villas with pools. Investors can also purchase shares in residential complexes for $200,000 and higher.

Properties bought for participation in the citizenship-by-investment programs must cost more than the set threshold. In Dominica, the minimal cost of real estate that qualifies for the program is $200,000. In the rest of the countries, the threshold is $270,000 to 325,000.

Most Caribbean citizenship programs imply that properties will be rented out to tourists to produce more profit. Investors are not supposed to live in those apartments and villas long-term but can stay there for one or two weeks per year.

St Kitts and Nevis is the country where investors can purchase real estate for personal use. Applicants may buy a private dwelling house or a one-family condominium, designated as an Approved Private Home, for at least $325,000. The property can’t be sold earlier than five years after obtaining citizenship and converted into apartments or condominiums.

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Among the Caribbean countries that offer citizenship by investment, Grenada and Dominica are the cheapest to live in. To lead a moderate lifestyle in these states, a single person requires less than $550 per month. This amount covers standard daily costs but excludes rent and utilities.

The cost of living is not significantly higher in the other Caribbean states that offer citizenship by investment. One person’s daily expenses in St Lucia, Antigua and Barbuda, and St Kitts and Nevis, excluding rent and utilities, do not surpass $700.

Grenada has the lowest cost of living among the Caribbean countries that offer citizenship-by-investment programs to foreigners. A single resident of Grenada pays about $536 a month on rent and utilities. Above that, they spend $533 on average each month on everyday expenses.

Examples of properties in Grenada

Grenada, Saint Davids

$270,000+

Share in a modern SPA complex resort

Grenada, St. George's

$270,000 — $350,000

Share or apartments in full ownership in an oceanfront university complex

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Grenada, Saint Davids

$270,000+

Share in a new resort complex managed by the Intercontinental group

One fast food meal costs about $9, while a two-person dinner for two will cost nearly $74 at a midrange eatery. One cup of cappuccino costs around $4.

The average cost of transportation is $22 for a 1 km taxi trip and $37 for a monthly local transport pass. One litre of petrol or other fuel typically costs $1.3.

The minimum investment for Grenada citizenship is under the option of a non-refundable contribution: it is $235,000 for a single applicant. Another investment option is a real estate purchase of at least $270,000. In that case, the participant can sell the property and return their capital five years after obtaining citizenship.

Individual cost calculation for Grenada citizenship

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Dominica. The average rent and utilities bill in Dominica is $393 per month. Above that, a moderate lifestyle person spends about $508 monthly.

A dinner for two in an average mid-range restaurant costs about $55, and a meal in a fast food place is $7. A cup of cappuccino is, on average, $3.

A monthly pass for public transport in Dominica is around $14, and a 1 km taxi ride is $4. Petrol costs about $1.19 per litre.

Dominica citizenship by investment program requires a minimum contribution of $200,000. That is non-refundable input to the government fund. A returnable option is the purchase of a real estate for at least $200,000.

Individual cost calculation for Dominica citizenship

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St Lucia. A single person residing in St Lucia pays around $460 monthly for rent and utilities. Everyday expenses for food and transportation above that are, on average, $663 per month.

In restaurants, one can expect to pay around $74 for a two-person dinner in a mid-price place. A fast food meal in St Lucia costs around $8, and a cappuccino costs around $3.

For public transportation, a monthly pass in St Lucia is approximately $36, while a 1 km taxi ride may cost around $4.87. The cost of petrol is typically around $1.5 per litre.

St Lucia citizenship by investment program offers foreigners five investment options from $240,000 to 1,000,000+. The $240,000 option implies a non-refundable contribution to a government fund. If an applicant wants to return their investment in 5 years, they buy real estate or bonds for at least $300,000.

Individual cost calculation for St Lucia citizenship

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Antigua and Barbuda. An average bill for rent and utilities in Antigua and Barbuda is usually around $499 for a person living alone. Everyday costs above that are approximately $577 monthly.

An average bill for a two-person dinner in a mid-range restaurant in Antigua and Barbuda is $92, while one meal in a fast food corner will cost around $8 per person. The average price for a cup of cappuccino is $5.

Transportation costs are around $33 for a monthly pass on public transport and $5.6 for a 1 km taxi ride. One litre of petrol costs, on average, $1.3.

Examples of properties in Antigua and Barbuda

Antigua & Barbuda, Saint Philip

$350,000 — $400,000

Apartments in a hotel complex by the sea

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Antigua & Barbuda, Saint Philip

$300,000 — $2,850,000

Share, apartements, townhouse or villa in a resort on the coast of the island

56 m² — 619 m²

1—5

1—5

Antigua & Barbuda, Saint Mary

$300,000 — $715,000

Share and full ownership of apartments in a hotel complex with a private beach

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To obtain an Antigua and Barbuda passport, one has to invest at least $230,000 into the National Development Fund. A returnable real estate investment will cost a participant at least $300,000.

Other investment options include a $260,000 contribution to a higher education institution and a business investment of at least $400,000.

Individual cost calculation for Antigua and Barbuda citizenship

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St Kitts and Nevis. Average expenses for rent and utilities in St Kitts and Nevis typically come to around $511 for a person living alone, with additional monthly costs of approximately $702 for everyday expenses.

For a two-person dinner in a mid-range restaurant, you will pay approximately $92. A fast food meal costs around $14, and a cup of cappuccino is $3.7.

Examples of properties in St Kitts and Nevis

St Kitts & Nevis, Frigate Bay

$325,000 — $4,000,000

Share in a villa and apartments in a luxury hotel complex

58 m² — 426 m²

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St Kitts & Nevis, Basseterre

$350,000+

Fraction in five star hotel under management of Hyatt Group

St Kitts & Nevis, Basseterre

$440,000+

Share in a 5-star hotel managed by Hyatt

In terms of transportation, a monthly pass for public transport in St Kitts and Nevis is approximately $42, while a 1 km taxi ride may cost around $4.75. The cost of petrol is typically around $1.8 per litre.

St Kitts and Nevis citizenship-by-investment program offers three investment options:

• a non-refundable contribution of at least $250,000;

• a $325,000-worth real estate purchase;

• an investment of $250,000 to a Public Benefit Project.

Individual cost calculation for St Kitts and Nevis citizenship

Get the cost calculation

According to a crowd-sourced database Livingcost.org, Haiti, the Dominican Republic, Jamaica, Cuba, and Trinidad and Tobago are the most affordable Caribbean countries to live in. In these states, the estimated expenses of one person with a moderate lifestyle are $480—680, excluding rent.

It is important to note that some of the cheapest places to live in the Caribbean are not very convenient to move to or retire. For instance, it is almost impossible for a foreigner to purchase property and get a residence permit in Cuba if they don’t have Cuban relatives.

The cheapest country on the list, Haiti, is a rare choice for expats looking to move to a tranquil island due to its unstable political situation and uncomfortable living conditions.

Among the top 5 most affordable Caribbean countries, the Dominican Republic, Jamaica, and Trinidad and Tobago are the most popular. They allow foreigners to obtain residence permits and provide comfortable living conditions.

Average monthly expenses of one person, excluding rent, in the Caribbean countries:

• Haiti — $292;

• Dominican Republic — $480;

• Dominica — $508;

• Grenada — $533;

• Antigua and Barbuda — $577;

• Jamaica — $599;

• Saint Vincent and the Grenadines — $628;

• Cuba — $663;

• Saint Lucia — $663;

• Trinidad and Tobago — $680;

• Saint Kitts and Nevis — $702;

• Barbados — $798;

• Bahamas — $1009.

The Dominican Republic. Monthly rent and utility bills for a single person residing in the Dominican Republic are, on average, $311. Above that, a person leading a moderate lifestyle spends about $480 on everything else, including groceries and transportation.

Restaurant prices in the Dominican Republic are relatively low: a dinner for two in a mid-range place costs around $50, and a fast food meal is around $7. A cup of cappuccino is around $2.

A monthly pass for public transportation in the Dominican Republic costs around $42, and a 1 km taxi ride will be $2.5. For those preferring personal cars, a litre of petrol costs on average $1.28.

Jamaica. Rent and utility prices average around $473 for one person residing in Jamaica. Aside from that, one spends around $599 on everyday expenses, such as groceries and transportation.

Prices in restaurants in the country are relatively high. A dinner for two in a full-service restaurant costs around $64, and a fast-food meal is $7. The average price for a cappuccino is $3.

Transportation costs come down to $45 for a monthly pass and $3.20 for one 1 km taxi ride. A litre of petrol costs around $1.32.

Trinidad and Tobago. People living alone spend around $491 monthly on rent and utilities. Above that, their daily expenses are $680 per month on average.

A dinner for two in a mid-range restaurant costs around $74, and one fast-food meal is $7 on average. A cup of cappuccino costs less than $4.

Average transportation prices are the following:

• $74 for a monthly pass;

• $0.88 for a 1 km taxi ride;

• $1.05 for a litre of petrol.

Saint Vincent and the Grenadines. Monthly rent and utility payments for one person residing in St Vincent are $378. Everyday expenses above that are, on average, $628.

Restaurant prices are on the higher side compared to some other Caribbean countries. An average bill for dinner for two in a mid-range restaurant is around $55. One meal in a fast food place costs around $11, and a cup of cappuccino is under $3.

A monthly pass for local public transportation costs $55; a typical taxi trip costs $1.85 per 1 km. Petrol costs around $3 for one litre.

Barbados and the Bahamas have the highest cost of living among independent Caribbean countries. Monthly expenses for one person without rent and utilities are $798 and $1009, respectively. This is almost twice as expensive as living in the most affordable Caribbean states, Haiti and the Dominican Republic.

Bahamas is not a very popular choice among expats — not necessarily because of the high prices, but also due to strict rules for foreigners. For instance, a foreigner needs a special permit to purchase real estate in the Bahamas.

A typical monthly rent and utility bill of one person residing in the Bahamas is $1287. An individual living a moderate lifestyle would then spend an additional $1009 on groceries, transportation, and other expenses.

A fast food meal will cost about $9, while dinner for two at a mid-range eatery is about $108 on average. The cost of a cup of cappuccino is $5.

A monthly pass for public transit runs about $57. The cost of a 1 km taxi journey is $1.86. On average, a litre of fuel costs $1.4 for those who favour personal vehicles.

Barbados is a more frequent destination for expats and digital nomads. Many countries, including the EU states, USA, Australia and Canada, have visa-free agreements with Barbados that allow their citizens to stay on the island without a residency permit for a few months. For instance, USA nationals can stay in Barbados visa-free for up to 180 days, and citizens of EU countries can spend up to 3 months there.

The cost of housing and utilities for a single person residing in Barbados is $554 per month. The average costs over that are $798.

In a mid-range restaurant, a supper for two typically costs $100. A cup of cappuccino will run you about $4.5, and a fast-food dinner is $10.

A 1 km taxi ride costs $2.75, while a monthly pass for local public transit costs $66. One litre of petrol is around $2.

Aside from the relatively low cost of living, Caribbean countries have much to offer.

1. Dreamy scenery and perfect weather. Caribbean islands are a dream destination for expats worldwide because of their beautiful nature, warm sea, lush rainforests and pleasant climate all year round.

2. Beneficial taxation conditions. Citizens of the Caribbean countries may take advantage of the taxation regimes of the countries. For instance, some Caribbean countries don’t charge taxes on capital gains, interest payments, dividends, donations, and inheritance.

3. Business-friendly environment. Caribbean governments encourage investors to register their businesses in the countries. For business owners, this can result in reduced tax payments and avoiding currency control restrictions.

4. Slow life. Foreigners relocate to the Caribbean islands to follow a tranquil, laid-back lifestyle without big city hassle.

5. Diverse cultural experiences. Living in the Caribbean offers a blend of African, European, East Indian, and indigenous traditions. This cultural tapestry is reflected in the food, music, festivals, and daily life, providing residents with experiences that broaden perspectives and deepen appreciation for different ways of life.

Remote countries. Caribbean countries are quite remote for most people — it takes at least two long flights to reach any of them from Europe or Asia.

For investors looking to obtain citizenship, however, this disadvantage is insignificant, as they are not obliged to visit the countries or reside there to keep their passports. Only in Antigua and Barbuda do they have to make a 5-day visit at least once within the five years after obtaining citizenship.

Underwhelming cultural life. The flip coin of the islands’ tranquillity is that cultural life there is just as calm and slow. For someone who likes attending art exhibitions and big concerts, the experience can be underwhelming.

High risk of natural disasters. Many Caribbean islands are high-risk places in terms of natural disasters, such as hurricanes and earthquakes. The Caribbean is the second most disaster-prone region in the world. Currently, most states are building strategies to make the islands more disaster-resilient.

1. Haiti, the Dominican Republic, Jamaica, and Cuba have the most affordable cost of living. Haiti and Cuba, however, are not among the preferable states for expats due to the political situation.

2. Grenada and Dominica are the states with the lowest cost of living among the Caribbean states that offer citizenship by investment. The list of countries with these programs also includes St Kitts and Nevis, Antigua and Barbuda and St Lucia. The investment amount for a passport starts at $200,000 for a non-refundable contribution or for a real estate purchase.

3. Saint Vincent and Grenadines and the Dominican Republic have the lowest prices for real estate. The average cost of a square metre in an apartment in the city centre is $1,095—1,665 in these countries.