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Buying a Property in the Caribbean

Investment potential

Experts tend to agree that the Caribbean offers great investment potential. As an established tourist market, not to mention a Mecca for holiday-homers and retirees alike, the attraction of these islands is unlikely to diminish. As a result, rental returns tend to be good – especially considering that this is a year-round market.

New resorts and developments are opening up the Caribbean market to a wider range of buyers, as they often include a selection of studios, apartments and townhouses in addition to cosmopolitan facilities and amenities which encourage investors. Rental schemes are often in operation here, with buyers having to do very little to realise their profit. All in all, if you can afford to invest here, it is unlikely to be a decision that you will regret although, like all property purchases, it should be viewed as a long-term investment.

Health and education

Due to the diverse nature of this archipelago, health care and education facilities vary from island to island. Generally, medical facilities do tend to be on the basic side though, so health insurance is a must – in addition to your normal travel insurance. It is advised that Hepatitis A and Typhoid vaccines are taken before travelling to the Caribbean and, if you are arriving from an infected area, then a Yellow Fever vaccination certificate will also be needed.

In regards to education, international schools are relatively common thanks to the number of American expats who have emigrated to the sun. Obviously, some islands are more geared towards western-style education than others, but as English is so widely spoken this may not be an issue.

Transport

Getting to the Caribbean is never a problem, but be prepared for a seven- to ten-hour journey. If you are planning to visit your island home on a regular basis, make sure that you allow for the cost of the (expensive) flights in your budget.

Once there, the best mode of transport is simply to drive. There is a wide range of car-hire agencies on the majority of the islands, offering a good choice of vehicles. However, be aware that you will have to buy a temporary driving licence – although this tends to be readily available from the rental agency representatives.

And finally…

As with any destination, it is essential that you do your research before buying a home in the Caribbean. Despite the relaxed way of life, this is a property investment like any other and must be treated accordingly.

Take specialist legal advice in order to navigate the idiosyncrasies of the different islands, and pay a tax expert. If one of your primary motivators for buying in the Caribbean is to avoid tax, then it is important that you get it right in the first instance. They may save you even more than you expected.

Finally, with such a large investment, don’t rely solely on rental returns to pay a mortgage or any loans secured on the property – especially if your repayments are in US dollars and therefore subject to currency fluctuations. While rentals are good in the Caribbean, they are not guaranteed, so always be prepared.

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More pages

Page 1: Why buy in the Caribbean?
Page 2: Financing your property purchase
Page 3: Investment potential

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