Investing in a second home is one of the most rewarding investments you can make. Since residential properties do not come cheap, you have to be sure that the one you will buy is the best one for you and the other people who will be staying in it.
You can narrow down your choices for your second home by thinking about the place where you like going to for your annual holidays or weekend getaways. You can also factor in your long-term plan when you reach your senior years: where would you like to retire?
Additionally, you have to consider the property’s rental potential if you want to get additional income, or if you don’t want to leave your home unoccupied for long periods of time.
If you want your second home to be located in the perfect place for a holiday and retirement, and you would like to receive passive income from time to time, buying a property in the Caribbean would be a smart decision.
Where to Own a Home in the Caribbean
With a total of 26 countries in the Caribbean, choosing the best place to buy your second home can be challenging.
Although all countries here can be considered idyllic island destinations, some offer more to investors. These nations have the best Caribbean real estate projects under development and ready for occupancy.
More importantly, if you choose the right Caribbean country and property, you will have the opportunity to gain second citizenship legally. Many of the passports issued in this part of the world are powerful and will help make traveling easier and less stressful for you. As such, aside from owning a second home in a popular tourist destination, you will have a passport that will make traveling to more countries faster and easier.
If you are considering buying a second home in the Caribbean, below are the top five countries you should put on your list:
1. Antigua and Barbuda
This Caribbean country is one of the wealthiest in the region. This is because it is a popular tourist destination, with thousands of holidaymakers arriving here daily and it is the center of Caribbean luxury yachting.
Antigua and Barbuda have some of the most beautiful beaches and landscapes in the world. The coastlines boast fine white sand and clear blue water. The picturesque mountains and incredible rainforests complete the country’s incomparable natural beauty.
Some of the most well-known tourist spots here are:
- Half Moon Bay
- Rendezvous Bay
- Jolly Beach and Harbour
- Nelson’s Dockyard National Park
- Shirley Heights
Tamarind Hills in West Coast, the South Point Condo Hotel in Falmouth Harbour, and Villa Serena in Nonsuch Bay are three of the most sought-after real estate projects in Antigua today. They are also approved developments under the Antigua and Barbuda Citizenship by Investment Program.
Another island paradise in the Caribbean, Grenada has some of the most stunning beaches not only in the region but also in the whole world. Known as the Spice Island, Grenada is the second-biggest producer of nutmeg. The country also produces and exports cinnamon, clover, and ginger.
The country has a lot to offer to tourists and residents. It has incredible beaches, wonderful parks, amazing rainforests, and spectacular mountain lakes and waterfalls.
Its most famous landmarks and tourist spots include:
- The Underwater Sculpture Park
- Grand Anse
- Anse La Roche
- Grooms Beach
- Fort Frederick
Kawana Bay by Kimpton Hotels is one of the best approved real estate projects under Grenada’s Citizenship by Investment Program.
If you want to live or have your holidays in a greener country that offers various activities for eco adventurers and nature lovers, Dominica is a wonderful place to own a second home.
Dominica is a mountainous country teeming with rainforests and national parks. It is home to a number of rare native birds and the second-largest boiling lake in the world. It is off the beaten track with no direct international flights and one of the lushest islands in the Caribbean.
There are plenty of must-visit places here as well. These include:
- Morne Trois Pitons National Park
- Cabrits National Park
- Papillote Tropical Gardens
- Victoria Falls
- Trafalgar Falls
Dominica also has a Citizenship by Investment Program. Secret Bay, Bois Cotlette, and Jungle Bay Villas are some of the government-approved real estate projects in this country.
4. St. Kitts and Nevis
This island nation is flanked by the Atlantic Sea on one side and the Caribbean Sea on the other. As such, you can see firsthand the difference between these two large bodies of water.
St. Kitts and Nevis boasts stunning beaches and beautiful mountains that never fail to impress everyone. This country also has one of the most mellow, calming atmosphere, perfect for anyone looking forward to a relaxing, restful holiday or lifestyle.
Some of the most popular landmarks and tourist spots here are:
- Pinney’s Beach
- Cockleshell Beach
- South Friar’s Bay
- Brimstone Hill Fortress National Park
- Botanical Garden of Nevis
Christophe Harbour and the Marriott Residences in St. Kitts and Four Season Estates in Nevis are some of the best approved properties under the country’s Citizenship by Investment Program.
5. St. Lucia
This eastern Caribbean island nation has exquisite coastlines and mountains. Its easy-to-access beaches are already beautiful, but the ones on off-beaten paths are even more gorgeous.
St. Lucia is also known for its exotic plants and large plantations of bananas, mangoes, avocados, and other crops. The production and export of these food products are the second largest industry in the nation.
St. Lucia has plenty of must-visit local attractions. These include:
- Sandy Beach
- Sugar Beach
- Sulphur Springs
- Pigeon Island National Landmark
- Diamond Falls Botanical Gardens and Mineral Baths
At present, Saint Lucia Canelles Resort is the only government-approved development under the nation’s Citizenship by Investment Program.
When choosing which country in the Caribbean to buy your second home, consider some other crucial elements as well. These include government and economic stability, cost of living, tax exemptions, access to quality education and health care, and overall safety and security.
With various factors to consider and a huge investment to make, you should never rush the process of buying a second home in the Caribbean.
Practice due diligence throughout the whole venture. Additionally, do not hesitate to get assistance from licensed government agents and consultants to be sure that you will make the right decision.
Kal Kennard is a Partner at Citizens International, a white-glove specialist firm offering private client services necessary for citizenship investment into the Caribbean, North America and Europe. Based in the Caribbean for the past 15 years, she is an experienced consultant who works directly with many professional partners and advises clients worldwide.