The Caribbean is a haven for luxury travelers and high net worth individuals alike who want to enjoy the best things in life.
In fact, over 1,155 ultra-high net worth individuals – or those who own at least US$30 million worth of assets – are currently residing in the region, as of the 2015 Caribbean Wealth and Investment Report. This may be due to the visa-free travel access, tax benefits, and recreational lifestyle they enjoy through Antigua citizenship by investment (or citizenship in any other Caribbean countries).
If you’re among those who also want to enjoy luxury living in the Caribbean, you could consider investing in a second home. This will not only ensure that you’ll have a second home in the region, but it can also be your ticket to economic citizenship.
To help you make an informed decision, here are examples of remarkable Caribbean properties you can invest in along with the important factors you must think about before investing in one.
4 Real Estate Investment Opportunities in the Caribbean
One of the first steps you need to take when making a real estate investment is to look for properties you might be interested in. Since this would also serve as your ticket to becoming an economic citizen of a Caribbean nation, it is only right that you consider those situated in prime locations, such as:
1. Antigua: South Point Condo Hotel
Antigua is home to rich and diverse cultures. The South Point Condo Hotel highlights this diversity by offering a mix of Antiguan architecture, Italian interior design, and Feng Shui principles to their classically modern condo-hotel.
Located along the English harbor, the establishment offers an excellent view and extensive access to the beach with the 23 beachfront units they offer. On top of that, the units are made with an open-plan layout complete with vast terraces, modern furnishings, and Italian kitchens that you will surely adore.
Plus, you’ll get access to the hotel’s facilities and amenities that include:
- A cosmopolitan floating restaurant
- A modern lounge;
- The beach
- A swimming pool
- Fully-equipped fitness center
- A boat dock
Asking Price: Condos start from US$695,000
2. Antigua: Tamarind Hills Resort
The Tamarind Hills Resort is another excellent Antigua property you can invest in where you can enjoy stunning views of the landscape. Made by renowned architects Rob Denning and Lane Pettigrew, this property features unique retractable glass walls that lead out to private terraces, gazebos, and breathtaking infinity-edge pools.
This property is one of the fastest-selling Tamarind Hills properties approved under the citizenship by investment program (CIP). Aside from those mentioned above, you’ll also get to experience authentic Caribbean luxury living with the following additional amenities under construction:
- A beach restaurant
- Resort pools
- Tennis courts
- A kids’ club
Asking Price: Studios start from US$400,000
3. Dominica: Secret Bay
As one of the world’s renowned eco-luxury resorts, the Secret Bay offers a way to economic citizenship in the Caribbean with the added perk of shared and whole ownership of The Residences. With its solid seven-year track record, the Secret Bay in Dominica has completed six villas that are already operating.
Asking Price: Villa shares start at US$218,000
4. Grenada: Kawana Bay
Starting a luxurious life in Grenada means you’ll have to find the best real estate property to invest in. Lucky for you, the Kimpton Hotels’ Kawana Bay properties are currently in the market.
Offering a view of the Grand Anse Beach on the southwest coast of Grenada, the property is offering expansive studios upon its opening in 2020.
Asking Price: Condos start at US$425,000
4 Considerations Before Making the Purchase
Before you close any deals in your Caribbean real estate investment quest, you must understand that different factors can still affect your decision, as explained below:
Buying property in the Caribbean is all about the location. After all, how will you enjoy luxurious living in this beautiful region if you don’t pick the best spot?
When considering the location, think about how you plan to spend your days in the home you’re planning to buy.
For example, if you’re looking at properties in isolated places, you might get to enjoy the peace and quiet that can be quite rare in bustling cities. However, there’s also a chance that you’ll experience certain inconveniences due to its distance from places that offer basic commodities or facilities.
You must also ensure that your property is well-maintained, especially if you don’t plan to live there for good. Properties that are left unused for quite some time can end up getting musty and damp. This is why having a trusted person – or entity, in the case of condos – to watch over your home and possibly air it out regularly and keep it secure is also crucial.
2. Reason for the Purchase
The reason or purpose of your purchase should also be thought through before you close any deal on a Caribbean real estate property. When considering this factor, you can ask yourself the following questions:
- Do I want to use it to get rental income? If so, is it part of my top priorities?
- Will this be a long-term investment, or am I only after short-term appreciation?
- Will I use it for my retirement, or will I reside there now?
Your answers to these questions can help guide you in the decision-making process of your real estate investment. Finding out why you’re buying a property in the Caribbean will also help you make sure that you choose a property that matches your purpose and goals.
While your primary reason for buying a property may not be business, it still pays to know whether you can gain a significant profit from it. After all, that’s what investment is all about.
As with most financial choices, you would need to use simple math when deciding how profitable a property can be for you. Adding up the gains and subtracting the costs of the investment would give you a number that will help you make the right decision.
When buying a property with an existing structure, you probably should consider how much renovation needs to be done before it can be of any use to you.
Aside from the actual investment you make in the purchase, you might also need to shell out more money to get the property on par with the luxury living you’re going for. This is also true for those who plan to use the property as a rental.
Acquiring real estate property in the Caribbean offers more than just an opportunity to invest – it can also give you access to the many benefits of economic citizenship.
Before doing so, make sure that you’ve checked the most viable estates. Consider the vital factors and luxurious properties listed in this article to make the right choice.
Kal Kennard is a Partner at Citizens International, a white-glove specialist firm offering private client services necessary for citizenship investment into the Caribbean, Canada 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.