The Caribbean has firmly established itself as one of the best places to escape to with its great weather, beaches, culture, sport and wildlife offering something for everyone on holiday. But, has the Caribbean also become one of the best places to buy abroad in? Well, it certainly looks like it as Sally Stileman considers the main factors which have contributed to the region becoming one of the most desirable places in which to live and own property.
Climate
The overwhelming attraction of the Caribbean islands has got to be the weather. Although situated in the tropics, the islands are not unbearably hot and the climate is considered by many to be as near ideal as possible. The temperature only varies slightly and rarely drops below 28 degrees Celsius in both winter and summer: any humidity is suppressed by cooling trade winds while downpours are often followed by bright sun.
Although the official hurricane season runs from June to November, there is no need for alarm as satellite forecasts give enough warning that precautions can be taken and recent building developments are built to withstand such forces.
Stability
In today’s political climate the Caribbean is a rare part of the world that has remained largely untouched by the recent activities of war and terrorism, so the islands are a particularly safe haven. Since the early 1990’s strenuous attempts have been made to form a united Caribbean community and the result has been the creation of pro-active Governments eager to promote their countries as an excellent investment opportunity through property buying. All the islands (with the exceptions of Cuba and Haiti) enjoy healthy democratic governments where lively debate leaves their politics far from dull and elections are usually a pretext for a party.
Religious stability is also a factor and is a key part of Caribbean life. There is a great mix of religions in Caribbean, with the majority being Christians, but all cohabit happily: in Guyana, for example, Hindu temples are situated next to churches.
As the Caribbean is a highly established tourist destination, there is always a stable rental pool so if you didn’t want to live in your new home all year there is a pretty much guaranteed thriving rental market as long as the UK continues to offer cold unpredictable weather for the majority of the year!
Lifestyle
Above all else, the Caribbean offers a unique and highly desirable lifestyle. On arriving, the visitor is immediately affected by the special leisurely pace of life and the laid-back ‘no rush’ attitude which breezes through the islands. This is of course down to the Caribbean people themselves, who are full of charm and have a marvellously relaxed approach to life which is infectious. In addition to this, there is a great array of activities on offer especially for the sports minded. Days can be happily enjoyed scuba diving, windsurfing, watching and playing cricket, fishing or golfing, and once settled in, the actual cost of existing can be pretty reasonable. Having access to this sort of lifestyle, or even better, living in a home in the Caribbean, gives you immediate jet-set appeal!
Culture
The Caribbean offers a huge cultural and ethnic mix which has remained strong despite the growth of tourism. One of the main cultural attributes of the Caribbean is the carnival. All the islands have their own carnivals yearly with Trinidad being considered the most famous and spectacular. The culture of music is nowhere stronger than in the Caribbean with Jamaica being the home of Bob Marley and numerous new West Indian acts hitting the charts. The islands’ colonial background has led to strong traditions in certain sports - horse racing is popular and cricket is very close to the West Indians’ hearts - they can go crazy and often make the most boring test match an enjoyable afternoon party! West Indians are proud of their culture and offer it to anyone who wants to live among them.
Tax Advantages
The Caribbean is famous worldwide for the tax benefits it offers. Each island has a different legal system so the benefits do vary according to where you buy, but you would be unlucky not to find some advantages in whichever island has attracted you.
The Cayman Islands and the Turks and Caicos islands are well known tax havens; there are no property taxes, no income tax, no capital gains tax, no inheritance tax and no stealth taxes nor are there any restrictions on foreign ownership of property. The Bahamas have also disposed of income tax and other advantages exist such as non – expiring building rights. Many of the other islands, even though they are not complete tax havens, do offer various advantages: for instance in Barbados there is no transfer tax or stamp duty for the purchaser; in the Dominican Republic, land ownership restrictions have been eliminated and there are no real estate taxes; if you buy in St Kitts and Nevis you become eligible for an alternative citizenship and passport as well as no income tax, capital gains tax, wealth tax or inheritance tax.
(For more information see www.lowtax.net).
Conculsion
So these are the main factors, but there are many more and one could carry on the list: the current exchange rate of the British pound to the dollar makes the Caribbean exceptionally good value at present and the accessibility of the region is excellent to name but a few. Whatever the reason you are looking to buy in the Caribbean, it is very hard to go wrong from any angle.
