Best Caribbean or Central America location to retire? (Now with South America!)
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Best Caribbean or Central America location to retire? (Now with South America!)
I'm planning to retire to the Caribbean.
Since futures.io (formerly BMT) has a lot of people from all over, I thought I could ask input from you guys on the advantages/disadvantages of certain locations (specifically if you live there or near by you could give some feedback)
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What I'm looking for:
- Warm climate
- High speed reliable internet
- Reliable power for most part (I can get a generator)
- English spoken is a big plus
- Low taxes on income from trading
- Stable currency as much as possible
- Easy Citizenship requirements, home ownership, etc
- People are happy and friendly
It would also be helpful if I could afford to live there
Any thoughts or recommendations?
Mike
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Interesting you shared that as we were looking for warm climate and good trading hours.
Dominican Republic is what we came up with as the safest and easiest. Also the best internet etc.. Just from what I read, no practical experience. Never been there.
Why don't you look at old episodes of House Hunters International. Many of the stories involve Americans who are relocating, or looking for second homes before they retire.
Although I am biased, I'll throw Bermuda into the ring. Although technically not a Caribbean country, it is in the general vicinity and has most of what you want. I lived there for most of my childhood:
What I'm looking for:
- Warm climate - Occasionally drops below 50 degrees every few years. The weather usually tops out in the 90s. It is humid in Bermuda so although you might sweat, you don't get that parching dry heat like in LV or on a +90 day in Chicago
- High speed reliable internet - Worked for the cable broadband provider a few years back. It is great as long as nothing goes wrong. Varies with the provider you choose. - Reliable power for most part (I can get a generator) - Once every few years a hurricane knocks out power but other than that, no interruptions that I can remember. - English spoken is a big plus - English colony so no complaints there - Low taxes on income from trading - Not 100% on trading taxes but I don't think they charge anything at all. There are no taxes because everything is imposed through customs when goods enter the island - Stable currency as much as possible - Bermudian dollar permanently tiered to the USD so $1 USD always = $1 BMD. - Easy Citizenship requirements, home ownership, etc - Not too sure about this. You can go there and basically fall off the radar. No one will actively look to get you deported unless you get involved in politics, illegal activities or take business from a local. I think that it might be a large hassle to own a house as a foreigner because they are in such large demand - People are happy and friendly - Very much so. People will talk to you on the bus and every one says hello and good morning. There has been a recent rise in crime which has jaded a few of the locals but it is far from any standard you would expect in a metropolitan area in the US.
It would also be helpful if I could afford to live there
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Cost of living is extremely expensive because the price of everything is raised after it clears custom. Because the island is 24 sq miles long, housing prices the last I checked were in a continual upward spiral thanks to good ole supply v demand. Any thoughts or recommendations?
I'd say add it to your list and give it an in depth look. I might go back when I want to raise a family and/or retire. There just is not much to do if you are between the ages of 18-35 there. PM or post if you have any specific questions
Mike
Last edited by Bermudan Option; September 13th, 2011 at 04:22 PM.
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biggest factor Im afraid of is the high probability of hurricanes ... every year actually.
I dont think you will be trading much in hurricane season. Power and internet connectivity are surely affected as well.
Also what is the cost of life ? I would think being on islands it would be much higher than in mainland USA or Canada.
Please remember that as an American Citizen you pay taxes wherever you go! That COULD BE on-top of the local taxes as well, but that is typically deducted from your overall tax hit from the FED's. Think of it more like a 'state' tax in that it is allowed for deduction but could make your combined taxes go up!
Texas is one of the better foreign countries for this! haha...
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