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A dream destination for many people who want to enjoy a tropical climate and stunning beaches, the Caribbean can also be expensive, especially if you choose to live in popular tourist spots or luxury resorts. Fortunately, there are still some affordable places in the Caribbean, where you will enjoy a good quality of life without going bankrupt.
Choosing a place to live in the Caribbean: what to consider
Before we take a closer look at the list of affordable places to live in the Caribbean, let’s see what you need to take into account.
Cost of living: Depending on your location, accommodation, and exchange rates, Caribbean living costs are versatile. With this in mind, it makes perfect sense to evaluate your budget and preferences first, comparing housing, utilities, food, transportation, and healthcare expenses. With a variety of the corresponding online resources available, it is not too much of a challenge.
Safety and security: While most affordable places to live in the Caribbean are generally safe, certain regions may have higher crime rates or political instability. We assume you want to feel secure, right? This is why research travel advisories first to avoid risky locations and take reasonable precautions, e.g., avoid night walks and safeguard your valuables.
Healthcare: Caribbean healthcare quality and availability vary. To secure comprehensive health insurance for emergencies, assess your health needs, scrutinizing both standards and costs. As an extra option, consult your provider or explore international plans that offer Caribbean coverage.
Visa and residency: Requirements depend on your nationality, stay duration, and visit purpose. To make sure you meet them, familiarize yourself with the existing rules, apply for relevant visas or permits, ensure a valid passport, and gather the necessary documents.
Culture and lifestyle: The Caribbean culture is heterogeneous. It is influenced by location, history, and diverse ethnic groups. To realize what matches your personality to a tee, learn all you can about local customs, traditions, and values, and be prepared to embrace diversity.
The best and cheapest places to live in the Caribbean
Now that you have an idea of what to consider when choosing a place to live in the Caribbean, let’s take a closer look at some of the best and cheapest locations to choose from.
Santo Domingo (Dominican Republic)
Santo Domingo, the Dominican Republic’s capital and largest city, is one of the oldest and most historic in the Caribbean. With its rich culture and lively nightlife, it also boasts a modern infrastructure featuring well-maintained roads, reliable public transportation, and widespread Internet access. Recognized for its affordability, Santo Domingo is among the Caribbean’s cheapest places to live, with a reported monthly cost of USD 1,000 for a couple.
Housing in Santo Domingo is relatively cheap. There, you can rent a one-bedroom apartment in the city center for as little as USD 355 per month. Property ownership is accessible, with an average cost of approximately USD 1,200 per square meter. The city enjoys a warm and sunny climate, with an average temperature of 26°C (79°F), providing residents with easy access to beaches, mountains, and rivers within a short drive.
Choosing Santo Domingo as your Caribbean residence means you will enjoy a harmonious mix of urban and natural amenities. Whether you prefer the excitement of a cosmopolitan environment or the tranquility of natural landscapes, Santo Domingo comes with a perfect balance of both.
The largest and most developed of the Bay Islands, Roatán is a paradise for nature lovers and water sports enthusiasts. Thanks to its proximity to the Mesoamerican Barrier Reef, the place has some of the best diving and snorkeling sites in the world. Roatán also boasts stunning beaches and exotic wildlife, with plenty of opportunities for adventure and relaxation.
Among the most economically feasible Caribbean locations, Roatán boasts a comparatively low cost of living, averaging USD 1,500 per month for a couple. Housing options are financially accommodating, allowing you to rent a two-bedroom house with a sea view for approximately USD 800 per month. Considering an average cost of around USD 1,800 per square meter, property ownership is also an option.
In Roatán, a warm and inviting community awaits. It is characterized by friendliness and inclusivity, bolstered by a substantial and active expat population. The place is an ideal choice if you are looking for a laid-back island lifestyle. It combines a high quality of life with a cost of living that won’t break the bank. A unique Caribbean gem, Roatán comes with affordability that is well-balanced with natural beauty and community warmth.
Isla Colón (Panama)
Isla Colón, the most densely populated island within the Bocas del Toro archipelago off the coast of Panama, is a draw for surfers and backpackers seeking a relaxed bohemian atmosphere. The island’s allure lies in its pristine uncrowded beaches, coupled with a rich marine life that captivates nature lovers. A focal point for eco-tourism and conservation, Isla Colón hosts various projects and organizations dedicated to safeguarding the natural environment and supporting local communities.
Famous for its budget-friendliness, Isla Colón is one of the most affordable Caribbean destinations, with a monthly cost of living averaging USD 1,400 for a couple, as reported by International Living. Housing options are reasonably priced, allowing the rental of a two-bedroom house with a garden for approximately USD 600 per month. For those contemplating a property purchase, the average cost is around USD 1,500 per square meter.
Isla Colón boasts a humid tropical climate, with an average temperature of 29°C (84°F). Its multicultural and multilingual society embraces a blend of Panamanian, Afro-Caribbean, indigenous, and expatriate influences, creating a diverse and colorful community. If you opt for Isla Colón as your new home in the Caribbean, you’ll benefit from a unique opportunity to savor a relaxed alternative island lifestyle, characterized by an abundance of nature and culture, coupled with the distinct advantage of a low cost of living.
The truth is, you don’t need a lot of money to live well in the Caribbean. It’s a safe, cozy, and peaceful region for you to relax and enjoy warm weather and good times.
For a smooth relocation to the Caribbean, contact the experts of Offshore Pro Group! Real estate in the region is very affordable, so you will save a lot by finding a good place to stay.