The cost of living in the Caribbean islands is economical compared to other parts of the world, making it one of the most attractive regions to live and work in. For under $1,000 per month, you can comfortably live in countries like Grenada, the Dominican Republic, and St Lucia. If you are planning to move to a Caribbean island, it’s important to consider the Caribbean cost of living.
This guide will take you through the average cost of living in the Caribbean and the most affordable Caribbean islands to live in.
Cost of Living in Caribbean Countries
Among countries in the Caribbean, the cost of living in Grenada and Dominica is the most affordable. An individual can live comfortably in these places with a monthly budget of about $650, according to Numbeo. So that you know, this amount covers only daily costs and doesn’t account for rent and other utilities.
In addition to Grenada and Dominica, other Caribbean islands like the Dominican Republic have an economic cost of living. Even Caribbean living costs – excluding rent and utilities – in places like St Lucia and Antigua and Barbuda are around $700 to $1,000 for a single person.
Grenada
Out of the Caribbean countries that offer Citizenship by Investment Programs to foreign nationals, the tropical paradise of Grenada has the most economical standard of living. The cost of living in Grenada for an individual can be less than $650 per month. Do note that this amount covers daily expenditures but excludes rent and utilities.
For a single person living in Grenada, the rent for a one-bedroom apartment outside the city center and utilities amount to around $600 monthly. A meal in an affordable restaurant will cost less than $8, and a three-course meal for two people in a mid-range restaurant costs around $60. The cost of monthly transportation in Grenada amounts to under $38, whereas Gasoline costs around $1.37.
When it comes to real estate, the price per square meter for an apartment in the city center is $755.
Take a look at our Grenada Citizenship by Investment Ultimate Guide by Experts
Dominica
For a single person living in the country, the average rent for a one-bedroom apartment is estimated to be around $285 per month. For those considering a low cost of living in the Caribbean vs the USA, the monthly expenditure for an individual in Dominica comes to around $620 compared to $1,170 in the United States.
A meal in an inexpensive restaurant in the country is $7.40 and a three-course meal for two people will cost you around $55. A regular cappuccino coffee in Dominica is under $3. The monthly pass for local transport in the country costs under $15 and the fuel price is $1.19.
Besides Dominica’s living costs, the price per square meter for apartments in Dominica ranges between $500 and $5,000, depending on the location and property type.
St Lucia
The tropical paradise of St Lucia is one of the most economical places to live in the Caribbean. The rental expenses and cost of utilities for an individual in the country are around $376. In addition to this, food and transportation costs come to around $645 on a monthly basis, adding to the low cost of living in St Lucia.
If you are planning to have dinner with another individual, mid-range restaurant prices in St Lucia are around $63. Whereas a meal in a fast-food chain is around $9, and a cup of cappuccino will cost you around $3.
When it comes to public transportation, a monthly pass in St Lucia is approximately $36 and a taxi journey below 8Kms will be priced at $39. Petrol expenses in the country are around $1.51 per liter.
According to Realty St Lucia, average property per square meter in St Lucia range from $1,207 to $2,649.
Antigua and Barbuda
The cost of rent and utilities in Antigua and Barbuda is around $882 for individuals. Daily expenses, excluding rent and other basic utilities, amount to $670 per month in the country.
A meal for two people in a mid-range restaurant in the country will cost around $92, whereas a single meal in a fast food joint will cost around $8 per person. The approximate cost for a cup of cappuccino is around $5 in the country,
To obtain a monthly pass that will allow you to use public transport in the country, you have to pay around $57. On the other hand, a taxi ride below 8km will cost below $33. The petrol cost is around $1.34 per liter approximately.
Rent is relatively affordable in Antigua and Barbuda, with one-bedroom apartments outside the city center available for as little as $740 monthly on average, compared to $1,445 in the US.
St Kitts and Nevis
For people living alone, the average St Kitts and Nevis living expenses for rent and utilities is about to $1,190 per month. On top of this, individuals need to spend around $667 for everyday expenses.
A dinner for two-people in a mid-range restaurant in St Kitts and Nevis will cost around $92. The cost of a meal from a fast food chain will cost $14 and a cappuccino will cost around $3.70.
In regards to transportation, a monthly pass for public transport will cost around $42 in St Kitts and Nevis, whereas a taxi ride below 8km will cost around $38. Petrol costs around $1.76 per liter in the country.
While a one-bedroom apartment in the US costs $1,750 per month on average, the rent cost in St Kitts and Nevis is much lower at $850. According to Numbeo, the average price per square meter for an apartment in Basseterre city center costs $5,000 and $4,000 outside the center.
Cost of Real Estate in the Caribbean
In order to obtain citizenship in the Caribbean islands, foreign investors often resort to purchasing property by the Caribbean Sea. As per Numbeo, places like St Vincent and the Grenadines, and the Dominican Republic have the most affordable real estate prices in the Caribbean, offering an average price between $1,095 and $1,426 per square meter. On the other hand, other Caribbean islands like Jamaica and Barbados have the most expensive properties in the region. The average price per square meter in these places varies from $2,230 to $3,100.
Here is the average cost per square meter of properties in the Caribbean islands:
- St Vincent and the Grenadines – $1,095
- Dominican Republic – $1,426
- Trinidad and Tobago – $1,804
- Grenada – $1,911
- The Bahamas – $1,968
- Jamaica – $2,230
- Barbados – $3,087
Please note that these prices don’t include additional expenses foreign investors must pay, such as an Alien Landholding License, stamp duty, and fees.
Foreign investors buying Antigua and Barbuda real estate to obtain citizenship must note that the real estate they choose to purchase must meet all the criteria outlined by the country’s Citizenship by Investment Unit (CIU). Generally speaking, the real estate must be a government-approved project that mainly includes shares in luxury hotels and premium villas.
Real estate costs in such projects vary from $270,000 to over $800,000 for luxurious villas with pools. Interested buyers can also purchase residential property for $300,000 or more.
The minimum real estate investment threshold under the citizenship by investment program varies from country to country. For example, the minimum investment for buying real estate in Dominica through the citizenship program is $200,000, while in the rest of the Caribbean islands, it is $270,000 to $800,000.
Prospective applicants of the St Kitts and Nevis real estate citizenship program can make a minimum property purchase of $325,000 in real estate shares or $600,000 in a private dwelling house.
Caribbean property buyers should also consider the cost of maintaining their property, including annual property taxes and the price of basic utilities. Although the average cost of everyday expenses such as local produce and transportation are low, owning large properties will come with higher property tax and utilities, particularly when using amenities such as air conditioning, increasing the overall Caribbean islands cost of living.
Cost of Caribbean Citizenship
Grenada: Under the Grenada Citizenship By Investment Program, foreign investors can obtain citizenship in return for a contribution of $235,000 to the government fund or $270,000 in approved real estate shares.
Dominica: The Dominica Citizenship by Investment Program is among the most affordable for single applicants of all Caribbean CBI programs. Foreign investors can obtain a Dominica passport in return for a minimum investment of $200,000 in the country’s state fund or $200,000 in approved real estate.
Antigua and Barbuda: By donating $235,000 to the National Development Fund or $260,000 to the West Indies Fund, foreign investors can obtain citizenship in Antigua and Barbuda. There’s also the option to purchase real estate for at least $300,000 or invest $400,000 in a joint business investment.
St Kitts and Nevis: Foreign investors looking to obtain citizenship in exchange for an economic investment can do so through the St Kitts and Nevis Citizenship by Investment Program by contributing $250,000 to the government fund or purchasing real estate shares for at least $325,000.
St Lucia: The St Lucia Citizenship by Investment Program allows foreign investors to obtain citizenship in return for investing at least $240,000 in its economy. The economic investment can be in the form of donating to fund or $300,000 to purchase real estate in government-approved projects.
Check out our Caribbean Citizenship by Investment Comparison Guide
Cheapest Caribbean countries to live in
Based on an analysis by Numbeo and testimonials from Quora and Reddit, Haiti, the Dominican Republic, and Cuba are the cheapest Caribbean countries to live in. A moderate monthly income of $300 to $700, excluding rent, is possible in these countries.
The cheapest country on the list, Haiti, is not a common choice for expats looking to move to a peaceful island due to its unstable political situation and uncomfortable living conditions.
Average monthly expenses for a single person, excluding rent:
- Haiti: $290
- Dominican Republic: $600
- Cuba: $680
While Haiti’s cost of living is low by Caribbean standards, political turmoil fuels inflation, causing prices to rise rapidly and significantly.
Caribbean countries with the highest cost of living
The Cayman Islands, Turks and Caicos Islands, and Barbados have the highest cost of living among Caribbean nations. Monthly expenses for a single person exceed $2,000.
Average monthly expenses for a single person, excluding rent:
- Cayman Islands: $1,910
- US Virgin Islands: $1,780
- The Bahamas: $1,420
The Bahamas is the most expensive sovereign state in the Caribbean, whereas the Cayman Islands, and US Virgin Islands–British and United States Overseas Territories–maintain high living costs compared to all other Caribbean destinations.
Advantages of Living in a Caribbean Country
Great weather and landscape: Expats from all over the world love the Caribbean islands owing to their picturesque and pristine beaches, lush green rainforests, and overall pleasant climate.
Tax-friendly infrastructure: Most Caribbean countries have attractive tax benefits, lowering Caribbean living costs. For instance, some Caribbean island countries don’t charge taxation on capital gains, payments of interest, dividends, donations, and inheritance.
Business-conducive ecosystem: Since the governments of the Caribbean countries encourage foreign investors to register their business in the islands, investors find it extremely easy to conduct business in the Caribbean. This also results in reduced tax deposits and avoids restrictions pertaining to currency control.
Comfortable life: Since island life is far away from the hustle-bustle of the cities, many foreigners prefer to settle in the Caribbean, post-retirement to enjoy and relax.
Interested in moving to the Caribbean for a comfortable retirement surrounded by natural beauty, beautiful beaches, clear waterfalls, delicious food, modern comforts, marine life, water sports, as well as saving money?
Key Takeaways about Caribbean Islands’ Cost of Living
- Most affordable Caribbean countries: The Dominican Republic, Cuba, Haiti, and Dominica in the Eastern Caribbean are extremely affordable, offering the lowest cost of living in the Caribbean, including the lowest monthly costs for an individual and family of four. While Costa Rica is relatively expensive, it offers one of the most affordable Caribbean residency visas, with a pensioners residence permit available from a monthly income of just $1,000.
- Cheapest Caribbean CBI countries: Dominica and St Lucia are the most affordable Caribbean nations that offer second citizenship. Both countries provide citizenship starting at $100,000 and low-cost monthly expenses to live an affordable lifestyle.
- Most affordable housing in the Caribbean: The Dominican Republic and Dominica have the lowest monthly rent and real estate prices in the Caribbean. Options for Dominica real estate include luxury eco-friendly villas for as little as $255,000, whereas monthly rent for a one-bedroom apartment in the Dominican Republic costs $300 to $500.
Frequently Asked Questions about the Cost of Living in the Caribbean
Which is the cheapest Caribbean country to live in?
Considering the cheapest safe Caribbean island to live, the Dominica Republic has the cheapest cost of living in the Caribbean vs the US and many Caribbean islands.
Which is the easiest Caribbean country to move to?
Antigua and Barbuda, Dominica, Grenada, and St Lucia are some of the most accessible countries to most to as they offer foreigners the opportunity to obtain citizenship by investing in their economies.
Which Caribbean country has the cheapest CBI program?
Antigua and Barbuda and Dominica have the cheapest citizenship by investment programs, with investments starting at $200,000 for a single applicant and $230,000 for a family of four.
Is it expensive to live in the Caribbean?
The Caribbean islands have one of the most affordable costs of living in the world. Compared to the others, the Bahamas is the most expensive independent country in the Caribbean, with an approximate monthly cost of $1,420 for a person. Caribbean living costs are also high in British Overseas Territories like the British Virgin Islands, Anguilla, the Turks and Caicos Islands, and independent Caribbean countries like Barbados.
While foreigners can rent property at an affordable cost in a tropical paradise in the Caribbean, electricity can be an expense, and using air conditioning can significantly increase utility bills in most islands.
What are some of the affordable islands in the Western Caribbean?
Some of the most affordable places to live in the Western Caribbean are Santiago de Cuba, Kingston, Jamaica, and Belize City.
Which Caribbean country has the highest cost of living?
The Cayman Islands is generally considered to have the highest cost of living in the Caribbean. The country has the highest monthly rental prices in the Caribbean, with a one-bedroom apartment in Grand Cayman city center costing $2,670 on average compared to $1,770 in the United States.
The cost of living in the Cayman Islands, excluding rent, is notably high compared to other Caribbean countries. For instance, an affordable meal can set you back around $30, while dining for two at a mid-range restaurant averages $145, considerably higher than the $75 average in the US.
The Turks and Caicos Islands also has high living costs compared to many Caribbean countries; however, both the Cayman Islands and the Turks and Caicos Islands lower overall costs for residents by excluding local and worldwide income tax, wealth tax, or capital gains tax.
What is the most expensive city in the Caribbean?
According to travel brand Florida Panhandle, Gustavia in St Barts stood out as the Caribbean’s most expensive destination, with an average daily expenditure for travelers reaching $1,852. Road Town in the British Virgin Islands is also one of the Caribbean’s most expensive cities.
What is the cheapest English-speaking Caribbean island to live?
While the Dominican Republic is widely regarded as the cheapest island in the Caribbean Sea, Dominica is one of the most affordable Caribbean states and the cheapest English-speaking Caribbean island to live in due to the lowest property prices and estimated monthly costs in the Caribbean for everyday expenses.
