Dutch01527

Hi

We are looking to relocate to the Caribbean. We are in our late 40's and the plan is to sell up in the UK and buy a decent house and a business. Our requirements are:

1) A safe, low crime island

2) A good expat social life

3) Reasonable visa requirements

We will have less than £1m total cash to fund the move. I am aware that this is not a lot of money to maintain and sustain a comfortable expat lifestyle on the most expensive islands but I am hoping that it is enough for a less fashionable location. We would need a business that can reliable generate enough money to live on indefinitely.

I would welcome any views or advice from people who have done a similar thing.

Thanks

pgtips

I am sure a million can go a long way, especially if you do not blow it on material crap like fancy cars and huge houses. keep it simple and I am sure there are various locations in the Caribbean you can make a home for yourselves with that dosh to back you up.

Orangepants

Some friends moved to Panama from Cayman, to one of the islands and love it there - it's kinda basic - but they are buying land and building a B&B. Altho apparently you cant really buy land there as squatters have rights after a few weeks and land can so easily be taken away from you so you have to do a lot of historical research when you're buying. Costa Rica, Honduras, Belize - lots of places.

pgtips

A million quid to become squatters ? You got to be kidding.

Barbados
St Lucia
Grenada
St Martin
Dominica Repeblic

They all have a proper framework already set up for expats to buy property legally. Stick with the established islands where you know your money is a pretty safe bet.

Orangepants

Some friends of theirs bought 10 acres, built a beautiful house and some squatters took up residence in one of the small outbuildings on the edge of the property and apparently after a few weeks, the squatters have some sort of legal recourse to owning it - I know - bummer... Now they tour the property every 2 days to ensure that they dont have any unwelcome guests!!

Definitely not for me that sort of living but some love it down there.

Dutch01527

Thanks for the replies

The problem, as much as we love them as tourists, with Barbados / St Lucia / Antigua etc is that a good quality house, in a good area seems to cost £ 600K+ ( I know that we could buy cheaper but we are used to a standard of living and I know that my wife would not be happy with too big a drop in standards). With say £200k invested against a rainy day / ill health that does not leave enough for a business that will generate enough money to live in reasonable comfort I suspect. I would love to be proved wrong!!

Does anyone have any views on Montserrat - the housing is much cheaper because of the volcano history. I am not sure if there is a reasonable sized expat community and enough tourist traffic to run a business but it could be a good investment if the plans to regenerate come to pass.

Regards

pgtips

Dutch, without trying to sound rude, tell your wife to get down off her high horse !!!! We come into this world with nothing and we shall leave with nothing. Don't get to hung up on this fancy house, and put all your money there. I have seen to many people make this same mistake, and live with regret when the money runs dry. You can get a decent house in St lucia for 300K, also in a good area. The rest of your money you keep back for a rainy day or to enable you to enjoy life and set up your business. I don't think there is much happening in monserrat.

Dutch01527

PGTips

You are not being rude - I asked for comments. I might share your opinion about my wife's view on standards of living. I could live happily on in a shack if I had a small boat to sail and good people around me but we are all different and the house is a big thing for her. If she is not happy then the move will not work.

However, I have looked again at the estate agents web sites and can see what you mean about house prices if we compromised on location and sea views a bit. We had previously been looking at Rodney Bay / Cap Estate only. Maybe another area near Rodney Bay would suit our budget better. Bonne Terre looks like an option.

Realistically how much a month do you think we would need to live a reasonably comfortable expat type life style ie: eating out 2/3 times a week, a social life, a couple of flights a year back to the UK, some part time domestic help, running a couple of second hand cars ect. I am assuming that the house and cars etc are bought and paid for up front. Not super luxury just not pinching every penny.

I am struggling to judge because our visits have been holidays and we have tended to spend like drunken sailors.

Many thanks

3aces

I suggest going for a 6 week to 3 month stay on the Island to see how you get on. I was all for emigrating until I spent an extended period of time in St Lucia.

Good luck :-)

pgtips

Dutch, I am glad you did not take any offence.
You are right about areas like Bonne Terre. Nice comfortable area, a stones throw away from all the action, still affordable, some nice properties. Like Cap Estate, Bonne Terre is near all the action, but far enough away from all the noise of clubs and tourist. I know a couple of people who live in the heart of Rodney Bay Village and the only thing they have to complain about is the noise at night from bars and clubs.

With regards to generating income, why not buy a house, with a couple of apartments you can also rent out. A lot of people do this quite successfully.
You will have to make sure there is good public transportation not far off.

With regards to cost of living half your battle will be won if your house and vehicles are purchased outright. Here is what a guy who was living in St lucia broke his cost down to, mind you he was paying rent for a house.
http://www.expat-blog.com/forum/viewtopic.php?id=1466

I think you could live very comfortably on 1500 pounds pm even less depending on your lifestyle. Hopefully you could generate some of this from renting your apartments. Maybe you could even purchase a rental property in the UK and lease it long term to a housing association, so generating you some guaranteed UK income. (Hey I am telling you the tricks of the trade)

Remember your cost will be considerably less than when you were a tourist, and you will soon adapt your lifestyle to suit island life. My main advice is to keep plenty in the kitty for a rainy day and you will be fine.

pgtips

3aces, what happened during your extended stay ? My aunt has been out for the last two months and is loving it in Rodney Bay. however I always advise people to take an extended break on the islands of their choice before making any firm decisions.

3aces

To be honest it is a personal thing. I realised that I was not ready yet for the slow pace of life (I'm still in my mid forties and my wife is six years younger). I missed my fairly hectic lifestyle and after a few weeks I was bored. It was great staying a in grand villa in the Cap Estate overlooking the Caribbean Sea but I soon tired of it.

Also, having lived in big cities all of my life I found it a bit claustrophobic. Basically, bumping into the same people around Rodney Bay day in and day out.

St Lucia is a great place, lovely people and excellent fun but for now it will stay as one of my favourite holiday destinations :-)

pgtips

I hear you, me on the other hand have no problem with the slow pace of life.
As long as I can island hop, maybe visit London and maybe US once or twice a year to break up routine I am more than happy. I've hustled and bustled for the last twenty years so my body is telling me it is time to slow down.

les666

1) A safe, low crime island

2) A good expat social life

3) Reasonable visa requirements

We will have less than £1m total cash to fund the move.

There are many beautiful places in the Caribbean where you could do well.. just one of the options is where we have done what you are thinking of with less money than you say is available...look at the Turks and Caicos islands, in particular the island of Providenciales property prices can be found on www.tcrea.com
and do a google search for images of Providenciales , Grace Bay
there is a thread going on here with more details.

johnh009

Panama also has major tax incentives for retirees such as no property taxes for a number of years and, as a resident, money invested outside of Panama is not subject to tax.

http://www.internationalliving.com/C.../Panama/Retire

Land is available for sale in gated communities which is probably a safer bet:

http://www.panamarealtor.com/