7 Affordable Caribbean Islands Perfect For Retirement (2024)

The Caribbean remains a fantastic region for retirees to relocate to. Its proximity to the United States and strong air travel network make it easy to travel through. While the Caribbean is often seen as an expensive place to live, there are several destinations that are easy on the wallet. As such, we are taking a look at seven affordable Caribbean islands that are perfect for retirement.

7 Saint Lucia

Estimated monthly cost of living in Saint Lucia: $1,153

The country offers a fantastic balance. Retirees may opt for Castries or Rodney Bay for more adventurous activities such as hiking and ziplining. Meanwhile, Soufriere and Marigot Bay are great for those who prefer to sit back and relax.

Saint Lucia is an incredibly breathtaking destination that is a popular choice for honeymooners around the world. Why not have an extended second honeymoon on the island and soak in the sun on the white sandy beaches or gasp at the pretty Piton mountains and explore the spectacular waterfalls?

6 Saint Kitts And Nevis

Estimated monthly cost of living in Saint Kitts and Nevis: $1,145

White sandy beach with palm trees in Saint Kitts

While St Kitts and Nevis can be a little pricier to live in compared to its counterparts, it's an attractive destination due to its tax benefits. Notably, there is no tax on personal income. Moreover, there are exemptions on capital gains, gifts, inheritance, and foreign income tax, according to Retire in the Caribbean.

So, those flying in can enjoy the tranquil weather while making some crucial savings during their Golden Years. The twin islands are packed with top restaurants and stores. They also provide several spots for sailing and golf to keep up the pace in between the sunbathing. Residents also have the chance to experience the “Last Railway in the West Indies.”

5 Grenada

Estimated monthly cost of living in Grenada: $1,128

Yachts on the turquoise sea in Grenada

Nicknamed the Island of Spice, thanks to its production of cloves, cinnamon, and nutmeg, Grenada is famed for its friendly community and warm climate. It also boasts an affordable cost of living for such a paradise. There are also tax benefits for certain citizens and investors.

Boaters and anglers would love Grenada due to its lively waters. Those looking for a small-town-feeling area with nearby sandy beaches and an array of rum distilleries would love the country.

4 Trinidad And Tobago

Estimated monthly cost of living in Trinidad and Tobago: $979

Colorful towns, picturesque beaches, and diverse wildlife are what you can expect to see in Trinidad and Tobago. Expat Focus notes that the islands are the place to be for a quiet and peaceful life due to their quality of living and economic structure.

It's easy for residents to hop between Trinidad and Tobago, with ferries heading to and from Port of Spain in Trinidad, the larger of the two Caribbean islands, and Scarborough and San Fernando in Tobago. The cities themselves also have robust public transport links.

3 Dominica

Estimated monthly cost of living in Dominica: $856

A view of Roseau, Dominica

Dominica, often dubbed the Nature Isle of the Caribbean, is a paradise for expats seeking a tranquil and picturesque setting. This small island nation is renowned for its stunning natural landscapes, including lush rainforests, majestic waterfalls, and pristine beaches.

Living in Dominica offers expats the chance to immerse themselves in a vibrant culture and a close-knit community. The island's laid-back lifestyle and welcoming locals create a warm and inviting atmosphere for retirees looking to enjoy their golden years in a peaceful and scenic environment.

Dominica is increasingly becoming a popular ecotourism destination, and retirees are seeing the benefits to be had amid the breathtaking natural wonders. As Discover Dominica highlights:

"You can find what you are looking for in Dominica, whether it is a rugged day of hiking, a heart-stirring day of diving, or a lazy afternoon relaxing on a veranda. The sounds of birds, the wind through the leaves, and the scenes unfound anywhere else will surround you. The people of Dominica will welcome you with open arms and offer you restorative days and relaxing nights."

2 Jamaica

Estimated monthly cost of living in Jamaica: $829

Jamaica is a vacationer's paradise, but there are also several off-the-beaten-path things to do. Several expat communities reside within the nation, which isn't a surprise due to its vibrant culture and fantastic views of mountains and beaches. Jamaican culture has had a massive impact on the world, and all these qualities can be enjoyed by retiring in the country, including the chance to explore the influential reggae and ska scenes.

Port Antonio is quieter for those looking to avoid the hustle and bustle of Kingston, the coastal capital, and Montego Bay. Retirees will also be able to enjoy local delights, such as curried goat and coconut shrimp.

1 Dominican Republic

Estimated monthly cost of living in the Dominican Republic: $711

Mirador Sur park in Santo Domingo, Dominican Republic

With over 10 million visitors a year, the Dominican Republic is the most frequented destination on this list. It is also the most affordable country on the list, making it a fantastic place to retire.

Occupying two-thirds of the island of Hispaniola, the Dominican Republic has an array of stunning beaches with affordable accommodation. Puerto Plata and Sosua are affordable yet beautiful locations in the north of the country. In the south, the capital, Santo Domingo, is a little busier, but it is a popular retirement spot. Of course, the unforgettable holiday destination of Punta Cana also welcomes retirees from across the globe.