Anyone ever bought a home - not a timeshare- in the Caribbean?

[tammymacb]

I'm very much considering moving to Bonaire in 5-6 years when DD is grown and out of the house.

I'd still be in my 40s and have to work, but I'm an RN and I could get a job. DH has his captains license so he could do fishing charters, work on a dive boat, etc. I'm looking at homes that wouldn't tax our budget but I'm wondering how hard it would really be.

Anyone?

 

[janey99]

You should check whether foreigners are able to own property there.

DH and I lived in Bermuda for many years and owned a home there, but only because DH is Bermudian and he was the legal owner of the property. As a "spouse of a Bermudian," I could have held a half interest in the house, but I would have had to "buy" it from him after his original purchase, which meant the government would have charged 1.5 times the stamp tax - one whole tax when he bought the house, and then another half value when I "bought" my piece from him. (Of course, the MORTGAGE was in both our names)

I believe the laws there are more Draconian now, and spouses can't even do that.

For total foreigners with no status, the market is limited to very high value properties.

Bonaire may have similar laws. Also consider stamp tax and other property transfer taxes, whether the banks there will loan money to you, if there are any types of periodic real estate taxes or fees.

Best of luck!

Jane

 

[Tampa Mousekeeter]

we built a home on the island of Cozumel.....if you are an ex-pat in Mexico you do not own the land...I think it was a 50 year lease...just a suggestion if you really are thinking of doing it, rent a home do not buy, to sell a home in the Caribbean if you ever want to get out is really, really hard especially now.

 

[zumbergc]

in Costa Rica, they have something called squatters rights. So, if someone is living there, as a squatter, and you buy the house/land. They have rights, you just can't kick them off.

Additionally if you are buying land, then planning to build. Some areas have restrictions that you can not build or develop them for a number of years. You have to make sure you understand all the local land laws, etc in the country your planning to move to..

You probably are not looking at CR, but some countries have different laws & regulations.

 

[Gigi22]

OP--are you considering living on Bonaire on a permanent basis? You might want to take an extended vacation there in order to explore all the possibilities first.
One of the things you will need to look at is the quality of the health care available on Bonaire. We have friends who live outside Nassau, and when one of them requires more than routine medical treatment, they fly to Florida to have the treatment done.

 

[Drew Sailbum]

The larger issue may actually be in being legally able to work. I know that here in Cayman an RN can probably find employment and obtain a work visa but there is absolutely no way an ex-pat (foreigner) would be able to work in a fishing charter business.

Generally work visas are only available for positions which cannot be readily filled from the local labor market. RNs are in short supply and require extensive training. Fishing captains much less so. On the other hand, few Caymanians have professional level (divemaster or instructor) scuba certifications and the dive industry is almost entirely ex-pats.

Cayman has various forms of visas for wealthy retirees... VERY wealthy. Those visas require you to demonstrate that you have independent financial means to support yourself without working in Cayman. Significant investment in real estate and/or a local business to employ Caymanians is also required.

While ex-pats can own property outright in Cayman, that does not confer the right to live in the islands year round. They can come and go, for up to 6 months per year, on tourist visas if they do not qualify for permanent residency.

For those without permanent residency, the law imposes an immigration roll-over. You may have a work visa for up to seven consecutive years after which you must leave for al least one year. You can then return for another seven year stretch. Only in exceptional circumstances can a "key man" employee stay for an eighth year. Generally those over age 60 do not qualilfy for work visas. (Those ordinarily and legally resident for eight consecutive years can apply for permanent residency without the need for the hefty investments.)

On the brighter side, there is a one-time stamp duty and no annual property taxes in Cayman. Cayman does not impose any income tax (at least not yet). Many owners of vacation homes rent them out during their time off island. If you plan to be absent for longer periods of time (usually 1+ year at a time) then there are many people who would be happy to look after your property in exchange for paying a more reasonable rent.