Are you a US citizen looking to retire in the US Virgin Islands? The Virgin Islands are a highly desirable and achievable option for US citizens since it is still considered to be part of the United States. Retirees can enjoy a wide range of activities and sports, from snorkeling and diving to golf, tennis, and cycling. A financial advisor can help you create a financial plan for your retirement needs and goals. The Caribbean is home to 26 countries, each with its own unique culture, languages, and currencies.
Some are territories of European nations while others are independent. It is important to keep in mind that France and the Netherlands are part of the European Union and the Schengen Zone, so any time spent in their extraterritorial territories counts as time spent in the European Union. When it comes to buying property in the Caribbean, Belize and the Bahamas are two popular options. Both countries speak English, there are few restrictions on foreigners buying property, and there are no capital gains taxes when selling a property.
In the Bahamas, buying a home is a clear path to residency status and is the same process as in the United States. In the Dominican Republic, real estate transactions are usually cash transactions. The Caribbean is known as a tax haven for expatriates due to its low or no taxes on individuals and businesses, low annual business license fee, and substantial financial privacy. As a result, many Caribbean islands are as advantageous for living and buying property as Belize and the Bahamas.
If you are a US citizen retiring in the US Virgin Islands, you are expected to file taxes in the United States every year. You'll also have to report any bank accounts abroad, and you'll likely have a bank account in your country of residence. Jamaica has a 25% or 30% tax rate on income that exceeds the tax-free threshold. In Jamaica, there are no taxes on pension money, whether governmental or private.
The Dominican Republic has progressive tax rates capped at 25%. Finally, Jamaica has a value added tax of 18%. If you make money outside the US, there are several exclusions that can help reduce your tax burden. These include the exclusion of income from working abroad, the foreign tax credit, and the exclusion of housing abroad, among others.
When it comes to healthcare in Belize and the Bahamas, Belize has a public and private health system while The Bahamian health system is known for providing high-quality care. Private international insurance is recommended because foreign citizens cannot contribute to the national health insurance program. Jamaica's health system is ranked 53rd best by the World Health Organization (WHO). Public hospitals are often overcrowded but there is at least one hospital in every parish in Jamaica. Finally, security varies widely across Caribbean islands.
Some islands such as Jamaica have a problem with crime so it is important to research safety before relocating. The most dangerous place in the Caribbean may be...
