The Caribbean is the perfect piece of real estate for retirees. The warm weather, the laid-back lifestyle, the gorgeous environment and the crystal clear waters will make any retiree feel like they are in paradise. However, a lot of seniors are hesitant to make an offshore investment in the Caribbean because they believe that real estate value in the islands are beyond their financial capacity. That is not exactly true. There are actually fabulous island locales that are affordable for retirees.
Ambergris Caye, Belize, is the island Madonna sang about in her song "La Isla Bonita." It is no surprise that the popstar fell in love with the locale. Ambergris Caye is enveloped by the second largest coral reef in the world, lined with mangrove and palm trees and dotted with several waterfalls and lagoons. It looks like a real life postcard with an active expat community.
A two-bedroom oceanfront property in Ambergris Caye can be bought for $225,000 to $300,000. Food and other necessities are a little pricier than on the mainland but are still affordable. A good meal goes for around $5 and $15 for fancier restaurants. Medical care is also quite cheap at $20 a visit.
Las Terrenas, Dominican Republic, is a fishing village teeming with European expats. The locale is filled with colorful wooden cottages with hues of pinks and turquoises. Expats in the locale usually go for a morning stroll to enjoy the patisseries, fine jewelry shops and fruit stands.
Living in Las Terrenas may sound expensive but it won't break the bank. International Living Senior Editor Dan Prescher noted that the Dominican Republic is still relatively more affordable than its Caribbean neighbors. A two-bedroom condo unit just steps away from the ocean can easily sell for less than $200,000. Meals are pretty inexpensive as well at only $5 to $8.
Bocas del Toro, Panama, is paradise for retirees who love the beach. It is composed of nine main islands ringed by white-sand beaches and thick, emerald rainforests that make for a ton of outdoor activities such as fishing, kayaking, surfing, scuba diving, zip lining and boating. Bocas del Toro is also home to a Unesco World Heritage Site, La Amistad International Park, the largest nature reserve in Central America which is the sanctuary of 200 species of mammals and 600 species of birds.
Living in the locale is very affordable. A nice 700- to 1,000-square-foot two-bedroom apartment within walking distance of the beach can be rented for only $600 a month. A fancier apartment can cost from $1,000 to $1,200 a month. Renting is advised in this area because of title issues with most of the real estate properties. A casual meal in Bocas del Toro costs $5 to $8.
