The Caribbean and the South Pacific region have become increasingly popular among Americans who wish to travel abroad while earning money. This article outlines some of the benefits of investing in the Caribbean and South Pacific and explains why many people choose to live overseas.
Both regions are full of tropical beaches, warm weather, and friendly locals. They are also places where you can earn a second passport and enjoy a comfortable lifestyle without having to worry about taxes.
To gain residency and live in these places, one of the most straightforward ways is to become an economic citizen of these countries, through their Citizenship by Investment Programs. In other words, these are programs that allow a person to obtain citizenship of a foreign country in exchange for an investment in the development of the nation.
Through the St Kitts and Nevis citizenship by investment program, you and your family can become Caribbean citizens in as little as two months, with a minimum investment of $150,000. In Vanuatu , a country composed of 80 islands in the South Pacific, the minimum investment is $130,000, and the process for the Vanuatu citizenship by investment also takes about two months.
If you’re interested in learning more about living in a Caribbean or South Pacific paradise, read on to discover what you can expect once you move there.
1) Live Abroad Without Paying Taxes
One of the reasons people decide to live abroad is because they don’t want to pay income tax. The United States government levies a hefty amount of taxes on its citizens, and those who work outside of the country must still file returns.
However, if you live abroad, you won’t owe any federal income taxes. You’ll only be required to report foreign earnings on your U.S. tax return if you exceed $100,000 per year.
2) Enjoy Free Medical Care
Another reason people choose to live abroad is because of the availability of medical care. In the United States, health insurance is mandatory, but it doesn’t cover everything.
For instance, if you get sick, you might have to pay out of pocket for expensive procedures like surgery or chemotherapy. However, in some of the Caribbean countries, residents receive free healthcare.
3) Get More Travel Time Off
Americans spend a lot of time travelling around the world. Many people take advantage of frequent flyer programs offered by airlines to rack up miles and earn free flights.
However, if your goal is to save money, you can actually earn extra vacation time by moving abroad. Some companies offer employees paid leave to go on trips, and others give workers additional time off every month.
4) Save Money on Living Expenses
Living expenses are typically higher in the United States than in other parts of the world. Rent prices tend to be higher, food costs are higher, and utilities are usually more expensive.
However, since you won’t have to pay rent, you can cut down on your monthly spending. Additionally, you’ll have access to cheaper foods and lower utility bills.
5) Have a Comfortable Lifestyle
Many people choose to live abroad because they want to experience a different culture. They want to learn new languages, visit exotic locations, and meet new friends.
You can achieve all of these things by moving to the Caribbean or to the South Pacific. There are plenty of English speaking locals, and you can easily connect with them via social media sites like Facebook and Twitter.
Once you arrive in your new tropical home, you’ll quickly realize that life is very affordable. You can eat well, stay fit, and even afford to buy a car.