Most people hope to retire next to the beach – and what is better than a twin-island country, with an all-year-round sunny climate that rarely drops below 28°C? Through the local citizenship by investment program, retiring in Antigua and Barbuda is more than just a dream. Individuals can purchase their ideal retirement property and automatically qualify for citizenship in the country. Antigua and Barbuda also allows for dual citizenship and access to over 165 other countries, which means visiting family will still be easy. This article unpacks more reasons why you should retire in Antigua and Barbuda.
- Antigua and Barbuda offers year-round warm weather, stunning beaches, and a relaxed island lifestyle, making it a perfect retirement destination.
- Retirees can obtain citizenship by investing in real estate, contributing to the National Development Fund, or starting a business.
- The Citizenship by Investment Program allows retirees to secure a second passport, offering visa-free travel to over 165 countries.
- Residents do not have to pay income tax, capital gains tax, or inheritance tax, providing a financially advantageous environment for retirees.
- The country has a well-developed healthcare system with modern facilities and access to essential medications.
- Antigua and Barbuda is known for its political stability, low crime rates in key areas, and strong law enforcement presence.
Why Choose Antigua for Retirement?
There are many reasons to choose Antigua and Barbuda as your retirement destination, including the following benefits:
- Tropical Charm
In addition to its appealing climate year-round, Antigua and Barbuda boasts 365 scenic beaches with crystal-clear waters and lush forests – making it a perfect tropical paradise. The slow lifestyle and friendly communities that are synonymous with island culture also contribute to a peaceful atmosphere.
- Tourism Activities
Antigua and Barbuda’s Ministry of Tourism and Investment has launched several initiatives to boost tourism and infrastructure, including improving airports, roads, hotels, and marinas. This has resulted in a plethora of activities for retirees to enjoy, such as shopping, dining, golfing, sailing, and more. (Every year, the country hosts the Antigua Sailing Week, featuring yacht races and regattas.)
- Retirement Communities
The increasing tourism activities have also resulted in the development of new homes and communities to live and retire in. Among these are retirement-specific communities that provide seniors with tailored medical care, recreational facilities, and social activities.
- Low Cost of Living
Antigua and Barbuda’s cost of living is lower than the other Caribbean islands. This (combined with the favorable taxation terms), makes it a more financially viable option for retirees on a fixed income.
- Easy Integration
Communicating with the locals of Antigua and Barbuda is easy because everyone speaks English. The Judicial System is based on the English Legal system, including the principles and processes of the English common law.
- International Access
Having been tied to their work for sometimes decades, many retirees like to travel the world to see what they might not have had the opportunity to earlier in their lives. An Antigua and Barbuda citizenship gives retirees visa-free access to 165 other countries in the Schengen area (up to 90 days within 180 days), the UK Commonwealth (up to six months), and CARICOM (Caribbean Community). You also get a 10-year B-1/B-2 US visa with your citizenship and can visit the country for up to 180 days a year.
Residency Options for Retirees in Antigua
If you are looking to retire in Antigua and Barbuda through its citizenship by investment program, without having to worry about business, there are two easy options to consider:
- National Development Fund (NDF) Donation
You can make a non-refundable donation of $230,000 or more to support the country’s development or public projects. This is the easiest option to get citizenship, due to the straightforward nature of donations, and because there are no maintenance fees.
- Real Estate Investment
If you are moving to Antigua and Barbuda for retirement, you will have to purchase a property. If you buy a government-approved property for over $300,000, you could qualify for citizenship.
Real estate investment is also an option if you still want to earn an income from your investments while you are on retirement to aid in financing your lifestyle, as properties in Antigua and Barbuda offer high rental returns.
- Business Investment
You can also invest at least $1.5 million in an existing business enterprise or new venture approved by the government and earn interest or dividends on your investment.
All of these investment options lead to residency.
Schedule your free consultation today and secure your future!
Cost of Living in Antigua for Retirees
Despite its growing popularity with tourists, Antigua and Barbuda’s cost of living is still lower compared to the other Caribbean islands.
Housing Costs
Real estate prices in Antigua and Barbuda depend on the property’s location, type, and proximity to the coast. If you are purchasing a property:
- The average property price is $1,680 per square meter.
- Modern tourist apartments are $5,000 to $8,000 per square meter.
- The average price for prime property is $5,640 per square meter.
- Luxury Homes can go up to $12,560 per square meter.
If you are renting a property:
- The average rent is $460 per day.
- Studio apartments cost $36 per day.
- Four-bedroom villas cost $920 per day.
- One-bedroom apartments in the city cost $1,000 per month.
- One-bedroom apartments outside the city cost $759 per month.
Transport
Some public buses in Antigua and Barbuda offer one-way rides for $1.40, or a monthly pass for $33. If you have a private vehicle, a gallon of fuel, costs $5 currently. The island imposes annual vehicle registration fees and insurance costs too.
Groceries and Dining Out
Local fruits and vegetables are reasonably priced, with most items priced under $2. If you buy directly from local markets or farmers’ stalls, it can be even cheaper. Basic staples like rice, bread, flour, beans, and milk are also reasonably priced (around $0.50). Fresh seafood is also more affordable (around $5 to $10, depending on availability/season) because of the country’s coastal nature.
According to Numbeo, the daily recommended minimum money you need for food is $14.32.
Antigua and Barbuda has various options for dining out, ranging from casual beachside eateries to upscale restaurants. The cost depends on the type of establishment, the location, and the experience you are after. Street Food starts at 2% and fine dining can cost up to $100 per person.
Tax Benefits and Financial Considerations for Retirees
In 2016, the government of Antigua and Barbuda eliminated taxes on income, capital gains, and inheritance for tax residents. This means:
- You can sell assets, including real estate and businesses, without paying capital gains tax.
- Wealth can be passed down to future generations without any tax implications.
- Residents and citizens are not required to pay annual taxes on their total net worth.
- Income earned outside of Antigua and Barbuda is not taxed.
Companies registered in Antigua and Barbuda are subject to a corporate tax rate of 25% on locally earned profits. If a company operates in tourism, real estate, or other key sectors identified by the government, it can receive tax holidays, exemptions, and reduced tax rates.
Real estate buyers (2.5%) and sellers (7.5%) have to pay stamp duty (depending on the property type and location). The buyer is also responsible for a licensing fee of 5% if they are a non-resident and a 0.2% insurance fee. Non-resident sellers are also responsible for an additional 5% appreciation tax when selling their property. Annual property tax ranges from 0.1% to 0.5% of the market value, depending on the property’s use and classification.
A 15% VAT is applied to goods and services, with some exceptions for essential items. Import duties can vary based on the product category, with some exemptions for investors and businesses.
Citizens do not automatically become tax residents. You have to live on the island for at least 183 days, have a registered address, and take part in economic activities to qualify. Non-residents have to pay 25% of their income earnings and an additional 25% of any income generated in the country.
Considerations Before Retiring in Antigua
Your safety and healthcare are high on the priority list when considering where to retire.
Safety Considerations
Antigua and Barbuda ranks 177th out of 193 countries globally (11th out of 13 Caribbean countries) in terms of safety. This is largely due to strong local law enforcement, civilian oversight of security forces ensuring government accountability, and international partnerships.
Safest Areas in Antigua and Barbuda
Areas like Dickenson Bay, Jolly Harbour, and English Harbour, which are frequented more regularly by tourists and are home to some of the country’s most popular beachfront properties are patrolled more regularly by local law enforcement. Rural areas offer a sense of peace, quiet, and community – where neighbors look out for each other.
Most areas within Antigua and Barbuda are equipped with CCTV surveillance systems.
Where to Swim in Antigua and Barbuda
The ocean on the Caribbean side of the island is safe to swim in because the water is calmer. Retirees are not advised to swim on the Atlantic side of the island, where there are much stronger currents. Local authorities will issue warnings about seasonal jellyfish and sea urchins that may pose a minor risk.
Social and Political Climate in Antigua and Barbuda
The country has a democratic political system, allowing citizens to participate in governance matters. Antigua and Barbuda grants freedom of expression, freedom of association, and free media. It also has an independent judicial system, and membership in an integrated OECS legal system for transparency.
Healthcare Considerations
Antigua and Barbuda also boasts a reliable, free, and accessible healthcare system with modern facilities and well-trained professionals. The country has six medical districts, each of which has a medical officer appointed to carry out medical treatment. There are also 25 public health clinics that provide medical services to residents. Additionally, health centers are located within three kilometers of every big town. The National Drug Formulary provides 380 different types of drugs to ensure patients with chronic conditions have access to the right medications.
For more complex treatments, retirees can seek care in nearby countries with state-of-the-art hospitals, such as the US or Barbados. Many expats opt for international health insurance to cover private medical services and overseas treatments.
How Mirabello Consultancy Can Help You Retire in Antigua
Mirabello Consultancy helps investors get a second passport through citizenship by investment programs like Antigua and Barbuda’s. With a team of investment migration specialists on call, you gain insights into the most suitable investment route, relevant requirements to qualify for citizenship, and a smooth application process. Mirabello Consultancy handles all legal documentation and liaises with local authorities to ensure a smooth application process.
You do not have to worry about navigating new technologies, staying up to date with new markets, or understanding different cultures – Mirabello Consultancy already does.
Retiring in Antigua and Barbuda presents a unique opportunity to enjoy a relaxed island lifestyle, a warm climate, and the financial benefits of a tax-friendly jurisdiction. The country’s Citizenship by Investment Program provides a streamlined path to residency, allowing retirees to secure a second passport while investing in a forever home.
With its low cost of living, high quality of life, and welcoming community, Antigua and Barbuda is an ideal destination for those seeking a fulfilling retirement.
FAQ
Yes, foreign retirees can obtain residency in Antigua and Barbuda through the Citizenship by Investment Program (CIP). By investing in real estate, making a donation to the National Development Fund, or investing in a business, retirees can secure citizenship, which grants them the right to live in the country indefinitely.
Yes, Antigua and Barbuda has a reliable public and private healthcare system. The country offers free public healthcare at hospitals and clinics, with well-trained professionals and modern medical facilities. Retirees also have access to private healthcare options, which provide shorter wait times and specialized services.
If you hold Antigua and Barbuda citizenship through investment, you can live in the country permanently. There are no stay restrictions, but to maintain tax residency, you must spend at least 183 days per year in the country.
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