A retirement or second home in the Caribbean appeals to many and many North Americans and Europeans are acquiring property there. In Trinidad and Tobago where I live, the Germans own a substantial amount of property in Tobago which has driven up the price of land in that island considerably. The same is true of Barbados where I grew up and where a piece of land located in a reasonably good area starts at US$12 per square foot. Owning property in the Caribbean is no longer a cheap option. It requires a considerable amount of finances and for many locals it is becoming increasingly out of their reach.

However, if as a North American or European you are interested in moving to the Caribbean, you should expect to make an investment of at least US$200,000 to acquire a condo or townhouse in a good location. However, this is just a starting price and you may have to go as high as US$400,000 for a nice apartment or house in a desirable neighbourhood. You will also likely have to arrange financing through your bank back home, since mortgages by local banks may only be offered to locals and residents in some jurisdictions. You may want to look for North American and European banks that have subsidiaries in the region and headquarters in your home country. Dealing with a bank from your home country that does business in the islands should make it easier to arrange a mortgage. If you are able to obtain a mortgage in one of the Caribbean islands, you should be aware that mortgages are generally allowed for only up to age 60 or 65 depending on the jurisdiction. This differs from some European jurisdictions such as France where mortgages can go up to age 70. You should also be aware that interest rates in the Caribbean are higher generally than in North America and Europe. These rates are set by the country's Central Bank (comparable to the US Federal Reserve) and not by the banks themselves. In Trinidad and Tobago, for example, the current rate for mortgages is 9.25% and in Barbados the rates are around 8%.

Generally legal fees and bank charges incur an additional 5-7% of the total cost of the property. Expect to have to provide insurance coverage as well.

So, when you think of all the expense, bearing in mind you could get a nice apartment in France or Bulgaria for a lot less, is it worth it? Well, it may be. The Caribbean offers year-round sunshine and unlike North America during the summer, even at its hottest one will always get relief from the tropical breezes that constantly blow on the islands. This is one of the differences frequently commented on by Caribbean locals who have visited Florida and New York during the summer: there is no breeze blowing in the US whereas in the Caribbean there always is. The Caribbean is a lot closer to home than some destinations in Asia or Europe and English is widely spoken. For Francophones, there is the French West Indies, including the islands of Martinique and Guadeloupe.

The standard of living in the Caribbean is high when compared to some other third world destinations. The region, with the exception of Haiti, is listed by international lending agencies as medium developed, with Barbados listed high in the United Nations human development index. Medical care is cheap and of an acceptable standard when compared with the United States or the United Kingdom. However, one should be willing to pay for private care rather than rely on the public health care system which can range from competent to, in some cases such as Trinidad and Tobago's, very bad. Typically, the cost of a visit to a private GP in Trinidad and Tobago is around US$10. The cost to visit a specialist privately there is around US$50.

The food is good. Arts and culture flourish in the Caribbean and one can always find an art exhibition or a concert to attend. The standard of education in the region is high and many students from the Caribbean do exceptionally well at US and British universities. There are also private and international schools that cater specifically to foreign children. Overall, an expatriate can enjoy a higher standard of living on a smaller income than would be required to enjoy a similar lifestyle in North America or Europe. Furthermore, even in this age of globalisation, life in the Caribbean is still more relaxed and easy-going than in the First World. So if buying a property in the Caribbean appeals to you, take the plunge. Research each of the islands because in the Caribbean no two islands are alike; there are many similarities and many differences between the islands. With effort, you should be able to find one that suits your tastes and your pocketbook.