Retiring for anyone is deemed to be a period of rest, relaxation and comfort. What is even more important is finding the ideal place to retire. Jamaica, an ideal island getaway destination and Florida, a favoured retirement destination are perfect for retirees. Everything you desire ranging from luxury, relaxation to little or no taxation.
The land of wood and water, surrounded by the Caribbean Sea is an iconic island destination known for its stunning beaches, diverse culture and attractive real estate. It also is the ideal country for anyone in the Jamaican diaspora or non-national desirous of retiring in luxury and relaxation.
The Business Dictionary online defines taxation a means by which governments finance their expenditure by imposing charges on citizens and corporate entities. Therefore, the government of any country requires citizens to pay taxes for the development of the country whether economically or socially with the aim of raising the standard of living for its nationals and non- nationals alike. Taxation has proven to raise both confusion and controversy among Jamaicans in the diaspora desirous of retiring in Jamaica. According to the Tax Act Jamaica, for those retiring who are receiving pensions from outside of Jamaica are required to pay taxes but simultaneously enjoy additional tax exemptions. There are no special tax incentives in place for retirees but for all retirees who are citizens of Jamaica, there are certain tax exemptions. The income tax rate is set at 25% along with the rental tax earned by non- residents. There, however, are no capital gains tax and no inheritance tax
Accessibility & Transportation
For those individuals desirous of retiring in Jamaica, travelling by air is the most convenient way to arrive. There are no issues for those persons travelling from the Caribbean, North America and Europe as the country is equipped with 3 modern international airports: The Norman Manley International Airport in Kingston, The Donald Sangster International Airport in St. James and the Ian Fleming International Airport in St. Mary. Airports in Kingston and St. James is served by the major airlines.
As it pertains to roadways, most roadways are paved. There also is a newly built highway which serves to link the North coast of Jamaica to the South coast by reducing travel cost. For those who do not own a vehicle and wish to travel from place to place, there are taxis, taxi services, minibuses and other means of paid transport available throughout the country.
Jamaica is the ideal location for retirees as the island boasts a number of properties for commercial and residential real estate investment. Properties are reasonably priced for your investment and currently, there are no restrictions on foreign ownership of property so retirees can invest with ease. For anyone wishing to purchase/ rent in Jamaica, Meldam Realty is the ideal agency for you.
If the agreement, however, requires money to be transferred from abroad to Jamaica, approval must be sought from the Bank of Jamaica prior to agreeing to purchase. The transaction cost is reasonably priced as the transfer tax is set at 5%, stamp duty at 2%, attorney fees at 3% and commission for agents ranging from 3- 5%.
Residency and Visa
Permanent Residency is a status one can apply for to allow them to live and work in Jamaica indefinitely without the need for a work permit. Persons can apply for permanent residency through employment; working in Jamaica for three years or more, marriage; being married to a Jamaican national, retirement; persons who no longer work in their home country and are desirous of living in Jamaica. The Passport, Immigration and Citizenship Agency (PICA)’s website provides a detailed list of the documents that are required when submitting an application.
In addition to the above requirements, applicants must show evidence that his/her primary place of residence will be Jamaica, be residing in Jamaica for a minimum of three (3) years if he/she is the holder of a work permit and have an entry visa.
With very little tax requirements and a very tropical climate, the state of Florida stands tall boasting the highest rate of retirees over age 65 of all states in the United States. It is believed to be one of the best destinations for anyone seeking retirement. Florida is a particularly popular destination courtesy of a comfortable living environment, excellent property value and the draw of year-round sunshine.
As it relates to taxation, the State of Florida has boasted for many years a very low tax burden. The state does not require citizens to pay income tax which is quite unlikely in other parts of the world. There also is no requirement for inheritors to give anything that is willed to them to the state. However, small amounts of taxation are imposed for sales and use tax, intangible tax and corporate income taxes.
Accessibility & Transportation
Individuals retiring in Florida can access the state from anyone one of its 13 international airports. Persons travelling from various parts of the world will experience no major difficulties in accessing Florida as the airports are serviced by major international airlines. As it pertains to roadways, the roads in Florida are well paved and there are varying highways and parkways. There also are cab services and taxis available for commuters who don’t own vehicles.
In Florida, potential buyers can choose between either commercial or residential real estate. However, for retirees, the popular option would be residential real estate which can be deemed as being reasonably priced. Data from Florida Realtors has shown that the market is steady and that the supply of homes for sale is stable. The numbers speak for themselves: condominium sales increased 10.9 percent and home sales price 13.7%. According to Florida Realtors president, broker and co-owner of Veissi & Associates, Matey Veissi, this is a great opportunity for sellers who will end up with close to 94% of their asking price.
Residency & Visa
For citizens of the United States wishing to retire in Florida, the process proves easier as oppose to those who are non- nationals. Non- nationals are required to apply for citizenship by following the process stipulated by the government of the United States. There, however, is a specified route that non- nationals who want to retire can take. Immigration to America website introduces the EB-5 programme. Basically, this programme gives potential retirees the opportunity to make a direct investment of US $500,000 into a pre-approved US enterprise; the EB-5 program makes it possible to reside in the USA permanently. After which they obtain a green card which enables a direct route to permanent residency for retirees, with the chance to become a full US citizen after five years.
With the information provided, the decision of choosing where to retire has been made easier for you. Jamaica and Florida are both lovely retirement destinations with a wonderful climate and a reasonable cost of living. The decision is now up to you. Happy Retirement!
From the powdery white sand, to the crystal clear waters, the Caribbean undoubtedly possesses the most beautiful beaches in the world. From North to South, East to West, there is no doubt that Caribbean Beaches are the best. Yes, this may be so but there are some that are arguably better than others. Below, you will find a detailed list of the top 5 Caribbean countries with the best beaches:
Jamaica holds many beautiful treasures on the waterfront patiently awaiting your arrival. The beaches in Jamaica are arguably some of the best in the Caribbean and are mainly characterized by white sandy beaches and glistening blue waters and of course the warm kiss of the sun. Most of these wanderlust destinations are found on the Golden North Coast of Jamaica which is ideal for your real estate investments. Seven Miles Beach in Negril, Doctor’s Cave Beach in Montego Bay, Frenchman’s Cove and Bikini Beach in Portland, Reggae Beach, The Beach at Dunn’s River and Ocho Rios Bay Beach in St. Ann are just a few of the most beautiful beaches in Jamaica. Arguably, Ocho Rios in St. Ann possesses a wealth of unbelievably beautiful beaches and is therefore an ideal location to invest in Commercial or Residential real estate.
Without debate, Bahamas stands as one of the most exotic Caribbean Islands and to go along with their delightfully exotic nature are some of the most beautiful beaches. Located in varying areas of the island, these beaches are anxiously awaiting your visit. On Harbour Island, be sure to visit the Pink Sands Beach, Paradise Beach is located on Paradise Island and in Exumar, there is Saddle Cay. The beautiful Cat Island is found in Southern Bahamas and Stocking Island is located in Exumar. Be sure to visit.
For those who are wondering, Yes, Anguilla is an island in the Caribbean and it is known for its glorious resorts and absolutely stunning beaches. When on a visit to Anguilla, be sure to check out Maundays Beach, Rendezvous Beach, Shoal Bay Coast, Meads Bay and the Off Shore Cays.
Located in the southern parts of the Lesser Antilles is the wonderful Caribbean Island of Barbados .The differing coasts offer beaches that range from powdery sand to perfect swells of the eastern Atlantic coast. Silver Sands Beach, Harrismith Beach, Crane Beach, Bathsheba and Dover Beach are just a few of the welcoming waters that can be found on the Island of Barbados.
- DOMINICAN REPUBLIC
Located on the island of Dominican Republic are some of the most peaceful yet extremely breath- taking beaches you can find in the Caribbean. Not only will they guarantee you a day of fun for you and the family but will also ensure that you have peace of mind and relaxation at your disposal. Punta Cana beach comes highly recommended along with Playa Rincon, Cabarete, Cayo Levantado and Eagle Eye Beach. Be sure to take the waves when in the Dominican Republic.