From the cost of living to violence, public safety, and the quality of healthcare, get the full picture of the pros and cons of retiring and living in Jamaica.
The expat lifestyle here presents a blend of modernity and natural beauty, drawing those seeking a balanced life in Jamaica as an expat.
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🔎 EXCERPT 🔎
Why Should You Retire in Jamaica?
If you’ve ever asked, “Is Jamaica a good place to retire?”, the answer is yes, but it also depends on a few factors. There are many reasons why Jamaica is a good retirement destination and many reasons why it is not.
The country has excellent cuisine, a laidback lifestyle, and affordable housing options. It’s also one of the most beautiful destinations in the world, with gorgeous beaches and tropical rainforests. You can go scuba diving or snorkeling on one of the many beautiful reefs around the island. All of that is located very close to the US.
When you want to retire, you readily picture yourself sitting at the beach with a drink in hand, overlooking an azure ocean. Jamaica is the perfect location to live out that fantasy.
There are also plenty of activities to enjoy during retirement.
Jamaica boasts a relatively good quality of life (if you have a pension by US dollar standards) and a bubbling local community. The island is also relatively safe to live on, but you should still take some precautions when going out late at night or traveling alone.
It’s also important to note that there are many Western expats in Jamaica, so there will be plenty of people around you who speak English.
The Pros of Living in Jamaica
Let’s look at some of the pros of living and retiring in Jamaica:
The Cost of Living is Lower
No Capital Gains or Inheritance Taxes
There is no capital gains tax in Jamaica (unless very specific circumstances exist where capital gains are understood as a business income, but for these particular situations, a financial advisor experienced in the Jamaican market can advise you).
There is also no inheritance tax, meaning that your inheritors will have tax-free access to any equity you purchase on the island. Jamaica is also part of the selected group of countries that have a treaty with the US to reduce double taxation. There is a property tax, and it is around 1%, depending on the real estate value. Lastly, if you receive any rental income from abroad, it may be taxed.
Cheaper Private Healthcare
Jamaica has a decent network of private clinics that are much more affordable than in the US, so elders can save on medical expenses. Purchasing Real Estate is Cheap
On average, real estate prices of similar standards are 52% cheaper in Jamaica than in the US.
