These days, lots of people are choosing to retire abroad. There are all sorts of reasons why people might want to move, like better tax deals or just more opportunities to travel. And the thing is, there are so many different states to choose from – with everything from big cities to beautiful natural areas. But what’s the best place to retire? Well, we do think that Dominica is a pretty decent choice, and we’ll tell you why in a minute.
Why choose Dominica for retirement at all?
Because it’s just a great place to do so. As it’s got a nice climate, and the general environment is good as well. A nice, safe (crime is average if measured across the rest of countries, yet one of the lowest in the Caribbean), calm and peaceful place. A decent lifestyle. But there’s more. Like, the state also has one of the most favorable tax systems in the entire world, with residents exempt from taxes on inheritance, capital gains and wealth. The cost of living is also affordable. Now, let’s zoom in on this point for a sec, as we think it’s actually the most crucial one (at least when it comes to retirement).
Cost of living
Let’s start with a certain nice thing—food. The cost of dining out is relatively affordable. An inexpensive meal costs around $7.40, and fast food options are priced at $6.85. Now, groceries. Their prices are generally moderate. Staple foods are affordable, with approximates like:
- Milk – $3.80 per gallon
- Bread – $2.50 per pound
- Rice – $1.50 per pound
- Protein sources – Chicken: $4.08 per pound, Beef: $4.54 per pound
- Fresh produce – Bananas: $1.36 per pound, Tomatoes: $2.72 per pound
Next up is public transport, which is super cheap. You can get a one-way ticket for about $0.93. And if you need a taxi, fares start at $3.73. Gas is around $5 per gallon, so it’s not too expensive either. That makes it easy enough for most people to own a car. But it’s probably a bit out of reach for those on a tight budget, since new car prices can be steep. Yet, given the scale of the island, it’s not a major issue. Finally, let’s talk about leisure activities. They’re not too expensive, but they still cost something:
- Fitness club memberships – about $45 per month
- Cinema tickets – $15
On the flip side, childcare costs are quite high, which is something to consider when planning for retirement. Private preschools cost around $140 per month, so that’s another important factor to think about.
Healthcare
The government’s been working on developing the medical industry, and it’s all based on insurance policies. So, medicine on the island is paid for, but every citizen’s got health insurance that covers the cost of their treatment – in case they need it.
The impoverished plus pregnant women and kids under 17 don’t have to pay premiums. However, that having insurance is totally optional: the good news is that the territory has a pretty good epidemiological and general medical situation. Sure do, there are occasional cases of diseases like bacillary and amoebic dysentery, as well as some tropical and hemorrhoidal fevers, but they’re well under control, and no one’s been diagnosed with something another serious.
When it comes to the structure and approach, the system is made up of a network of institutions, with each one being about the same size as the settlement it serves. Which is interesting. For example, in small villages, there are just small medical centers for emergency care, but in cities, there are full-fledged clinics that can provide qualified full-scale care. While interesting, it’s fair to say that it’s not that convenient. Sometimes.
Anyhow, emergency primary care is free of charge, regardless of whether the sick person has money or not. Most facilities are equipped with modern utensils and proper personnel. But because the country is small, there’s no high-tech equipment for complex operations or research, so one has to fly to nearby countries. Like Martinique or Barbados. Or even as far as Brazil.
Housing options
There is a variety of housing and estate options. However, it makes sense to look for various villas and cottages. Mostly. Since only they are really liquid here. Particularly in demand are objects that is in the Portsmouth, and in the capital – Roseau, that is.
Be as it may, housing costs vary. Greatly. A one-bedroom apartment in the city center rents for around $300 per month, while a three-one costs about $900 – if for some reason you’ll decide to rent a property in retirement instead of buying it.
The word or two about the local communities
If you’re moving there on your own instead of with family, there’s nothing to worry about. There are always people to socialize with, and you can find meaningful companionship too. Thus, you could look for people in person, by chatting to locals (they’re friendly, good-natured and open), or on special forums, social networks and so on.
The exact way is only up to you. In summary, the decision to spend quiet days in Dominica is a sound one. The cost of living here is significantly lower than in the U.S., and there is good medical care, many beautiful white sand beaches where you can sunbathe, and delicious cuisine.
It should be noted that taxes in Dominica are, in some ways, truly luxurious, as there is no wealth, gift, inheritance or capital gains tax. Nor is there any foreign one, meaning that retirees living here may transfer foreign social security payments into the country without any additional assessments.
Worth noting, however, that for those moving from a number of countries, the situation may be somewhat modified. For instance, in the USA, citizens are taxed on their worldwide income, irrespective of their primary place of residence.
FAQ
Dominica is home to several of them, all of which are currently dormant. While this is fortunate, it’s important to note that their activity can be unpredictable, and there is always a possibility they could become active in some future.
The official language is English. However, many locals also speak Creole (often referred to as Patois), a French-based dialect that reflects the local heritage.
Dominica is renowned for its pristine environment. A significant portion of the island’s energy comes from renewable sources: solar panels, geothermal plants, and hydroelectric stations.
The air is fresh and the surrounding sea is somewhat clear. That said, like many places, urban areas can experience littering, so some streets may appear less tidy than others.
The official currency is the Eastern Caribbean dollar, also known as XCD. It’s issued by the Eastern Caribbean Central Bank and is used in the six member states of the OECS.
It’s better still to enter the country with US dollars, as the XCD rate is strictly (to some extent artificially) tied to it. The banking infrastructure is developed normally, with plenty of bank branches and ATMs, and most places accept international payment cards.
