Money
Caribbean Cost of Living Calculator
Estimate your monthly retirement budget across the Caribbean. Numbers are USD per household per month — composite ranges from public expat datasets. Update quarterly; not financial advice.
🇯🇲 Jamaica · Kingston
$2,360/month USD
≈ 372,880 JMD/month
| Rent / mortgage | $900 |
| Utilities (power, water, gas) | $160 |
| Groceries | $420 |
| Dining out | $260 |
| Transport / car | $220 |
| Healthcare (out of pocket) | $150 |
| Internet & mobile | $70 |
| Leisure & travel | $180 |
Strong diaspora ties; English-speaking; coastal towns offer the best value.
What each budget actually buys
Three honest tiers most retirees and returnees settle into. Numbers are for one adult, USD, mid-2024 baselines.
Inland or small-town. Local market, public clinic, one shared used car, fans not full A/C. Common in DR, Belize, rural Jamaica.
A modern 1–2BR rental near the coast, private health insurance, A/C in the bedroom, dining out 2× a week, a small car. The realistic returnee benchmark.
Gated community or beachfront condo, full private healthcare, regular travel, household help, club memberships. Standard in Cayman, Bahamas, Barbados West Coast.
Watch-outs
Costs the calculator can't show you
Every returnee learns these the second month in. Build them into your buffer.
- Import duty & shipping. A barrel from Miami runs USD 150–350; a 20ft container USD 4,000–7,500. Returning Residents in Jamaica and QRPs in Belize get partial relief — don't ship before approval.
- Vehicles. Used cars cost 40–80% more than in the US. Duty + GCT on a 2018 SUV in Jamaica often exceeds the car's invoice value.
- Electricity & water. USD 0.30–0.45/kWh in much of the Eastern Caribbean. Running central A/C is the single biggest budget killer — solar pays back in 5–7 years.
- Internet redundancy. Budget two providers (fibre + LTE backup) if you'll work or video-call family. ~USD 80–140/mo combined.
- Hurricane prep. Shutters, generator, fuel, insurance deductibles. Plan USD 1,500–3,000/yr amortised.
- Medical evacuation. A US-bound air ambulance is USD 25–75k uninsured. A USD 300–600/yr membership (e.g. Medjet, GlobalGuardian) is standard for retirees.
Tax notes that change your real take-home
Residents taxed on worldwide income at 25%/30%. First J$1.7M of pension is tax-free for those 55+. US Social Security taxable in JM but creditable under the US–JM tax treaty.
Welcome Stamp holders pay zero local tax on foreign income. Standard residents pay 12.5%–28.5%. USD-pegged at 2:1 to BBD — no FX surprises.
Zero income, capital gains, inheritance and corporate tax. Indirect taxes (import duty, work permit fees) fund government instead.
No income or capital gains tax. 10% VAT on most goods. Real-estate stamp tax 2.5%–10% on purchase.
Territorial tax — foreign income not taxed in Panama. Pensionado discounts apply to retirees on top of zero foreign-income tax.
Foreign income exempt for first 3 years of residency; residents otherwise taxed at 15%–25%. ITBIS (VAT) 18%.
Numbers summarise current public rules; always confirm with a licensed accountant before relocating.
How this works
- Costs are USD per month for one adult; additional adults add ~60% each.
- "Own home" reduces housing to ~35% of the rental figure (utilities + maintenance).
- Healthcare line is typical out-of-pocket / co-pay only; add insurance premiums separately.
- Capital cities cost more than coastal/inland towns. Use "Lean" for a rural budget.