The 10 Best Islands to Retire to in 2024

Share:

Everybody has an idea of what their ideal retirement looks like. Images of a tropical island abound, with a hammock gently rocking between two palm trees on a white sand beach a particularly prominent one. But there’s more to insular living than this traditional stereotype, as our alphabetically-ordered guide to the best islands to retire to in 2024 shows.

Anguilla

From an investment migration perspective, Caribbean citizenship is the most popular among retirees. But there’s a Residency by Investment option in the West Indies. Latitude Group has a more intimate knowledge of the Anguilla Residency by Investment Programme than most, as we helped design and set this up.

Purely from a tax perspective, the Leeward Islands’ Anguilla appeals as one of the best islands to retire to. There is no income tax or VAT to pay as a resident. Neither are you eligible for capital gains or inheritance tax, should you base yourself here.

If you want to get away from it all, Anguilla is the place for you. There are limited direct flights from the US mainland but the airport is being developed, to accompany more visitors. Bear in mind, however, that this is not scheduled for completion until 2041.

Spend 5 years in Anguilla as a permanent resident, and you qualify to become a British Overseas Territories Citizen (BOTC). You’re then eligible to apply for full British citizenship. This entitles you to a passport that is one of the most powerful passports in the world right now.

Antigua and Barbuda

While the Antigua and Barbuda passport is not as strong as the British passport, it is more immediately available. You can apply after you have secured Antigua and Barbuda Citizenship by Investment. It gives you visa-free access to 157 countries, so you will be able to enhance your global mobility sooner rather than later.

The twin-island state of Antigua and Barbuda is a passport in its own right. To the Land of 365 Beaches, one for every day of the year. With a nod to 2024 being a leap year, the government announced plans to add a 366th one, at the cricket stadium named in honour of the legendary batsman, Sir Viv Richards.

Antigua and Barbuda has the same tax benefits as Anguilla. Home to the capital, Saint John’s, Antigua is the most populated island and a third of the country’s inhabitants reside here. This is where the cruise ships pull into, leaving the altogether sleepier Barbuda to its own devices.

You get more bang for your buck on Antigua and Barbuda than on Anguilla. That’s down to a lower cost of living. The pace of life is just as slow, though, save for the 13-day summer extravaganza that is carnival in Antigua.

Cayman Islands

Like on Anguilla, your investment migration route into this archipelago is via residency. A Cayman Islands Residency by Investment is one of the most exclusive programmes. The minimum investment required is $1.2 million.

Again, as is the same with Anguilla, you can become BOTC eligible. Whether you choose to spend the necessary 5 years in Cayman Brac, Grand Cayman, or Little Cayman, you will be in close proximity to the lapping waves of the tranquil Caribbean Sea. Generally speaking, though, Cayman Brac is the most ruggedly handsome, Grand Cayman the centre of expat life in the Caymans, and Little Cayman, the least-populated island.

Like other locations in the region, there are tax advantages that make your choice in the Cayman Islands one of the best islands to retire to. While the famous Seven Mile Beach is actually a little shy of the advertised length, it’s nevertheless perfect for strolling along. Or snorkelling off, with crystal clear waters allowing you to take a long, hard look at the marine life.

Living on the Cayman Islands can feel like one long holiday. So stay on vacation by going on a catmaran excurision, for example. Or chartering a private yacht on one of the world’s biggest millionaires’ playgrounds.

Dominica

Dominica is one of 5 Eastern Caribbean countries to offer Citizenship by Investment. Just as on the previously-mentioned Antigua and Barbuda, the race is on to secure Caribbean citizenship before the minimum price at least doubles by Sunday, June 30, 2024. 

The Dominica Citizenship by Investment Programme provides a convenient shortcut to a Dominica passport. This affords you the right to travel to 153 visa-free destinations. You can visit fellow Caribbean islands, for example, with ease.

You might content yourself with exploring what is on your doorstep. Known as the Nature Island, this Lesser Antilles isle is home to hot springs, rainforests, and waterfalls. This allows you to pamper yourself in one giant spa, with the natural environment imitating a jacuzzi, sauna, and therapeutic jets.

Depending on the length of time you spend in Dominica on a yearly basis, you can also limit your tax liabilities. That’s a plus point that applies to all Caribbean Residency and Citizenship by Investment Programmes. How to become a Caribbean tax resident is a topic we discussed in depth with our Executive Chairman, Eric Major.

Grenada

Grenada Citizenship by Investment dates back to 2014. But it is no longer offered by the Grenada Citizenship by Investment. In 2024, this was replaced with the Investment Migration Agency Grenada.

Once you obtain Grenada citizenship, you’re in line for a Grenada passport. This will save you having to apply for visas if visiting one of the 155 countries or territories Grenada has a visa-free arrangement with. Where you will go first?

Like Dominica, there’s plenty to discover in your back yard. Particularly if you’ve got an adventurous palate, as it’s not called the Spice Island for nothing. Curried Goat is a local specialist, along with Mountain Chicken (named after an indigenous frog whose legs are fried and accompanied by a piquant sauce).

Again, Grenada is one of the best islands to retire to because of its low tax, so that is one less thing to sweat about. On a related note, did you know that in the Caribbean, the divide is less North-South and more East-West? The Eastern Caribbean tends to be less humid and sticky than its Western neighbour, with an ocean breeze keeping you cooler.

Malta

Take your pick from two investment migration options that make for the perfect retirement package in Malta. Will you select the Malta Permanent Residence Programme (MPRP)? Or is the citizenship guaranteed by Maltese Exceptional Investor Naturalization more what you’re looking for?

The latter qualifies you for one of the strongest travel documents worldwide, a Malta passport. Ranked 7th by our Passport Index, it can take you to 175 destinations without having to apply for a visa. With either Maltese residency or citizenship, you can travel freely within the Schengen area.

Like in the English-speaking Eastern Caribbean countries, there are no language tests to pass in order to become eligible for a new residency or second citizenship in Malta. Indeed, one of the two official languages in this Mediterranean archipelago is English. This is one less barrier to feeling at home in new surroundings.

The welcoming weather is another box that Malta ticks. Summers are long and winters short, with July typically rainless and ensuring 12 hours of sunshine daily. Now, that’s ideal for barbecue season.

St Kitts and Nevis

Just like you, St Kitts and Nevis Citizenship by Investment has stood the test of time. It’s the world’s oldest Citizenship by Investment Programme. Launched in 1984, it inspired its Eastern Caribbean neighbours to implement their very own CBI programmes.

A St Kitts and Citizenship citizenship is a passport to, well, a passport. You’ll be able to acquire the classic brown St Christopher (St. Kitts) and Nevis passport. This is one of the Caribbean’s strongest travel documents, enabling you to secure visa-free access to 161 countries and territories worldwide.

Another tax-kinder jurisdiction, St Kitts and Nevis also suits those looking for an altogether more active retirement. It’s a surfing hotspot, and we’re not talking about the Internet. Indeed, you can practise all kinds of watersports off its shores.

The allure of St Kitts and Nevis is soon evident if you’ve ever taken a Caribbean cruise there. With its Citizenship by Investment, you don’t have to return to the ship. Instead, you can look forward to yet another day in paradise.

St Lucia

A true Caribbean beauty, St Lucia is as lush as it is mountainous. Every winter since 1986, yacht crews have raced 2,700 nautical miles to its Rodney Bay from Las Palmas de Gran Canaria in one of the pinnacles of the world of sailing’s calendar, the ARC. You can take a more leisurely, though no less direct, route to St Lucia Citizenship by Investment.

If you’re accepted to the programme, you’re entitled to apply for a Saint Lucia passport. Then you won’t need a visa to reach 154 global destination. Establish your tax residence there too and you can retire without having to worry about paying tax on worldwide income.

The aforementioned Rodney Bay is one of the best retirement hubs on the island. It allows you to tap into the relaxed pace of St Lucia, with the added value of a well-established expat community as a support system. Gros Islet is equally popular with retirees, as well as visiting tourists.

The triumphant ARC sailors are greeted with rum punch. Rum has been the signature spirit on St Lucia since sugar first arrived on the island in the 18th century. In a traditional St Lucian punch, they use white rum with some mixologists adding coconut water for a more tropical taste.

The UK

The United Kingdom is not where many envisage spending their golden years. But it’s one of the best islands to retire to, thanks to the UK Innovator Founder Visa. Spend 3 years in the country and you’ll be able to claim permanent residence.

2 years later, you can apply for British citizenship. This leads to being able to acquire a United Kingdom passport. With 177 visa-free destinations, our Passport Index rates it the 5th most valuable passport.

London is still an epicentre of the western world. Many HNWIs remain pulled towards its continued charms rather than pushed away. Indeed, a 2023 LSE Working Paper points out that the top 1% of the UK capital’s population were loath to abandon London’s cultural scene.

As well as the arts, London and the rest of the country is ideal for sports fans. The Premier League is the world’s leading domestic football competition. Its top teams regularly excel in world club tournaments and their players represent the finest nations in international fixtures too.

Vanuatu

The distinctive Republic of Vanuatu passport has fallen in the rankings. It’s ranked 45th by our Passport Index, granting visa-free access to 113 countries and territories worldwide. Nevertheless, it’s one of the quickest you can obtain given that the processing time for Vanuatu Citizenship by Investment is 2-3 months.

If you do choose to retire in Vanuatu, you’ll receive a warm welcome to Oceania. This group of 80+ islands are everything a vintage picture postcard promised, and more. They resemble the sort of desert island Robinson Crusoe washed up on.

Vanuatu’s relative proximity to Australia and New Zealand make many Australians and New Zealanders contemplate retiring there. It’s an island version of the Outback, a wonderful set of wildernesses for those who like a relaxed lifestyle away from the crowds. The New Hebrides, as they were once called, are certainly more hospitable on the climate front than Scotland’s chillier original Hebrides.

If you embrace the Vanuatu lifestyle, you can feel you are making a difference. The Citizenship by Investment enriches locals’ lives. And by basing yourself on the islands, you are contributing to the economy by purchasing native goods (although you’ll be pleased to hear that there is no income tax to pay).

Which of These Best Islands to Retire to Should You Settle On?

We hope this article has given you a clearer idea of the ideal retirement location for  you. However, we are happy to discuss how different investment programmes might suit you over others. So, don’t delay and contact RIF Trust, your Residency and Citizenship by Investment specialists, today.