Before you purchase your own piece of paradise on a Caribbean island, spend an extended amount of time on the island. Each island has its own personality and you want to make sure that the island is in sync with your needs and preferences. Get to know the residents and merchants and ask them what it is really like to live on the island. Consider what type of island suits you. If you are a British subject, you may prefer an island like Barbados that has a strong connection to Britain. Likewise, Americans may decide on an English-speaking American territory. Those wanting seclusion and privacy may choose a less commercial island.
Resist buying real estate on a "hot" Caribbean island solely because it is a popular tourist destination. The popularity of vacation sites waxes and wanes and you don't want to own property on an island that is hot to today but totally unsuited to you and your personality.
"Don't succumb to ‘Palm Tree' fever," advise Lew and Kim Spruance, owners of property on Virgin Gorda. "Take the time to understand the customs and traditions of these islands." The Spruances know of what they speak. The couple bought their property on Virgin Gorda after bareboat chartering throughout the Caribbean islands between St. Thomas and South America for a number of years. "We spent five years researching the BVI through a local realtor and read everything we could get our hands," say the Spruances. Barbados property owner Keith Dickinson followed the same strategy. "We spent five years in a row on vacation to Barbados and grew to like the island and the people," says Dickinson. An Englishman, Dickinson saw Barbados's British ties as an asset. "We saw Barbados as the perfect place to invest in property," says Dickinson. "We found the people very friendly. The government has always been stable and promotes property ownership from outside of Barbados. The legal system is based on UK law, security is not an issue, and English is spoken here. Barbados also has good communication links to the rest of the world."