Many people are curious about the cost of living here -and how things compare with the mainland. Here's my 2 Cents:
Dining Out: There are some great restaurants here and I think the prices compare favorably with nice restaurants on the mainland. A nice meal here will cost anywhere from $17 - $35 a plate, not including drinks. Lunches are typically $8 - $15 here. A good burger will set you back about $8. Many of the sandwiches here are gigantic - so while they may cost $8 - $10 - they are big enough to share.
Groceries: The good news is you can find just about ANYTHING you want in our grocery stores (unlike many caribbean islands..). Prices are higher though, sometimes considerably higher. I'd say on average, prices are about 20% more than in the states.
Gas: Our gas is about the same as in the states, thanks to Hovensa, the large oil refinery on the island.
Utilities: Our electricity is expensive and unreliable. Water is inexpensive - in most cases collected in cisterns. Gas is sold in cannisters. It costs us about $200 a year for gas - which powers our hot water heater.
Entertainment: Lots of it, and it's very reasonable here - most times free. Free parking too.
Cable, Internet, phone: All comparable to states. About $50 a month for high speed DSL, about $60 a month for cable + HBO, phone is about $35/ month.
Taxes: Property taxes typically less than in states. New Mil rate for houses & condos is .0037. We don't pay 'state' income tax. There is no tax on any type of consumable or retail goods or services. There is an 8% hotel tax. PLEASE CONTACT A ST. CROIX CPA to find out about income taxes, ANYTHING tax related.
Insurance: Windstorm is high - typically about 2 - 3% of your mortgage - and required if you have a mortgage. Most condos here include insurance in their monthly condo fees (condo fees range from $400 - $1200 a month).
Contact me for details and first-hand knowledge of relocation to St. Croix.
Kim Lucas
kim@coldwellbankervi.com
340-626-3758
I love to help investors and fellow Caribbean Souls find property in St. Croix, and work hard for my Island mates who want to sell their property.
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Kim, A small price to pay for paradise. Don't stop the carnival!
Bill Roberts
Kim, thanks for posting in our Vacation and Second homes group. I am glad to see you here. Perhaps food costs more, but I bet your heating bills are a lot less than mine are!
Thanks for the additional info!!!! I disagree about the roads - have you been to other islands? Compared to mainland they may be bad, but for a Caribbean Island - they're GREAT!
I'm wondering why the condo fees are so high. Here in Mid-Missouri, our condo fees average $150-200 per month. Why are they higher there? Is is just due to higher insurance premiums?
Condo fees here are high primarily because of windstorm insurance, which is very high. Also, condos near the sea require significant maintenance and upkeep due to the wear and tear caused by the salt air. And landscaping costs here are fairly high. If you figure in what you'd spend on landscaping, pool maintenance, general maintenance and windstorm insurance, the condo fees start to look like a bargain!!!
Hi,
I don't believe you'd have to pay any income taxes HERE for income you earn from CANADA. I still earn income from Georgia -and I pay Georgia taxes - but the VI does not tax me on this income. If you work HERE and earn income HERE - you'll pay 4% of gross receipts HERE. I suggest you speak with an accountant to make sure. If you send me a personal email - I'll be happy to give you then name/number of an accountant here who would likely be able to help you.
May I also send you to my new website - which addresses a lot of issues around retiring here. For now - you can get to it this way:
http://kimlucas.point2agent.com. Eventually - you can find it under this address: www.retireinthevi.com
I can also send you a packet of info if you'll email me directly and ask for it - kim@coldwellbankervi.com
Thanks
Hi Linda
Ashville is one of my favorite places, by the way! I will blog about schools here - so stay tuned. Honestly, I don't know what resources there are here for an autistic child. I'll see what I can find out. I would be surprised if there's much - but you never know!