A report shared by The Guardian reveals that the elderly population of the Caribbean is well-cared for. This comes as no surprise for it is embedded in the region’s culture to care for aging family members. This is considered one of the leading reasons why senior-centric services may prove to be quite a profitable business for entrepreneurs who are targeting the West Indies market.
With locals who have strong accountability and basic skills in caring for the elderly, providing senior services in the Caribbean can easily become a profitable business, according to start-up specialists. In addition to that, over the years, many seniors have made the decision to move to the Caribbean, citing everything from great weather to financial strategies to a desire for a higher, healthier quality of life as their primary reasons for migrating.
That being said, the Caribbean is indeed an ideal location for business ventures catering to the needs of elderly individuals. So, if you are looking for similar business opportunities, one of the smart strategies to consider is taking advantage of the Caribbean citizenship program.
Here are some of the benefits you can harness through this program as an entrepreneur:
It will be so much easier for you to launch an enterprise.
The requirements and processes for establishing a business in the Caribbean will prove to be much easier to complete if you are a recognized citizen. Not only that, the cost will be much lower, too.
This is because there are fewer verification methods for licensing, and there are more (and various) fees for foreign investors.
Of course, the citizenship program is by no means cheap. In fact, it may cost as much as any new business venture, but you may easily recoup the price of this investment with all the benefits and privileges the program provides.
The property investment you make in exchange for citizenship can automatically serve as the location for your business.
How convenient would it be to instantly have a property to your name that you can use as the headquarters of a large potential business offering services for seniors? A luxury facility is perfect for well-heeled retirees who are looking for assisted living. You could find such a property through the Caribbean citizenship program.
You can contribute to the growing economy of the region.
The Caribbean is on the rise, which is why a lot of multinational companies are establishing their operations here. Many attribute the flourishing economy to the ideal lifestyle that many foreigners achieve here. You can capitalize on this and become one of the vital contributors to the growth.
Additionally, because the region is still on the rise, the business sector is not heavily saturated yet. So, if you have an innovative business idea and model in mind, such as elderly-centric operations, you have a great chance of success.
Those are just three of the benefits that you can derive from the Caribbean citizenship program. Now, when it comes to launching operations that focus on serving seniors, listed below are the other reasons why the Caribbean is a highly strategic venue:
1. The Caribbean is abundant with resources for healthy living.
Organically grown fruits and vegetables, herbs and spices as well as fresh fish from the ocean are abundant here and quite affordable, too. Therefore, supplying elderly folks with nutritious food to boost their health is easy. Restaurants that are senior-friendly can truly thrive in the region.
2. The cost of living can be lower here than in developed nations.
With a much lower cost of living on some fronts, providing the best care for elderly individuals who want the best life for their golden years is bound to be more convenient to do. They will surely appreciate the incredible value their money can get.
3. Seniors with dual citizenship in the Caribbean can travel visa-free to more countries.
According to Caribbean citizenship by investment news, one of the top perks provided by the program is visa-free travel. Overseas travel is likely to be a popular activity among elderly expats living in the Caribbean, so entrepreneurs should consider capitalizing on the outbound travel needs of such a financially able market.
There are two things that a new travel business can do:
* Create overseas tour programs tailored to seniors who are looking for amusement and socialization
* Design special assistance services to make traveling abroad more physically comfortable, especially for seniors with mobility difficulties (such programs are not readily available in the Caribbean yet)
This business idea can create new jobs for locals. They can train to become travel buddies for seniors who need companionship and special care when traveling overseas.
4. There’s an enthusiastic interest in local cultural experiences among elderly foreigners.
Studies show that financially well-off seniors are the biggest fans of participating in cultural activities around the world. Many of them are interested in learning unfamiliar traditions and making new social connections along the way.
In the Caribbean, the youth may be more drawn to modern innovations and activities compared to more traditional and cultural practices. Meanwhile, expats (particularly the elderly ones) seem to show great appreciation for these customs. They patronize and financially support traditional arts as a source of joy and as part of a renewed purpose in life.
In this day and age, it’s logical for entrepreneurs to explore as many possibilities as they can. This is why thinking about making senior services accessible and acquiring second citizenship are solid ideas to consider. Both are unconventional pursuits that possess the potential of becoming highly profitable.
AUTHOR BIO
Kal Kennard is a Partner at Citizens International, a white-glove specialist firm offering private client services necessary for citizenship investment into the Caribbean, North America and Europe. Based in the Caribbean for the past 15 years, she is an experienced consultant who works directly with many professional partners and advises clients worldwide.
