WRITTEN by JOHN MORRIS
Roatan Expats Doing it Better
Benjamin Franklin once wrote:
Our new Constitution is now established, and has an appearance that promises permanency; but in this world nothing can be said to be certain, except death and taxes.
He was not the first to use this phrase and it still rings true today.
Fortunately, living on Roatan can help with one and may help with the other. Do I have your attention? Good!
Today let’s start with taxes, a concern for investors on Roatan.
After all this is a foreign country with a whole different set of laws. Let’s look at the obvious ones.
- Yearly real estate taxes are set for the length of ownership at $400 per $100,000 of the sale price. They do not get adjusted until you sell your property.
- Capital gains tax, which applies at the time of sale, is 4%. Yes 4%! And you can register improvements prior to lower the amount to be paid, so keep all of your receipts!
- As a United States citizen (other countries may have different rules), if you live outside of the country for more than 330 days, you are entitled to a foreign income tax deduction somewhere around $100,000 per person. Thank you Uncle Sam for making it easy to decide!
I might as well talk about insurance as it kind of feels like a tax, right?
- For buildings it ranges from about $400 to $700 per $100,000 of value per year, depending on whether the structure is concrete, wood or mixed.
- Auto insurance depends on how much you want to insure the vehicle for. Yes, you choose. Figure about $700 per year for a $20,000 policy.
Then there is death… or as I prefer to say, life.
I don’t know what it is about Roatan, but people simply feel better here. At least, I know I do.
Maybe it is the humidity, perhaps the warm salt water and clean air… but I think it’s more than that.
We have all heard that stress is a killer. Well, let’s be clear… it can still exist here, but in most cases it is much less than in the US.
And then there is health insurance.
I hear horror stories about what folks are paying in the United States. Well, expat insurance is available here on Roatan at a cost per year that is about equal to what you pay per month in the States. I would be happy to tell you how to learn more.
So, there you have it.
We cannot promise a longer life, but here on Roatan, we can promise a better life!
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