As a less well-known and therefore less developed Caribbean destination, Isla Margarita has emerging market status, meaning that it offers an affordable entry point for Fly to Let investors looking for Caribbean property.

And as well as the 340 days of sunshine, there are currently many other incentives in place to encourage and entice strong levels of investment to the destination which is located off the northern shores of Venezuela.

For example, anyone thinking about moving to live on Isla Margarita will quickly learn of its tax and duty free environment, transparent property ownership laws, the ease of immigration and the far lower costs of day-to-day living on the island compared to the rest of the Caribbean.

Unlike other South and Central American nations, the authorities on Isla Margarita want to make it as open and welcome a country as they can.

Another attraction for Fly to Let investors is that the destination is directly accessible from the UK.

Mark Andrew, MD of Emerging Earth, said: “It's absolutely in the island's best interests to attract growing numbers of Western citizens. These people raise awareness of the island internationally, they encourage greater investment and they are genuinely made to feel welcome.”

There are five star residential communities being developed on the island such as the Caracola Beach and Spa Resort which is situated on the beach on the outskirts of the island's main city.

The resort comprises of a variety of apartments and duplexes with views of the beautiful Caribbean ocean, and the resort development has facilities such as restaurants, bars, swimming pools, chill-out areas, a spa, gymnasium, beauty salon, high end retail outlets and landscaped gardens.

All apartments are 1 or 2 bedroom and have air conditioning, are spacious with large terraces, come fully furnished and with a guaranteed rental return of 7 percent pa net for 10 years for those who want to purchase a property as an investment.

An investment purchase is also SIPP qualifying and offers tax efficient freehold ownership options. Prices start from €79,000/ £63,000.

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