Definitely research Belize.

I am a Canadian that has been living in the Cayman Islands and Belize for the past 19 years....

The Cayman Islands are only affordable if you are earning Cayman Islands dollars...if you are earning US dollars, then i vote for Belize.

Belize is a former British Colony and is still a British protectorate country...and part of the Commonwealth.

Belize is located south of Mexico...you can take an island hopper plane to the boarder...takes 30 minutes. Cancun and Tulum are just a short bus or taxi ride away. We head up to Mexico at least 5 times a year!

Belize is English speaking...low crime...democratic government....stable government....excellent reliable internet...constant power (no blackouts like Honduras etc)...and foreigners are welcomed.

And after living in Belize for a year, you can apply for permanent residency.
Tourists and Permanent Resident can bring in foreign income without being taxed,

Belize has the mainland and the Cayes....
The mainland is Rainforest....Mayan Ruins (we have thousands of ruins)...and picturesque farmlands in Cayo.
The Cayes are total Caribbean....Ambergris is the biggest with the most tourism...Caye Caulker is second in size and is about half the cost of Ambergris. Caye Caulker is white sand streets...bikes and golfcarts....everyone in bathing suits! I would call this a true Paradise!

Good Luck in your decision!!!
Wendy