I spend several months a year freediving in Utila, and am returning there in September to open an Apnea Academy school with the UDC. There are numerous divesites around the island with 30m+, and walls on the north side that go as deep as you like. I will be setting up descent lines in 50-60m of water.
It can be a very cheap place to live (cheapest place to get qualified for Scuba), and other than the sandflies is comfortable living. Whalesharks, eagle rays, dolphins etc are common fare.
Water temp is about 28 in the summer, and no less than 25 in the winter. Currents aren't usually a problem, and other than in hurricane season it is always calm in the morning.
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