THE ULTIMATE GUIDE
TO YOUR ST. LUCIAN HOLIDAY
Real Estate
Purchasing your piece of paradise is exciting!!
With an increase in flight arrivals, rapid economic growth and the government encouraging visitors to the island, so too is the popularity rising in St. Lucia for second home buyers. St. Lucia was recently the only island in the Caribbean ranked in the top thirty by the World Bank as countries to invest in. Impressive stuff!
The island is considered an excellent location for real estate investment, especially for those seeking rental yields because you get the best of both worlds – a luxurious haven to escape to when you want, and the rental return when you can’t be there.
Basic need-to-know costs, fees and facts: The buying process is relatively straightforward for non-residents if you follow the correct procedures. Here are a few key things you should be aware of to avoid any unwanted surprises:
- Firstly, choose a reputable estate agent who is both accustomed to dealing with international property and familiar with the one you want to buy.
- Once you have discovered your future home, congratulations! Now you need to obtain an “Alien’s Land Holding” licence which is specific to the property and is non-transferable. This process usually takes 6 – 8 weeks. The application fee is US $552 + the cost of the licence starting from US $1,840 for up to an acre in size, and more if the property is larger.
- You must employ a local solicitor to register the Alien’s Land Holding licence and take care of the legal obligations.
- General guidance is that closing costs including legal fees, 2% stamp duty and the application and licence fees are around 5.5% of the purchase price.
- The deposit for the property is usually 10% of the value.
Purchasing a home in the Caribbean should be fun and exciting… just think, in a matter of months, you could have your very own tropical paradise to escape to when the weather gets you down at home! Knowing the important details means you can get on with the adventure and actually start looking!
Happy House Hunting!
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