How to buy property in the Caribbean
Foreign investment is readily welcomed into the Caribbean, meaning the process for buying, owning and selling properties is most often straightforward.
With 30 countries and territories in the Caribbean, procedures can vary but most simply require prospective residents to register with a central bank.
Some islands will restrict residency but others will offer it in return for investing in a property – known as a ‘golden visa’.
Islands such as Barbados and St Lucia follow a British-based buying process while others follow the European method of using a notary.
Most islands peg their currency to the US dollar, meaning overseas buyers can easily and quickly calculate the cost of potential purchases in their home currency.
The cost of purchasing properties in the Caribbean varies between islands. While taxes tend to be low, islands such as the Bahamas charge a 1% real property tax on owner-occupied residences priced above $500,000.
Furthermore, business licenses can be required if owners wish to lease their properties and stamp duty may also be payable on the annual rent.
Fees also vary depending on the island. In some cases, real estate agent fees are set by a professional body and so can be higher than some international buyers are used to. However, the standard of service among the islands’ real estate agents is regarded as high.