Moving to the Caribbean... A guide to relocating to the Caribbean
There's a lot to think about when you're planning your move to the Caribbean. Relocating permanently means that you'll need to know about everything from from residency to visas, schooling to healthcare and more! And because there's a lot to think about and prepare for, we've put together some of the information you'll need - read through the sections below to get prepared to make that move to the Caribbean
Costs of Ownership
Barbados has the lowest buying costs in the Caribbean with no requirement for a landowner’s licence and only 1 percent – 1.5 per cent lawyers’ fees to pay. Non-nationals face no restrictions on owning property and no capital gains or inheritance tax.
In Antigua, non-nationals must apply for a non-citizen landholder’s licence from the government that costs 5 per cent of the purchase price. Other purchase costs include transfer fees of 2.5 per cent and lawyers’ fees of 1.5 percent. Antigua has no capital gains, inheritance or personal income taxes.
In St Lucia, property transfer tax is 2 per cent; stamp duty is 2 per cent for non-residents and add 1.5 per cent for legal fees. In 2020 it introduced a new list of fees for Alien Landholder licences – for foreign buyers - seek advice on how much this will be for a plot/property. There are tax benefits for St Lucian tax residents.
In the Dominican Republic, buying costs, including legal fees, are around 6 per cent of the purchase price, and foreign buyers have all the same rights as Dominican buyers.
In all of the above, ensure that your solicitor/attorney is performing proper due diligence on your property purchase.