How To Buy And Sell Property In St Lucia And Pay No Taxes

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St. Lucia, one of the most picturesque Caribbean destinations, is blessed with dramatic scenery. With its world-class hotels and spas, exotic restaurants and unique cultural heritage, there is never a dull moment. From the iconic twin peaks of the Pitons, and spectacular waterfall to the stunning beaches, lush rainforests, and natural beauty, St. Lucia offers plenty of investment opportunities.

Over the past few years, real estate market in St. Lucia keeps growing dramatically. Among the many features that stimulate investment and draws foreign investors from far and wide are the island’s excellent infrastructure and business-friendly environment.

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So Why Is St Lucia A Go-To Destination For Real Estate Investors?

• Low and attractive property price compared to nearby Barbados
• Its strategic location offers easy access to other popular cities across the world particularly in Europe and North America
• Friendly and thriving business environment – The island was rated the best in the Caribbean by the Doing Business Report 2014
• Thriving tourism industry makes the real estate market a profitable business as it automatically translates into high rental income generating potential
• Plays hosts to several great events and festivals including the annual St Lucia Jazz Festival
• Stable monetary and financial system
• Availability of an array of property condos, and beachfront homes
• Favorable government policy

Buying Property in St Lucia – Things To Know

Are you interested in investing in real estate in St Lucia? Then there are some basic things you must know to make the process less stressful. Remarkably, buying and selling property in St Lucia is quite easy and fast, thanks to its friendly property laws and policies. Anyone or entity can buy property in St Lucia provided they meet the requirements. However, there are many different options available, so choose the one that suits you best. On the property market, you’ll find a lot of country homes, condos and luxury villas for sale

And if you would like to build your dream home from scratch with all the features you want, purchase a raw land from your location of choice. Want to enjoy stunning ocean views? Build your dream home on a mountain.

Want to have a holiday home in St Lucia? There are no restrictions on foreign nationals purchasing properties in St Lucia. Once your bid for the selected home has been accepted, you will be required to pay a deposit of 10%. This is basic – you have to pay it. However, the payment will be held in escrow by the seller’s attorney pending completion of the transaction. And if the buyer pulls out of the transaction halfway, then the upfront payment will be forfeited. Furthermore, foreigners looking to invest in St Lucia real estate must have an Alien’s Landholding License which must be registered by a local attorney. Pricing for license ranges from EC $5,000 (up to 1 acre) to EC $50,000 (100 acres +).

Other expenses include

• 2% of the purchase price for stamp duty
• 4% of the purchase price for legal fees

Selling Property In St Lucia

Having all the necessary information plays a critical role in ensuring you make the right decisions for a fair sale. Prior to listing your property on the market, it is recommended to seek legal advice. This will keep you abreast of all legal matters. Nonetheless, here are some important things to know

• Every property sale, be it commercial or residential, are subject to a transfer tax – 5% for residents and 10% for non-residents.
• Buyer pays the stamp duty which is 2% of the purchase price
• Seller pays survey costs, sales commissions and Vendor’s Tax
• Buyer is expected to pay 10% of the purchase price which will be in custody of the seller’s attorney
• Real estate agents involved in the transaction are entitled to 5% of the purchase price. Note that, the seller bears this cost.

Off Shore Company - Save On Taxes

Do you know you can actually invest in St Lucia real estate and cut down or avoid all the excess tax? Now, you may be thinking, how could this possibly happen? Well, it’s simple. By using an offshore company, otherwise known as, international business company (IBC). These entities are basically exempted from paying local taxes. So if you’d like to not only save on taxes but also protect your assets, IBC is the way to go. Furthermore, IBC helps you hold title to your property in St Lucia especially if you are a foreign investor. Most real estate investors in St Lucia are taking advantage of this opportunity – don’t be left behind.