Ask any Antiguan what their island has to offer and the first thing that they’ll say is that they have 365 beaches – one for each day of the year!
Team that with an idyllic tropical climate, clear blue sea and almost-pink soft sand and it is no surprise that expats have been making Antigua their home for many years. In case you are considering a move to the island or investing in property there, here is a little information on the West Indian island.
Real estate
Purchasing property on the island is a relatively straightforward process but there are specific guidelines that must be followed. Your first step should be to find a local lawyer that you can trust who is clued-up on the Antiguan property market.
The first step for purchasers is to secure a Non-Citizen Holding Licence. This will cost you five per cent of the total value of the land. Each licence is specific to the individual property so you need to make sure that the contract is tight. Obtaining this licence can take up to three months and once obtained you will then need to pay a property purchasers tax.
Buying land in Antigua
Due to the fact that house prices can be quite high, many choose to buy a plot of land and then design and build their dream home. Estate agents can offer different types of land “parcels” ranging from raw land to serviced plots. The cost of land is decided on price per square foot basis and to give you an idea of cost, a square foot can cost from $1.50 to $15 (95p-£9.50). At this rate a half acre plot could cost $40,000-$325,000 (£25,000-£206,000).
Once you have purchased the land, you are required to start construction work on your new home within one year. All work has to be completed within a given time period. For example, a 2,000 square foot home should take 8-12 months to be completed.
To see a range of properties for sale in the Caribbean visit the Caribbean listings on Rightmove Overseas. Anyone who needs to transfer money to complete a property transaction in the Caribbean should use a currency specialist to exchange their pounds into euros. For more information, contact Smart Currency Exchange.
To understand the full step-by-step process to buying a property in Caribbean, collect The Overseas Guides Company’s ‘Caribbean Property Buying Guide’