St Lucia Real Estate & St Lucia Property by Caribbean Land & Property. Search our Real Estate for a home, house, or investment property in St Lucia. Buy, sell or invest in real estate, or commercial property in St Lucia, with Caribbean Land & Property experienced in St Lucia Real Estate & Property.
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St Lucia Real Estate

St Lucia real estate is becoming very popular. The 238 square mile island has great natural beauty, with mystical rainforests, palm fringed beaches and elegant plantation homes, set against a backdrop of misty mountains.


The many new real estate developments springing up around St Lucia with off-plan prices, have brought a lot of new interest to the island, whilst the government has assisted tourism by recently investing $54 million in the island's transport infrastructure for roads and an upgrade of the international airport.


Real estate in St. Lucia ranges from plots for new homes and luxury villas, to affordable apartments, gated developments and luxury homes in marina developments, with some of the developments giving owners the choice of using their own architect or the developers architect, for designing their home.


When purchasing St Lucia Real Estate there are certain regulations and processes that need to be followed. The following information gives buyers an introduction to what is required; however, it is essential when purchasing real estate that you appoint a local lawyer with a knowledge and understanding of St. Lucia laws, to protect your interests.


Closing Costs

Typically the fees for purchasing real estate in St. Lucia will add a further 6 to 8% to the purchase price of the property.


St Lucia Real Estate

 St Lucia Plantation House

 

Alien Landholders License


Foreign nationals must apply for an Alien Landholding License to the St. Lucia Ministry of Planning. This will cost EC$1,500 and is a non-refundable one-off process that can take up to 16 weeks to complete. The application is approved by the Physical Planning Office of the Ministry of Physical Development, Environment & Housing, the Prime Ministers Office and the Office of the Attorney General.


Your local lawyer will apply for you, however you will need to supply the following information and documents:


  • Police record (from your local police station)

  • A bank reference

  • Your CV or resume

  • A photocopy of your passport data page

  • A full set of fingerprints (from your local police station)

  • Statutory Declaration

  • 4 passport size pictures of each applicant

  • Full details of the proposed property or land purchase (with the land register and survey plan of the real estate and a value assessment of the real estate)

  • Initial approval from the Development Control Authority (ask your lawyer whether this is necessary) regarding use of the property or land


A fee will also be payable for the Alien Landholders License, that is calculated on a sliding scale depending on how much real estate you have purchased, starting at EC$5000 for under 1 acre to EC$10,200 for over 10 acres.


Note that when obtaining an Alien Landholders Licence to buy land, there is a stipulation that you must commence developing the land within the following 2-3 years.


An Alien Landholders Licence is not a requirement for a citizen of St. Lucia. Citizenship in St. Lucia is granted to anyone who was born on the island, or born from St. Lucian parents, and can also be gained by marrying a St Lucian. Again you will need to work with a locally appointed lawyer to confirm your citizenship.



Paying a deposit

Common practice when purchasing real estate, is to offer a deposit of 10% of the purchase price. If the buyer pulls out, this is forfeited. If the vendor pulls out, then the buyer's 10% is returned along with 10% from the vendor and another 10% as a penalty. In the unlikely event that the Aliens Landholders Licence is not approved, the deposit is returned to the buyer.



Tax

There are 3 major taxes, annual property tax, vendors tax and stamp duty.

  • Annual property tax is 5% of the unfurnished rental value of your property, regardless of use. Exemption of tax for owner-occupied property for owners who are over 60 years old and use the property to provide accommodation for themselves or members of their family.

  • Vendors tax is 10% for non-citizens and approximately 5% for citizens. Companies pay 2% tax, so it is recommended that non-citizens set up a company to purchase their real estate. Setting up a company will take approximately 6 weeks to complete and will cost EC$3,200 with a small yearly renewal fee to pay thereafter.

  • Stamp duty is 2% of the purchase price and a one-off payment.



Returning Residents Incentives

There are many attractive incentives for returning St Lucians. Tax is not charged on bringing a container of 'personal effects' and no duty will be paid when purchasing or bringing a vehicle to the island. Guidelines on what constitutes 'personal effects' will need to be followed and before returning to the island it is wise to visit the Customs Department and confirm that you qualify as a 'returning resident'.



Before making plans to buy real estate in St Lucia, we recommend that you check all rules and regulations with a local lawyer, as these rules are revised and amended from time to time.


St Lucia Real Estate
by Joanne Daubney - Caribbean Land & Property                                                         Copyright 2010


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Last Updated On 17 Oct 2017