Tobago Property & Tobago Real Estate by Caribbean Land & Property. Search our Real Estate for homes, houses, land or investment property in Tobago. Buy, sell or invest in real estate, or commercial property in Tobago, with Caribbean Land & Property experienced in Tobago Real Estate & Property Sales.
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Tobago Property and real estate

Tobago Property

Tobago Property Buying Information


Tobago Property and Land Investment
Buying property, a home or a business in Tobago is not difficult, but for a foreign national will take time and commitment.

Citizens of Trinidad and Tobago are permitted to buy property freely; however there are certain restrictions to foreign nationals owning property.



Tobago Property Buying Information for Foreign Nationals
Foreign nationals in Tobago are currently permitted to buy up to one acre of land for a private dwelling and up to five acres for commercial purposes, without needing to apply for a licence to purchase.


IMPORTANT  Alien Landholder License : Foreign nationals are required to apply for a license to purchase property in Tobago.  Certain areas have been named as Designated Development Areas where licences are freely granted.  These areas are :- Arnos Vale and Culloden; Bacolet Estate; Buccoo and Golden Grove Estate; Lowlands and Diamond Estate; Mt. Irvine and Grafton Estate.  In other areas an application will need to be made to purchase the property, which will be assessed on a case-by-case basis.

Trinidad and Tobago nationals are permitted to buy property freely in any area.



Payments : All payments for licenses must be paid in a nationally traded foreign currency.


License : The license that is granted to buy land does not confer residency and the purchase of a commercial property does not confer the right to work, or earn an income in Trinidad and Tobago.


Residency : Any foreign national wishing to reside in Trinidad & Tobago, should contact the Trinidad and Tobago High Commission in their country for information on immigration and/or work permit requirements prior to committing to purchase.


Visitors Visas : Visitors visas are usually issued for periods of up to three months. Extensions can be applied for, but are not guaranteed, especially if the extension is for a period exceeding six months.


Tobago Property



How to Buy Property in Tobago - the Buying Process


Deposit
: On signing the Sales Agreement, the buyer pays a 10% deposit that is normally held in a escrow account until completion of title searches. At this point the contract is binding on both parties.


Title Search
: Once a Sales Agreement is signed and the deposit paid, the buyer must instruct a local lawyer to search the chain of title to the property.


Final Payment : Once the title of the property has been established by the lawyer to be legally held by the seller, the buyer is free to complete the purchase by paying the balance of the purchase price. Typically, this payment is made 90 days after signing the Sales Agreement, but can be made as soon as the searches are complete.


Closing Costs : On completion of the purchase, the buyer must pay certain fees and duties called "closing charges". These include legal fees, stamp duty and fire insurance in the case of a house purchase.


Stamp Duty
: With effect from the 1st January 2007 residential property valued up to TT$450,000 (US$65,217) is exempted from stamp duty.  Property valued at TT$350,000 is exempted from stamp duty up to 2006. The above conversion rates used for TT$Dollars is based on TT$6.9 = US$1 based on the conversion rates for May 2012.

Where consideration or value is over TT$450,000 stamp duty is computed as follows -
          5% on the first TT$100,000
          7.5% on the next TT$100,000; and
          10% thereafter.

There are no exemptions on Non-Residential Conveyances e.g. land only. The rates applicable are -
          2% up to TT$300,000.
          5% over TT$300,000 and
          7% over TT$400,000.


Legal Fees : Legal fees are typically 1.5% to 2% of property value.


Title Registration
: Property purchases are officially registered at the Red House by your lawyer, and all purchases by foreign nationals are further registered with the Ministry of Finance, using bank documentation as proof of purchase in a foreign currency. Purchases in Tobago are also registered locally at the Warden's Office where future land and building taxes are paid.


Land Tax : Tobago land tax is currently TT$10 per acre per annum.


Tobago Property
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Contact Us
Our local representative in Tobago can be contacted by emailing us through our
Contact Us page.


Tobago Property and Tobago Real estate


Please note that the information on this page is subject to constant change and revision and may not be fully up to date. Users are advised to verify any information that could effect their decision on buying a property, visiting this country or any other matter of importance.

Tobago Property and Tobago Real estate


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Last Updated On 25 Oct 2014