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Are you planning to buy overseas property in the Caribbean in 2019? Is this the right time to be buying overseas property in the Caribbean? Let’s find out, shall we?
The State of the Overseas Property Market in the Caribbean
Anyone who visits the Caribbean for the first time falls in love with the tropical paradise as soon as they get here and wants to have a slice of it.
After all, the Caribbean is perhaps the most sought holiday spots in the whole of North America. There are always tourists coming here not only from the United States and Canada, but also from Britain, Germany, and other European countries.
A lot of foreign tourists who visit the Caribbean find it irresistible and want to take their love for these islands one step further by buying an overseas property in the Caribbean. That is why, regardless of the state of the economy, or for that matter the politics of these islands, the Caribbean property market remains very resilient.
Property prices in the Caribbean vary from one island to another. St. Lucia, Jamaica and Barbados are the most popular overseas property destinations here; which is why home prices are slightly higher here compared to Antigua, for example.
Generally, you should be prepared to spend anything from $100,000 to $250,000 on a holiday home in the Caribbean. Some of the beachside properties can cost a lot more, $1 million and above. The rule is simple, really – closer to the beach, higher the price.
Are There Any Restrictions on Foreigners Buying Overseas Property in the Caribbean?
The Caribbean islands are not a monolith. Each island has its own rules on property ownership by foreigners. St. Lucia requires the property buyer to actually reside there for at least a part of the year before buying.
Jamaica and Barbados have no such restrictions. But Jamaica expects the buyer to apply for a unique taxpayer registration number from the local Tax Administration Department first. It is best to talk to a local lawyer or an overseas property specialist before starting your search for a second home on the Caribbean.
The Overseas Property Buying Process in the Caribbean
It is not so easy to buy overseas property the Caribbean by yourself. It is best to hire the services of an overseas property specialist for help with finding the right property.
The overseas property estate agent is constantly in touch with foreigners looking to sell their overseas property on the Caribbean in a hurry. So, they can get you the best deals.
Once you choose a property, the next thing is to negotiate a proper bargain with the seller. You will be asked to sign a contract and pay an initial deposit of about 10% of the house price.
The sales deed will be handed to you in the presence of a Notary after you pay the full amount. You will be given a certain deadline for that, usually 30-days or so. In that time, you can have a full appraisal of the property done by a professional and find out if there are any red flags or not.