St. Lucia
Buy
Rent

Data-Driven Results

At Terra Caribbean, we believe the best results are guided by data. That’s why we invest heavily in our acquiring and banking knowledge on the property market in St Lucia. Like us, our clients value real estate market information because it helps them make more informed and confident decisions. Whether you are looking to buy your first home in St Lucia, investing in commercial real estate or land, or renting out office space, you can rely on our team to provide you with the information you need to make sound decisions.

 

Buying Process

Our experienced team at Terra Caribbean is here to guide you through every step of the buying process. Questions are answered without hesitation, so feel free to lean on us. Below are a few insights worth noting.

Property Ownership Requirements:

All non-St. Lucian corporations and non-nationals of St. Lucia (other than CARICOM nationals) are required by the Aliens Licensing Act to apply for and obtain an Aliens Landholding Licence prior to purchasing a property. This license is reviewed by Cabinet and upon approval, the license is issued. Ownership of property may be in the name of an individual, a corporation, a foreign company, a trust or other entity.

Application forms are available from the Ministry of Finance or from the Purchaser’s Attorney. The application fee is EC$1,500 and the license fee (once approval is granted)is a further EC$5,000.

Transaction Costs:

  • License Fee: As above
  • Legal Fees: Approx. 2 ½ % of the purchase price + 15% VAT
  • Stamp Duty: 2% of the purchase price
  • Out-of-pocket expenses: Approx. US$500

Standard Purchase Procedure:

  • A written Offer & Acceptance Letter is prepared by the agent for signing by both vendor and purchaser
  • Purchaser appoints Attorney
  • A deposit of 10% is paid by the purchaser on signing of said Acceptance Letter
  • For non-nationals only - an application for an Aliens Landholding License is completed by purchaser and is submitted to Cabinet for approval. This process is facilitated by the purchaser’s Attorney.
  • A title search is then carried out by the purchaser’s Attorney.
  • The conveyance is then prepared by the purchaser’s attorney and executed upon satisfactory completion of any matters pertaining to good title.
  • Payment of the 90% remaining balance is due at completion of signing the Sales Agreement.
  • The purchase process can take 1-4 months, depending on whether or not an Aliens Landholding is required.

Selling Process

Our experienced team at Terra Caribbean is here to guide you through every step of the selling process. Questions are answered without hesitation, so feel free to lean on us. Below are a few insights worth noting.

Transaction Costs:

  • Property Transfer Tax: There is a sliding scale with a maximum of 5% of the selling price for St. Lucian and CARICOM members. 10% of the selling price for non-nationals.
  • Legal Fees: Approx. 1% of the purchase price + 12.5% VAT
  • Real Estate commission: Approx. 5% of the purchase price + 12.5% VAT
  • Out-of-pocket expenses: Approx. EC$1,500 for your 3 “Tax Clearances” – Income Tax, Property Tax and NIC (National Insurance).

Standard Sales Procedure:

  • The vendor should sign a Listing Agreement provided by the real estate firm or provide written instructions to the agency to sell their property.
  • A written Offer & Acceptance Letter is prepared by the agent for signing by both vendor and purchaser.
  • Purchaser appoints an Attorney.
  • Agent instructs vendor’s attorney to prepare Sales Agreement
  • Sales Agreement is signed by vendor.
  • Vendor to provide Purchaser’s Attorney with copies of the Title Deed, Survey Plan & current copy of the Land Register.
  • Signing of conveyance takes place 2-4 months thereafter.
  • All property tax, personal tax and national insurance contributions plus utility bills and condominium fees (if applicable) must be fully paid before closing.

How long does a sales & purchase transaction take to complete?
Approximately 1-6 months.

Who pays Real Estate Agency commission?
The vendor pays the real estate agency commission. There is no fee charged to the purchaser.