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 a non-refundable EC$1,500 and the license fee (once approval is granted)is a additional EC$5,000 - EC$50,000, which is dependent on the size of the land being purchased.
- License Fee: As above
- Legal Fees: Approx. 0.5% - 2.5% of the purchase price + 12.5% 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.