Buying In Antiguan Real Estate
There are people who dream of living in an island paradise and then there are people who buy an entire island to become their playground. Think Mel Gibson. Well, since you are neither one of the two, you can invest in real property in the island paradise of Antigua in the Caribbean!
What You Can Expect
Since there is only so much land available, it is important to purchase some of the highly desirable land in Antigua while you still can. Just about anywhere in Antigua will give you incredible views so there should not be a problem in finding just the right land for you and your family.
And we are not just talking about nature in its most beautiful incarnation either because even God?s own images in Antigua are beautiful! You will see proof of this statement during the Antigua Carnival where men and women in various states of undress shake their booty to hypnotic African music.
What You Can Expect To Pay
Just like any property in the world there are going to be some additional fees and costs associated with the purchase process that is above and beyond the actual sale price. It is important to know what those are.
There are also some government-imposed fees that you will have to pay. These fees are related to the property that you purchase. There is the Alien Landholding License which is five percent of the property value, stamp duty which is two and a half percent, and the legal fees which are around one to two percent of the property value.
Once it is all calculated together you will be looking at spending up to an additional quarter of a percent of the property value, on top of the purchase price of the property. If you are shopping on a tight budget, that is something that you will want to take into consideration. And remember, paradise does not usually come cheap.
What You Will Do
Investing in island property is relatively easy especially as the Antiguan government is keen on foreign investments pouring into their coffers. Antigua is also a tax haven so you need not worry too much about your property becoming another white elephant on your tax forms.
However, being an alien from another planet, er, country, you need to secure an Alien Land Holding License before you can proceed with the purchase. It will take at least 3 months to process so in the meantime, take your holiday in one of the island?s many rental villas.
Many wonder why Antigua is always promoted as the place to purchase instead of Barbuda, its sister island. The answer is simply, the purchase of even a single rock is prohibited in Barbuda.
Since real estate laws can get a little confusing, especially when you are purchasing property outside of your home country, you might need to think about hiring a property management service. This service can handle all of the fine print and documents so that the purchase of your new property is one that goes through without problems.
When you have the deeds to your house and lot, it?s time to start thinking about the next step. No, it?s not refurbishing and redecorating. It?s taking a holiday in paradise and being king (or queen) in your own island kingdom!
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