Buying Property In Antigua
Before investing any money into the real estate market, think about the main purpose of the purchase. For example, would you like to live on the island, open up some kind of business or make money through rentals? Based on your requirements, you can choose a property ranging from a studio apartment near the city center to a 5-bedroom villa by the oceanfront.
buying property in antigua
You are more likely to come across expat style housing if you opt for one of these areas. However, property prices are likely to be higher in these regions too. Choose your location carefully, as it is the key to your lifestyle and the value of resale.
If you are planning to explore business opportunities in Antigua, a commercial property in the bustling capital of St. John may be more suitable, especially for a retail establishment. Other areas around Jolly Harbor and English Harbor are also developing at a fast pace commercially.
In the early to mid-2000s, Antigua and Barbuda were regarded as the best destinations for buying property and this led to a huge hike in real estate prices. Since then, the market has cooled down to some extent but not much has changed in the last four or five years. In general, housing costs on this island are fairly high compared to the rest of the Caribbean.
Additional Costs When making an investment in real estate, you are likely to incur a number of expenses apart from the actual price of the property. It is imperative that you take these expenses into account beforehand, to avoid any problems once you initiate the purchase process.
Rental Yields and Income Tax Expatriates hoping to earn a lot through property rentals are generally advised to invest in places other than Antigua and Barbuda because the prices as well as other costs on these islands are relatively high, and yet gross yields tend to be quite low, averaging about 4%. It may be a challenge to find a tenant on a long-term basis, since most people visit the island for a few weeks at the most. A majority of the tenancy agreements in Antigua and Barbuda are short-term leases.
If you are purchasing property on this island mainly to become eligible for the CIP, do consider the additional costs beforehand. The fees are non-refundable and have to be paid in full by the time you receive the approval letter. Below is are the rates of the government processing fees.
When making the decision to buy a house in Antigua and Barbuda, you should also understand the procedure and cost of selling property. As the landlord, you will be liable to pay the stamp duty fee of 7.5% as well as commissions in case you require the services of a real estate agent.
Location requires careful consideration if the investment is to be maximised. Buyers will need to choose wisely taking into account whether the property is to be used by themselves or rented by holiday makers or locals. The best areas for foreign investors to buy homes are considered to be areas where there exists an expat community, such as:
Property prices are generally on the higher end of the scale in the Caribbean, following a boom in the early to mid-2000s. Prices vary according to location, proximity to beaches and other facilities and the size, condition and age of the property. Average current prices are in the region of US$350,000 for a 2-bedroom house and up to around US$600,000 for a 3-bedroom property.
Tax on income from property rental in Antigua and Barbuda is relatively high at a flat rate of 20%, making it difficult to gain a significant return from a rental investment as previously described, with the average rental yield being only around 4%.
Astons have an extensive and varied portfolio of real estate in the Antigua & Barbuda, elsewhere in the Caribbean and around the world. Contact us here for a free and friendly, no obligation consultation with a member of our highly experienced and knowledgeable international team, who are ideally placed to provide you with accurate, up-to-date advice on all aspects of property investment and Residency and Citizenship by Investment in the Caribbean and worldwide.
Our guide takes you through the process of buying property in Antigua & Barbuda from beginning to end, including an introduction to the real estate market, the buying process, and the taxes you will need to be aware of.
Yes, foreigners can buy property in Antigua and the Government of Antigua welcomes investment from overseas buyers. There are no restrictions on foreign buyers acquiring real estate in Antigua and foreign buyers enjoy the same rights as Antiguan citizens. In order to purchase real estate in Antigua, foreign buyers need to apply for a Non-Citizens Land Holding Licence (NCHL or NCL) for which there is a fee of 5% of the purchase price. Alternatively, purchasing property in an approved real estate project may qualify the buyer for full citizenship of Antigua through the Antigua and Barbuda Citizenship by Investment Program.
This informative guide provides vital information in the process of buying a property in Antigua & Barbuda from start to finish. It also contains details on the real estate market, the process of purchasing property and the taxes and fees that you need to pay.
Fortunately, the Government of Antigua welcomes overseas buyers and investors. In fact, no prohibitions are being imposed upon foreign buyers acquiring real estate in Antigua as they also have the same rights and privileges as those Antiguan citizens. To buy real property in Antigua, overseas buyers should apply for a Non-Citizens Land Holding Licence (NCHL or NCL) and pay 5% of the purchase price as a fee. In the alternative, the buyer of any property in an approved real estate project may avail of the full citizenship of Antigua through the Antigua and Barbuda Citizenship by Investment Program.
Whether you are looking for a real property fronting the beach or property located in the business center of the island, we are always available to assist you in finding a perfect lot of land for sale in Antigua.
The first thing you must do when buying property in Antigua is to contact a reputable real estate lawyer - legal fees will cost between 15 - 2% depending on the properties value. If you are struggling to find a reputable estate agency, contact us today.
When buying a property in Antigua, there are a number of regulations that must be observed to ensure the buying process is straightforward. Every non-resident must apply for a non-citizen landholder licence from the government once a decision has been made on what property to buy which can take several months to process. The cost of this licence will be 5% of the property value.
There is so much to explore on this Caribbean, once you visit you won't want to leave. To find out more top tips about buying property in Antigua, check out our Buyer's guide to Antigua Property. Alternatively, if you are looking to sell property, check out our expert Antigua selling guide.
Antigua and Barbuda has real estate for anyone, holidaymakers, retired people, investors under the Citizenship by Investment program and others. You have options of buying or building your own home or buying shares in residences or hotel resorts.
These islands with their stunning harbours and verdant hills are meant to be lived on, and we are not the first to appreciate it; Giorgio Armani and Dolce & Gabbana have already made them their home. This is what attracts property seekers to them:
The process of acquiring a property on the islands is streamlined and simple. It is done to attract more foreign investors and developers. However easy it may seem, we strongly recommend having a local lawyer help you with the real estate transaction.
Once you have found what you were looking for, either on your own or with the help of a real estate agent, it is better to check that there are no encumbrances on the property. An attorney can do it for you by assessing a title deed. This will save you from any unpleasant surprises. After the evaluation, the attorney prepares a sale and purchase agreement.
They are charged on the market value of the property and rates vary from 0.1% to 0.5% depending on its value and use. Agricultural land is taxed the lowest, while the highest tax is levied on buildings other than residential. Allowances and tax rebates apply.
Before buying in Antigua, you should do an independent structural and land survey on the property to ensure the structural integrity of the property and ensure the property boundary lines are correct.
As a homeowner, it is natural that you want to wait for an offer before lowering the price. However, this presents a serious risk: You will likely never receive any offers, as buyers only see houses a little above what they can afford. This is explained in the graphic above. In other words, at a high price, your property will be i
All overseas purchasers must apply for a Non-citizens Landholding Licence [NCLHL] (unless applying for Citizenship by Investment) in order to buy land or property. An application for a NCLHL CANNOT be made until after a contract has been exchanged and only applies to that specific property. The costof a Non-citizens Landholding Licence is 7% of the value of theproperty and usually takes 3 to 4 months but the government have indicated this will speed up.
Under Section 11(1)(g) of the Money Laundering (Prevention) Act, Cap. 284A, amended by section 7 of the Money Laundering (Prevention) (Amendment) Act 2018 - DIRECTIVE (Real Property Business) No. 1 of 2020 Issued: 2 January 2020, estate agents are required to carry out due diligence checks on the purchases and sales of property. It is illegal to sell property that is the proceeds of crime and it is illegal to purchase property with funds or other consideration that are the proceeds of crime; such transactions constitute money laundering. Estate agents have a legal obligation to verify the source of funds when engaging in property transactions.Estateagent commissions are 4% to 6% on sale of both residential andcommercial property and free if you are purchasing unless you employ anagent to search for you. Insurance coverage is approx. 2% of insuredrisk with a deductible of 2%. Insurance includes earthquakes and namedstorms although limited cover is also available. 041b061a72