10 Tips for Buying Property in the Caribbean

1.

If purchasing property in the Caribbean by way of mortgage, you should apply to a local lending institution for pre-approval before commencing with your property search.

 

2.

Always request a full written breakdown of the legal fees and disbursements from the Attorney whose services you wish to retain to deal with the purchase of property in the Caribbean on your behalf.

 

3.

Funds going into Barbados from abroad to purchase property on the island should be registered with the Central Bank of Barbados.

 

4.

Purchasers of property in Jamaica who live outside of the island are required to have a Taxpayer Registration Number (TRN), which is a unique 9-digit number that is allocated by the Tax Administration Jamaica.

 

5.

You must be on the island to sign the conveyancing documents when purchasing property in St. Lucia.  Where this is not possible, a Power of Attorney must be granted to someone in St. Lucia to sign these documents on your behalf.

 

6.

Non-nationals purchasing property in Dominica, Grenada and St. Lucia must obtain an Alien Landholding Licence before committing to purchase property in these islands.

 

7.

Always obtain an independent survey and valuation of the land or home that you wish to purchase in the Caribbean.

 

8.

UK residents are advised to use the services a foreign exchange company when buying property in the Caribbean in order to protect your funds against fluctuating rates of exchange.

 

9.

Avoid involving family when purchasing property in the Caribbean.

 

10.

A Will made in the UK will usually cover your property in the Caribbean.

These tips that have been put together by Tropical Connections to highlight some of the points to be considered by overseas residents who are thinking of buying property in the Caribbean.

Further information about buying property in the Caribbean can be found at https://www.tropicalconnections.co.uk/buying-property-in-the-caribbean-without-tears.

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7 Comments to “10 Tips for Buying Property in the Caribbean”

  1. Rose Jones says:

    I am so ecstatic that I have come across this website and found these top ten tips.

    The advice you have provided is very useful, as I am in the process of looking to purchase a property in the Caribbean. These tips have helped answered a number of questions in my mind, as well as, highlighted some very important facts which a potential investor needs to be aware of.

    Thank you for offering these valuable top ten tips.

  2. Thank you, Rose. I’m glad to hear that you have found these tips useful.

  3. Thank you for these really valid tips. Very helpful

    Victor.

  4. And thank you Victor for taking the time to communicate this.

  5. Clarence cole says:

    These are very useful tips for doing business in the Caribbean. Thank you for sharing your knowledge with your readers. If anyone wanted to buy property in the Caribbean will you be able to advise us as we go along?

    • Mr Cole, helping buyers with the entire process for purchasing property safely in the Caribbean is one of the main services that we provide, commencing with sourcing suitable properties to match buyers’ specific requirements through to taking delivery of title documents. Feel free to contact us for further information if you are thinking of buying property in Barbados, Dominica, Grenada, Jamaica or St. Lucia.

  6. Mr Cole, helping buyers with the entire process for purchasing property safely in the Caribbean is one of the main services that we provide, commencing with sourcing suitable properties to match buyers’ specific requirements through to taking delivery of title documents. Feel free to contact us for further information if you are thinking of buying property in Barbados, Dominica, Grenada, Jamaica or St. Lucia

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