Do your research when buying real estate in Antigua and Barbuda

Although the Caribbean is traditionally viewed as a refuge for the rich and famous, there are still some affordable property options to be found in Antigua and Barbuda. Luxurious Beach Front Villas can still cost into the millions, but heading a small distance inland can significantly lower prices. Using your new property as a rental investment could also make good financial sense. Save money by planning your own self-build. Be warned though deadlines and build schedules may not be taken as literally as they are back home and huge delays on jobs can often be viewed as “no big ting”.

There are a number of regulations to be observed when purchasing a property in Antigua. Non-nationals must apply for a non-citizen landholder license from the government when they have found a property to purchase. This can take several months to be approved, so for an expat to buy property in the country can be a time consuming business. This will cost approximately 5% of the value of the property. The purchaser must also pay a transfer fee of 2.5% of the purchase price and the seller will pay 7.5%. Other fees that must be paid by the purchaser include 1.5% in legal fees and a 3% government tax on any loans which are arranged through an Antiguan bank

Most properties available are freehold and if you are buying the property to rent out you can avail yourself of the services of a property management company for 10%-20% of the monthly rental income and all issues will be taken care of for you. All purchasers are advised to take out homes insurance to cover the building and separate contents cover if required. This is usually about 2% of the insured value.

 

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