blog

blog https://caribbeanworld-magazine.com/real-estate/buyers-guide-2/buyers-tips/ Countdown to moving in! https://caribbeanworld-magazine.com/real-estate/buyers-guide-2/buyers-tips/countdown-to-moving-in/ Use our handy guide to get jobs done - there is plenty to do while you wait for the keys to your Caribbean home.
✓Book an international removal firm to ship personnel effects over to the Caribbean
 ✓ Declutter and host a yard / car boot sale or donate items you don’t plan to keep.
 ✓ If you are renting out your UK / US home, appoint a managing agent 
 ✓ If you are selling your UK / US home, engage a sales agent
 ✓ Create a Moving File to store all receipts, freight invoices and insurance paperwork
 ✓ Prepare an inventory of everything your new house will need, room by room 
 ✓ Start a file of recommended tradesmen and create a list of jobs you will need doing
 ✓ Create a Mood Board of decor, furnishing and colour ideas for interior design projects 
 ✓ Make travel arrangements for everyone making the move, including pets
 ✓ Change your Will with the solicitor to include the new property
 ✓ Set up an alert with a reputable currency exchange specialist to monitor the rate 
 ✓ Seek confirmation from your doctor of any medication you take by its generic name. 
 ✓ Cancel memberships and subscriptions
 ✓ Make gifts of all live plants that you cannot transport yourself.
 ✓ Donate unopened food cupboard items to the local Food Bank.
 ✓ Ask for copies of children’s school records
 ✓ Request records of your pets’ health from the vet
 ✓ Request copies of all documents you need to take with you.
 ✓ Draft moving notices for colleagues, friends, neighbours and family
 ✓ Plan a leaving party!
 ✓ Plan a house warming party! Tue, 05 Mar 2019 17:45:57 +0000 https://caribbeanworld-magazine.com/real-estate/buyers-guide-2/buyers-tips/countdown-to-moving-in/ You’ve seen the gorgeous Caribbean villa shaded by palms and overlooking the sea – and you want it! https://caribbeanworld-magazine.com/real-estate/buyers-guide-2/buyers-tips/you-ve-seen-the-gorgeous-caribbean-villa-shaded-by-palms-and-overlooking-the-sea-and-you-want-it/ Follow our guide as you finalize your sums and consider finance / mortgage options. Remember, most of what you know about financing real estate will not apply to other countries – and even experienced investors require local help when financing the purchase of a property abroad.
Do: Take legal advice. Use a lawyer, either one based in the Caribbean who is experienced in buying and selling second homes, or one based in the UK who also has experience of foreign purchases. Among the things you need to establish are that you have full legal title to the property.
Do: shop around for finance. Remortgaging your home in the UK is likely to be the cheapest, quickest and easiest way to raise funds. However, if you plan to let your second home in the Caribbean, there may be tax advantages to taking out a specific loan or mortgage to buy the property. Interest on the loan can generally be deducted from rental income to reduce your tax liability.
Do: be aware that taking out a mortgage with a Caribbean bank can be a long, drawn out process which take months compared with the days or weeks which UK banks take. You will also normally need to produce proof of identity and proof of income in person and a Caribbean bank account will be required.
Do: remember that all loans granted for second home purchase in the Caribbean will be offered in US Dollars.
Do: remember that the costs of arranging a loan or mortgage through a local bank in the Caribbean will tend to be higher than those typical in the UK.
Do: give serious consideration to using a broker to act for you if you want to raise a mortgage with a Caribbean Bank. You will have to pay a fee but the process will be infinitely smoother and the broker may well be able to get a better interest rate than that offered to general customers.
Do: think about the advantages of buying through an Offshore Company. Independent legal advice should, of course, be sought as this process is both expensive and complicated. However, to take the case of just one island: many non-Barbadians choose to buy property via offshore companies registered in Barbados, to avoid the 8.5%, property transfer tax and stamp duty.
Do: ask your accountant in the UK to investigate UK tax implications of your purchase, especially if you plan to rent the property or to sell after only a few years.
Do: behave as sensibly as you would when buying a property in the UK. Get a structural report on an old property and investigate what sort of building guarantee or insurance you will get with a new property.
Don’t: let the solicitor employed by your builder to act for you too. Developers often set up a panel of legal advisers to help the buying process move smoothly but be aware that this may result in a conflict of interest. It is safer to take completely independent legal advice.
Don’t: get carried away on holiday and write out a non-returnable deposit for the holiday home of your dreams. Allow yourself a cooling off period and take the time to investigate all the tax implications relating to the purchase, including land tax and local versions of capital gains tax.
Don’t: forget to ask your estate agent or lawyer about any extra costs involved in buying a Caribbean property – either local taxes or fees to government departments.
Don’t: go ahead before investigating in detail every stage of the transaction. All foreign countries do things differently. Foreigners who buy in Britain may well be horrified to find they have to pay stamp duty. Make sure you are not caught out when buying in the Caribbean. Tue, 05 Mar 2019 17:37:46 +0000 https://caribbeanworld-magazine.com/real-estate/buyers-guide-2/buyers-tips/you-ve-seen-the-gorgeous-caribbean-villa-shaded-by-palms-and-overlooking-the-sea-and-you-want-it/ In a region comprised 7,000 idyllic palm-clad islands, the big question is; where in paradise should you buy? https://caribbeanworld-magazine.com/real-estate/buyers-guide-2/buyers-tips/in-a-region-comprised-7-000-idyllic-palm-clad-islands-the-big-question-is-where-in-paradise-should-you-buy/ Though it is summed up, in simple terms as “The Caribbean”, the region is an absolutely vast archipelago of 7,000 islands each lapped by the warm waters of the Caribbean Sea. Due to its size, the region is subdivided into a few distinct areas: the Lucayan Archipelago, the Greater Antilles, the Lesser Antilles and the ABC Islands. The Caribbean region is actually 13 sovereign states and 17 dependent territories, which stretches across more than 1.06 million square miles. Primarily located between North America and South America, the Caribbean’s predominant languages are English, Spanish, French, Dutch and Antillean creole. Each island boasts its own unique geological character and landscape, from volcanic rock, scrub and limestone to coral, rainforest and exotic blooms. Key islands for investment by overseas buyers that have a long-standing popularity with British buyers, include Barbados, Barbuda and Antigua, St Lucia, Trinidad and Tobago and The Bahamas. The variety of property on the market in the Caribbean is as wide as your imagination. From villas with million dollar price tags and A-list neighbours, to simple but beautiful apartments with stunning Caribbean views.
<img src="https://caribbeanworld-magazine.com/assets/_resampled/resizedimage600450-Palm-Clad-Islands-2.jpg" width="600" height="450" alt="" title=""/>
Barbados (Windward Isles)
A loyal celebrity crowd have long favoured Barbados - and this is the island to pick if you are looking for a show-biz scene. Barbados is often referred to as “Little Britain” due to its strong historical ties to the U.K. It was first settled by the British in 1627 and there are telltale reminders of this all across the island. Since then, Barbados has transformed itself into a dream vacation destination with a well-heeled crowd. With an area of 167 square miles, the island has a width of approximately 14 miles and a length of more than 21 miles. Most of the holiday resorts are on the west coast where the land is curvaceous with the highest point around 1,120 feet. 
Some of the palatial mansions here may be sixty or 70 years old but they have been beautifully maintained and remodelled. Even older still are the handsome colonial houses built around neat paved courtyards, adorned with flower-filled planters and intricate ironwork. Luxurious villas in Barbados fiend to be high-spec with smart-tech kitchens, swimming pools and state of the art Jacuzzis. The island has a limited portfolio of available smaller houses - an affordable option for life on Barbados, for those who don’t have a multi-million-dollar bank balance and a opulent pad at Sandy Lane Beach. 
 
Barbuda and Antigua (Lesser Antilles) 
With its location off the coast of South America and east-southeast of Puerto Rico, the islands of Antigua and Barbuda famously boast 365 beaches - one for each day of the year. With long-standing historical links to Britain, the island of Antigua warmly welcomes expatriate investor-buyers of property on its shores. Not only does it offer enticing tax incentives, and a safe and politically steady culture, owners may even benefit from the citizenship by investment program (CIP) if they reside in Antigua for more than 35 days each year. 
English is the primary language and all the major attractions, luxury resorts and the sailing scene is located with easy access to the capital city, St. John’s. The islands are a constitutional monarchy, with a government based on the English model. It is headed by Queen Elizabeth II and led by a prime minister and parliament. Enter a civic building, a school or a town hall and there will be a portrait of the Queen on the wall. 
Real estate prices today are taking time to recover from the lows of the housing crisis a decade ago. However, the country has long-attracted overseas buyers thanks to its scenic beauty and untouched beaches. So while the country itself is sparsely populated, demand for its property is high. Popular areas with foreign investors include: Jolly Harbour, English Harbour, Jumby Bay, NonSuch Bay, Sugar Ridge, Tamarind Hills, and the residential areas just north of St. John’s, the capital city.
<img src="https://caribbeanworld-magazine.com/assets/Palm-Clad-Islands-3.jpg" width="530" height="321" alt="" title=""/> 
St Lucia (Windward Isles)
After a dramatic slump during the global economic woes of 2010, St Lucia's property market has been perking up nicely since 2014. Biggest areas of growth centre on properties aimed at the expatriate market, especially mid-priced entry level villas. British, American and Canadian buyers lead the way in taking advantage of all-time low prices – sometimes 15 to 25 per cent off the listing price of new houses and condominiums in both the north and south areas of St. Lucia. 
Entry level properties start at around US$166,000, while villas in high-end resorts can command upwards of US$9 million. Notable for featuring a marina or a top-notch golf course as a key selling point, many of the best addresses include high-specification private suites with anchorage or unrestricted tee times. Tourism is the driver behind property sales in St. Lucia and it represents a much smaller market than countries like Barbados and Antigua. Hailed as the <a href="https://www.caribjournal.com/2018/03/19/saint-lucia-caribbeans-fastest-growing-destination/">fastest growing tourism destination</a> in the region in 2017 by the Caribbean Tourism Organization, arrivals in St. Lucia are climbing each year (currently 1.1 million). More than 850 new hotel rooms have been added to the island's inventory including those under the Fairmont, Hilton and the Ritz Carlton brand. 
Trinidad and Tobago 
Foreign homebuyers in Trinidad and Tobago come mainly from Britain, Germany, the United States and Canada. In Tobago, the most desirable addresses are those close to the islands finest soft-sand beaches. In Trinidad, the most attractive locations to rent or buy are the upscale apartment complexes in the Port of Spain suburbs of Westmoorings and Goodwood Park and the luxurious gated communities of Bayside Towers, The Greens and Maraval Valley. 
Unlike many of its Caribbean neighbours, Trinidad and Tobago boast considerable wealth due to its natural resources. It doesn’t rely on tourism, but depends heavily on oil and gas production. Until a few years ago, property was a booming business too - but a newly introduced property tax of 3 per cent on residential property and 5 per cent on commercial property has seen Trinidad and Tobago’s real estate sector stall. Because tourism isn’t a pivotal part of the economy here, the country features huge expanses of pristine, virtually untouched wilderness. A trio of mountain ranges sprawl across the country, affording plenty of opportunities to hike, bike and walk bird-filled rural trails. 
English is the primary language, however the Trinidad and Tobago population is incredibly ethnically diverse. Spanish is spoken in Port of Spain and a Caribbean dialect of Hindi is also spoken in some areas as well as French and Chinese.
 
The Bahamas
 Though technically in the North Atlantic Ocean, not the Caribbean Sea, the Bahamas are located north of the Greater Antilles and southeast of Florida. As an honorary member of the region, the Bahamas is formed of thousands of cays (coral reef islands) of which most are uninhabited. Only a handful of the larger islands get any real attention from tourists - the busiest is, by far, New Providence Island. The capital Nassau, is home to the world-famous Atlantis resort, a large number of bars and restaurants. Grand Bahama is best known for its amazing underwater cave systems. Other smaller islands are renowned for their wildlife, birds and underwater coral gardens. Most island landscapes in the region are long, flat coral reef formations. Smatterings of small, rounded hills appear here and there in some areas - the highest being .Mt. Alvernia at 63 meters high. 
Named from the Spanish for “shallow water,” it is the diving, sailing and water-sports of the Bahamas that has driven its tourist economy since the islands won independence from the U.K. in 1973. Since then The Bahamas has worked hard to nurture a stable and attractive investment climate. Today the Government promotes its skilled professional workforce, stable economy, sound legal framework, modern infrastructure, proximity to key markets and tax incentive to attract inward investment from overseas. It has redeveloped the country’s principal airport, which is the largest public sector project ever undertaken in The Bahamas. Another major project has been the deepening of Nassau Harbour to accommodate the world’s largest passenger vessels. Roads have been built, upgraded and extended and there is a new cargo port just outside the City of Nassau. The islands have attracted the hotel brands of Morgans, Rosewood and Hyatt while golfers Tiger Woods and Ernie Els have lent their names to exclusive high-end residential resorts. The proximity of The Bahamas to the United States has ensure the islands are popular with US buyers looking for a second home. On the 29 inhabited islands, luxurious condominiums, estate homes or bespoke builds are just some of the high end choices. And, of course, there is also the option of a private island. The Bahamas is well served by a network of domestic and international airlines which provide direct flights from all major international cities. Buying conditions are relaxed: overseas investors may acquire residential properties of up to two acres without prior government approval. The Bahamas has no restrictions on current account transactions, nor any restrictions on the repatriation of profits. Additionally, persons who purchase a home in The Bahamas valued at $1.5 million or more may receive accelerated consideration of their application for Permanent Residency - processed within a period of 21 days.
<img class="left" src="https://caribbeanworld-magazine.com/assets/Palm-Clad-Islands-4.jpg" width="576" height="450" alt="" title=""/> Tue, 05 Mar 2019 14:05:14 +0000 https://caribbeanworld-magazine.com/real-estate/buyers-guide-2/buyers-tips/in-a-region-comprised-7-000-idyllic-palm-clad-islands-the-big-question-is-where-in-paradise-should-you-buy/ There are real estate hot spots popping up all over the world. So, why buy in the Caribbean? https://caribbeanworld-magazine.com/real-estate/buyers-guide-2/buyers-tips/there-are-real-estate-hot-spots-popping-up-all-over-the-world-so-why-buy-in-the-caribbean/ Investment in infrastructure, rising tourism figures and glorious year-round sunshine continue to ensure the Caribbean region gets top ranking as a great place to buy a property.
<img src="https://caribbeanworld-magazine.com/assets/_resampled/resizedimage600238-RealEstateHotSpots-2.jpg" width="600" height="238" alt="" title=""/>
365 days of Sunshine It doesn’t matter if you are buying an island home to live in, or investing in a property to rent out to vacationers, the gorgeous year-round weather in The Caribbean is a major draw. Rental villas can achieve year-round occupancy in the most popular island locations, thanks to the region’s 365 day sunshine. Although situated in the tropics, the islands are not unbearably hot and the islands are blessed by cooling breezes. Temperaturevariation are slight, rarely falling below 28 degrees Celsius in both winter and summer. Downpours are often followed by bright sun.
Running from June to November, the official hurricane season is well-supported by a satellite forecasting system that can raise the alarm with good warning. Recent building developments are constructed to withstand such forces.
Regional stability
Largely untouched by political unrest, or the recent spate of terrorism, the Caribbean is a rare part of the world that have been secure, safe and stable. Efforts since the early 1990’s to form a united Caribbean community have led to a proactive campaign by various Governments to promote their countries as an excellent investment opportunity to overseas buyers. With the exceptions of Cuba and Haiti, the islands enjoy healthy democratic governments. Lively debate is encouraged so politics is far from dull. Elections, like almost everything else, are generally a pretext for a party.
Religious stability is prevalent in Caribbean life where there is a great mix of religions and beliefs, all cohabiting side by side. Christianity is the major religions, but it is common to see Hindu temples situated next to churches.
Rental income If you plan to use your Caribbean property as an income stream, the region’s highly established popularity with tourists means there is always a stable rental pool. Yields of 12% aren’t uncommon (weekly rates start at around £2,000 for a family-sized property). So as long as the UK continues to offer cold unpredictable weather for the majority of the year, the demand isn’t likely to change!
Lifestyle
For most people, the Caribbean represents our vision of paradise: the perfect summer ideal with flawless sands, vvid exotic blooms and warm, crystalline waters. Tourists associate this highly desirable lifestyle with its leisurely pace of life and laid-back ‘no rush’ attitude with the perfect holiday vibe. To live here, or spend extended periods in the Caribbean in amongst the warm smiles of the local people is a stress-free dream come true for most of us. For the sports minded there is world-class scuba diving, windsurfing, cricket, fishing or golfing to partake in. Celebrities gush about their love of the Caribbean, from the boutiques in Tobago and the seafood restaurants of Antigua to the fine rum and wine bars of Barbados. Having access to this sort of lifestyle, or even better, living in a home in the Caribbean, is a sure-fire way to acquire immediate jet-set appeal
<img class="right" src="https://caribbeanworld-magazine.com/assets/RealEstateHotSpots-3.jpg" width="480" height="320" alt="" title=""/>
Culture
Caribbean culture centres on its love of party and the biggest event of the year is the carnival. Each island has its own carnival yearly with Trinidad being considered the most famous and spectacular. Music forms the beating heart of every island with calypso, soca and reggae and is nowhere stronger than in Jamaica - the home of Bob Marley. Colonialinfluences can be found its upheld sporting traditions, such as cricket and horse racing where events inevitably end in a party! 
Tax Advantages
The Caribbean is synonymous with the tax benefits it offers with each island offering advantages under its own distinct legal system. Best known are the Cayman Islands and Turks and Caicos where an absence of property taxes, income tax, capital gains tax, inheritance tax and stealth taxes are further enhanced by zero restrictions on the foreign ownership of property. In the Bahamas, income tax has also been abolished and it offers other advantages such as non-expiring building rights. Other islands offer other tax benefits even if they are not complete tax havens, e.g. in Barbados purchasers don’t pay transfer tax or stamp duty; in the Dominican Republic, there are no real estate taxes; while buyers in St Kitts and Nevis offers eligibility for alternative citizenship and passport as well as exemption from income tax, capital gains tax, wealth tax and inheritance tax.
Accessibility
Frequent flights from the UK and the US serve the Caribbean region year-round, ensuring maximum opportunity for enjoying your Caribbean home or using it for income potential. Long-standing trade, tourism and cultural ties exist between the Caribbean and the UK. Many Caribbean islands are on the most popular cruise liner itineraries departing ports from the UK and US. Tue, 05 Mar 2019 13:56:00 +0000 https://caribbeanworld-magazine.com/real-estate/buyers-guide-2/buyers-tips/there-are-real-estate-hot-spots-popping-up-all-over-the-world-so-why-buy-in-the-caribbean/ Buying Your Own Piece of Paradise https://caribbeanworld-magazine.com/real-estate/buyers-guide-2/buyers-tips/buying-your-own-piece-of-paradise/ Tips for buying a Caribbean dream home
It has never been easier to snap up a property on many of the Caribbean islands thanks to relaxed rules regarding foreign ownership and a much-welcome reduction of red tape. Prices have stabilized after a period of rapid growth. Governance is much improved, construction is of a high standard and infrastructure for expatriates mature and well-established.
Of course any major investment requires plenty of research coupled with lots of robust, basic common sense. The Caribbean region has its own quirks and foibles - and no more so than in its handling of real estate. It isvery important not to make assumptions that buying a home on a Caribbean island will be similar to doing so at home. 
So, where to start?
Location: This is an all-important first decision to make. If you have fallen in love with a particular island then it may be simple to narrow down your choice. But if you are coming to the Caribbean with an open mind remember there are 7,000 islands to choose from! Don’t skimp on fact-finding at this stage as it is important to do some deep digging to establish the pros and cons of a location based on a wide range of socio-political, financial and lifestyle factors, such as amenities, crime figures, accessibility, costs and legal requirements.
Property type: Caribbean homes come in a zillion different build styles and range from multimillion dollar mansions featuring a custom built cinema and private beaches to simple apartments with one or two bedrooms. Your budget may well govern what you buy but another important point to consider is how often you intend to occupy the home. A holiday home or a villa for rental is a very different proposition to a family property you intend to live in year-round. Either way, sound advice is vital.
Several Caribbean islands have luxurious planned developments designed with overseas buyers in mind - offering amenities such as swimming pools, restaurants, boat docks and other prestigious facilities such as big-name golf courses or spas
House-hunting: Most agents working with overseas buyers will put together a portfolio of suitable properties that match your criteria. They will set up viewings to fit around your schedule and accompany you to each property to ensure you are full briefed. They may also help in finding a suitable attorney and resolving all the queries that arise during the entire transaction. Often, they will negotiate the deal on your behalf and should always appraise you of the context of the sale. They can also help you understand the local ways of doing business and the island’s unique property conventions.
Bespoke build: Planning to build your own home? Then be sure to check the availability of first class architects and contractors on your chosen island. The region has good standards of local labour and materials. A reputable builder should be able to ensure supply chains, project management and budget control (ask to meet with previous clients for a face-to-face endorsement). Check with the relevant High Commission regarding any restrictions. 
Budget: Deciding on your maximum price-tag is essential at this stage. Do your sums, be realistic and once you have agreed on a figure make a pledge that you will stick to it. Don’t be seduced by a home that you can’t afford once you’re feeling blissed-out and uninhibited in the Caribbean: it’s easy to do, after a lunchtime rum cocktail on the beach, in heavenly sunshine, when caution can be thrown to the wind. So take your time, fix a budget and don’t lose your head.
Advice: Engaging a reputable real estate agent and seeking the advice of an impartial legal professional are two crucial steps - you will rely on their expertise, honesty and transparency considerably during the purchase and both need to be people you can trust. Ask for recommendations from other overseas buyers who have gone through the process. The local Chamber of Commerce, if there is one, will be able to help too. Check to see if there is a Real Estate Association in your chosen location. Online forums can be useful too.
Regulations: Although the 7,000 islands are summed up in one as “the Caribbean” legislation varies considerable from island to island, depending on the country. For example, The British Virgin Islands are a British Overseas Territory and the legal system is based on English common Law and locally enacted legislation. Other islands will have very different legal requirements, which will impact ownership rules, your tax situation, the financing the project and many other issues. The advice of an Independent Financial Advisor is recommended.
Fees: Be sure to get all property transfer fees, stamp duty legal and other related costs confirmed in writing before you sign on the dotted line - these fees vary enormously from country to country and will need to be budgeted for from the start. Another significant cost to consider is the import duty on personal possessions and furnishings you may wish to bring from home. Many overseas buyers wish to relocate pets too - each country has its own laws governing this.
Wherever you are considering buying, and whatever style of property is top of your list, remember that nothing is gained from too much stress, anxiety and budgetary concerns. Stick to the plan, take good advice, keep a cool head but most of all, enjoy your search for a slice of beautiful Caribbean paradise - happy house hunting!
 Tue, 05 Mar 2019 13:54:13 +0000 https://caribbeanworld-magazine.com/real-estate/buyers-guide-2/buyers-tips/buying-your-own-piece-of-paradise/ Mortgages https://caribbeanworld-magazine.com/real-estate/buyers-guide-2/buyers-tips/mortgages/ <h3>Our financial tips on buying a home in the Caribbean highlight some pitfalls and underline some precautions you should take.</h3>
By Jenny Knight
<img class="right" src="https://caribbeanworld-magazine.com/assets/mortgage1.jpg" width="300" height="448" alt="" title=""/>Do: Take legal advice. Use a lawyer, either one based in the Caribbean who is experienced in buying and selling second homes, or one based in the UK who also has experience of foreign purchases. Among the things you need to establish are that you have full legal title to the property.
Do: shop around for finance. Remortgaging your home in the UK is likely to be the cheapest, quickest and easiest way to raise funds. However, if you plan to let your second home in the Caribbean, there may be tax advantages to taking out a specific loan or mortgage to buy the property. Interest on the loan can generally be deducted from rental income to reduce your tax liability.
Do: be aware that taking out a mortgage with a Caribbean bank can be a long, drawn out process which take months compared with the days or weeks which UK banks take. You will also normally need to produce proof of identity and proof of income in person and a Caribbean bank account will be required.
Do: remember that all loans granted for second home purchase in the Caribbean will be offered in US Dollars.
Do: remember that the costs of arranging a loan or mortgage through a local bank in the Caribbean will tend to be higher than those typical in the UK.
Do: give serious consideration to using a broker to act for you if you want to raise a mortgage with a Caribbean Bank. You will have to pay a fee but the process will be infinitely smoother and the broker may well be able to get a better interest rate than that offered to general customers.
<img class="left" src="https://caribbeanworld-magazine.com/assets/mortgage2.jpg" width="300" height="233" alt="" title=""/>Do: think about the advantages of buying through an Offshore Company. Independent legal advice should, of course, be sought as this process is both expensive and complicated. However, to take the case of just one island: many non-Barbadians choose to buy property via offshore companies registered in Barbados, to avoid the 8.5%, property transfer tax and stamp duty.
Do: ask your accountant in the UK to investigate UK tax implications of your purchase, especially if you plan to rent the property or to sell after only a few years.
Do: behave as sensibly as you would when buying a property in the UK. Get a structural report on an old property and investigate what sort of building guarantee or insurance you will get with a new property.
Don’t: let the solicitor employed by your builder to act for you too. Developers often set up a panel of legal advisers to help the buying process move smoothly but be aware that this may result in a conflict of interest. It is safer to take completely independent legal advice.
<img class="right" src="https://caribbeanworld-magazine.com/assets/mortgage3.jpg" width="300" height="224" alt="" title=""/>Don’t: get carried away on holiday and write out a non returnable deposit for the holiday home of your dreams. Allow yourself a cooling off period and take the time to investigate all the tax implications relating to the purchase, including land tax and local versions of capital gains tax.
Don’t: forget to ask your estate agent or lawyer about any extra costs involved in buying a Caribbean property – either local taxes or fees to government departments.
Don’t: go ahead before investigating in detail every stage of the transaction. All foreign countries do things differently. Foreigners who buy in Britain may well be horrified to find they have to pay stamp duty. Make sure you are not caught out when buying in the Caribbean. Thu, 22 May 2014 13:26:07 +0000 https://caribbeanworld-magazine.com/real-estate/buyers-guide-2/buyers-tips/mortgages/ 12 Buying Tips https://caribbeanworld-magazine.com/real-estate/buyers-guide-2/buyers-tips/12-buying-tips/ <h2>Buying a home in the sun has always been a dream held by many people, and now it is more possible than ever. </h2>
But as with any real estate transaction, basic common sense applies and a few key points should be taken into account before signing on the dotted line. 
<img class="left" src="https://caribbeanworld-magazine.com/assets/12tips.jpg" width="300" height="214" alt="" title=""/>1. Choose your location. You probably will have fallen in love witha particular island, so finding your dream home should be relatively easy. Don’t be seduced into buying on speculation. It is far more sensible to buy a property on an island you know and love rather than in a location some one predicts is the Next Big Thing. There are never any hard and fast guarantees with investment of any kind, and real estate is no different.
2. There are homes on the Caribbean islands ranging from multimillion dollar mansions featuring a custom built cinema and private beaches to simple apartments with one or two bedrooms. Deciding on budget is the next step. Are you buying a holiday home or a villa for rental? Sound advice is vital either way 
3. Find a reputable real estate agent. Professional advice and guidance is crucial if your purchase is to go smoothly and most agents in this category can help not only with putting together a portfolio of suitable properties to view but also with finding suitable attorneys and making sure the entire transaction goes through as smoothly as possible. 
4. Be aware that regulations and local requirements will vary from island to island, depending on the country. For example, The British Virgin Islands are a British Overseas Territory and the legal system is based on English common Law and locally enacted legislation. Find out more about the island in which you are interested as this will affect your choice of attorney, tax situation, financing the project and many other issues which you will need to address. See our A-Z of the islands for pen nail sketches and visit our map.
5. Often, non residents will have to get permission to buy from local banks or financial institutions. Again, this is an area where a reputable real estate agent can advise when you make your initial enquiry; Purchasers are strongly advised to ensure that all arrangements with respect to financing are in place before entering into binding agreement. If you are buying for tax purposes, check with your financial advisor first. Often, you'll get a tax advantage when you purchase in the islands. The US Government, for example, offers a number of tax advantages to purchasers of second homes out of the US boundaries.
6. Property transfer fees, stamp duty legal, fees etc. will vary from country to country and this is something to establish with the attorney before making a final decision.
7. Be aware of import duty on possessions and furnishings.
8. If you are planning on building your own home, First class architects and contractors are available on the Caribbean islands with good standards of local labour and materials. Contact the relevant High Comission for details of costs and any restrictions. 
9. Purchases fall into three general types:
 
<ol><li>A home in a developer’s planned "community."</li>
<li>A villa.</li>
<li>A time-share or condominium.</li>
</ol>Contact relevant High Commission not Embassy or Consulate - (see Directory section)
10. Several Caribbean islands now have planned developments for you to investigate. These communities offer many amenities and the convenience of a planned setup. They’re often quite luxurious and offer prestigious items such as big-name golf courses.
11. Affordable villa properties are available on many Caribbean isles. Of course, the sky’s the limit here - you can spend as much as you want to! But the fact is that you don’t have to. The home could also be used as rental property for one or more weeks a year, when you’re offsite, and make money to help pay off the cost. Always be careful to choose a well-established agency to assist you if you decide to offer your home for rent. Understand local ways of doing business and local property conventions.
12. There are a number of timeshare properties on the islands.. If you just want a place for a couple of weeks a year, this is a great way to avoid the maintenance and upkeep of a property, and still enjoy "ownership" of a place. Many of these timeshare condominiums or villas have wonderful amenities to offer along with the convenience of being ready for
occupancy when you arrive. Happy House Hunting! Thu, 22 May 2014 13:26:00 +0000 https://caribbeanworld-magazine.com/real-estate/buyers-guide-2/buyers-tips/12-buying-tips/ Why Buy in the Caribbean https://caribbeanworld-magazine.com/real-estate/buyers-guide-2/buyers-tips/why-buy-in-the-caribbean/ The Caribbean has firmly established itself as one of the best places to escape to with its great weather, beaches, culture, sport and wildlife offering something for everyone on holiday. But, has the Caribbean also become one of the best places to buy abroad in? Well, it certainly looks like it as Sally Stileman considers the main factors which have contributed to the region becoming one of the most desirable places in which to live and own property.
<h2>Climate</h2>
<img class="left" src="https://caribbeanworld-magazine.com/assets/shutterstock2838244_2.jpg" width="300" height="184" alt="" title=""/>The overwhelming attraction of the Caribbean islands has got to be the weather. Although situated in the tropics, the islands are not unbearably hot and the climate is considered by many to be as near ideal as possible. The temperature only varies slightly and rarely drops below 28 degrees Celsius in both winter and summer: any humidity is suppressed by cooling trade winds while downpours are often followed by bright sun.
Although the official hurricane season runs from June to November, there is no need for alarm as satellite forecasts give enough warning that precautions can be taken and recent building developments are built to withstand such forces.
<h2>Stability</h2>
<img class="left" src="https://caribbeanworld-magazine.com/assets/shutterstock781705.jpg" width="300" height="200" alt="" title=""/>In today’s political climate the Caribbean is a rare part of the world that has remained largely untouched by the recent activities of war and terrorism, so the islands are a particularly safe haven. Since the early 1990’s strenuous attempts have been made to form a united Caribbean community and the result has been the creation of pro-active Governments eager to promote their countries as an excellent investment opportunity through property buying. All the islands (with the exceptions of Cuba and Haiti) enjoy healthy democratic governments where lively debate leaves their politics far from dull and elections are usually a pretext for a party.
Religious stability is also a factor and is a key part of Caribbean life. There is a great mix of religions in Caribbean, with the majority being Christians, but all cohabit happily: in Guyana, for example, Hindu temples are situated next to churches.
As the Caribbean is a highly established tourist destination, there is always a stable rental pool so if you didn’t want to live in your new home all year there is a pretty much guaranteed thriving rental market as long as the UK continues to offer cold unpredictable weather for the majority of the year!
<h2>Lifestyle</h2>
<img class="left" src="https://caribbeanworld-magazine.com/assets/shutterstock4295326.jpg" width="300" height="200" alt="" title=""/>Above all else, the Caribbean offers a unique and highly desirable lifestyle. On arriving, the visitor is immediately affected by the special leisurely pace of life and the laid-back ‘no rush’ attitude which breezes through the islands. This is of course down to the Caribbean people themselves, who are full of charm and have a marvellously relaxed approach to life which is infectious. In addition to this, there is a great array of activities on offer especially for the sports minded. Days can be happily enjoyed scuba diving, windsurfing, watching and playing cricket, fishing or golfing, and once settled in, the actual cost of existing can be pretty reasonable. Having access to this sort of lifestyle, or even better, living in a home in the Caribbean, gives you immediate jet-set appeal!
<h2>Culture</h2>
The Caribbean offers a huge cultural and ethnic mix which has remained strong despite the growth of tourism. One of the main cultural attributes of the Caribbean is the carnival. All the islands have their own carnivals yearly with Trinidad being considered the most famous and spectacular. The culture of music is nowhere stronger than in the Caribbean with Jamaica being the home of Bob Marley and numerous new West Indian acts hitting the charts. The islands’ colonial background has led to strong traditions in certain sports - horse racing is popular and cricket is very close to the West Indians’ hearts - they can go crazy and often make the most boring test match an enjoyable afternoon party! West Indians are proud of their culture and offer it to anyone who wants to live among them.
<h2>Tax Advantages</h2>
<img class="left" src="https://caribbeanworld-magazine.com/assets/shutterstock3724069.jpg" width="300" height="201" alt="" title=""/>The Caribbean is famous worldwide for the tax benefits it offers. Each island has a different legal system so the benefits do vary according to where you buy, but you would be unlucky not to find some advantages in whichever island has attracted you.
The Cayman Islands and the Turks and Caicos islands are well known tax havens; there are no property taxes, no income tax, no capital gains tax, no inheritance tax and no stealth taxes nor are there any restrictions on foreign ownership of property. The Bahamas have also disposed of income tax and other advantages exist such as non – expiring building rights. Many of the other islands, even though they are not complete tax havens, do offer various advantages: for instance in Barbados there is no transfer tax or stamp duty for the purchaser; in the Dominican Republic, land ownership restrictions have been eliminated and there are no real estate taxes; if you buy in St Kitts and Nevis you become eligible for an alternative citizenship and passport as well as no income tax, capital gains tax, wealth tax or inheritance tax.
(For more information see www.lowtax.net).
<h2>Conculsion</h2>
So these are the main factors, but there are many more and one could carry on the list: the current exchange rate of the British pound to the dollar makes the Caribbean exceptionally good value at present and the accessibility of the region is excellent to name but a few. Whatever the reason you are looking to buy in the Caribbean, it is very hard to go wrong from any angle. Thu, 22 May 2014 13:25:54 +0000 https://caribbeanworld-magazine.com/real-estate/buyers-guide-2/buyers-tips/why-buy-in-the-caribbean/ Choice is Yours https://caribbeanworld-magazine.com/real-estate/buyers-guide-2/buyers-tips/choice-is-yours/ <img class="left" src="https://caribbeanworld-magazine.com/assets/choice1.jpg" width="266" height="500" alt="" title=""/>The variety of property on the market in the Caribbean is as wide as your imagination. From villas with million dollar price tags and show business neighbours, to simple but beautiful apartments with stunning views.
If the sky is your limit, look at colonial houses on Barbados and other larger islands. Villas have been built on these islands for many years, many lovingly restored and now equipped with the latest conveniences including high-tech kitchens, swimming pools and Jacuzzis. Smaller houses have been built more recently taking advantage of stunning views and proximity to local attractions and amenities. More affordable housing is now available on islands including Turks&amp; Caicos, the Dominican Republic and Antigua, to name but a few.
Developments can be an attractive way to invest in Caribbean property, and it may be worth bearing in mind that many of them can be reserved while they are still at the building stage. These developments often come with their own facilities including restaurants, shops, spas and leisure facilities.
Some developments are geared to those with golf at heart and are built close to golf courses, many with their own especially designed top courses. For keen sailors, waterside developments are built close to a marina and have mooring for boats as well as the sight of the sun going down over the tropical waters.
Many new build properties in the region are built with care and consideration for the environment – taking into account the needs of the flora and fauna of the area and developed with respect for the islands’ natural landscape including rainforest and coastline.
Let your journey start here as you unlock the door to the world of property in the beautiful Caribbean.
 
 Thu, 22 May 2014 13:25:45 +0000 https://caribbeanworld-magazine.com/real-estate/buyers-guide-2/buyers-tips/choice-is-yours/