About Buying Land in Antigua - FAQs:
Is there a transfer tax, and how is it paid? Yes. Transfer taxes equal to 10% of the assessed value of the land apply. Assessed value is the value placed on the land by the Department of Inland Revenue. At Verandah Estates, the Seller will pay transfer taxes of up to 7.5% of the actual purchase price , and the Buyer pays the remainder. The transfer tax is paid to the Department of Inland Revenue at the time the land is transferred. Proof of payment must be submitted to the Land Registry to finalize the transfer and recording of the new owner. We will assist in coordinating this process. (Note that the Seller will not be responsible for transfer taxes in excess of 7.5% of the purchase price. Therefore, if the assessed value exceeds the purchase price, the Buyer will be responsible for any additional transfer tax.)
Is there a non-citizen's licence requirement? Yes. If you are not a citizen of Antigua and Barbuda, you must apply for and obtain a Non-Citizen's Land Holding Licence. The stamp duty for the Licence is 5% of the assessed value of the land, payable to the Department of Inland Revenue once your Licence is approved and delivered to Inland Revenue for stamp duty payment. The licencing process is simply a regulatory formality, not a restrictive process. The Government of Antigua and Barbuda consistently maintains their support of both local and foreign investment in Antigua. We can assist in coordinating this process for you.
Are there property taxes in Antigua? Yes. Property taxes are fairly minimal, equal to .5% of assessed value, annually.
Are there capital gains taxes in Antigua? No.
Can I own property in either my personal name, or in a company name? Yes. You may own property in either your personal name, or in a company name. If the company is not domiciled in Antigua, or is controlled by non-citizens, the Non-Citizen's Land Holding Licence requirements apply.
Is real estate a good investment in Antigua? We invite you to shop around and gather information about land prices in Antigua, as well as about Elite Island Resorts and our affiliates. We believe strongly in the value of real estate investments in Antigua, and in the value of affiliation with a top-rated management and marketing group. Furthermore, we believe you will find Verandah Estates to be an exceptional value, with an exceptional development and management team. Land values in Antigua have increased steadily over the years. This is especially true of land, and homes, like Verandah Estates, situated within a professionally managed community with access to excellent facilities, amenities, and beaches.
A primary consideration is the developer's history of success in Antigua. We have over 40 years of Caribbean development and property management experience, with over 20 years of solid success in Antigua. Our resort properties, and custom home projects, have consistently delivered excellent results. Moreover, we will be happy to show you our top-rated resort properties, like Galley Bay and St. James's Club, and our custom homes. We feel it is important that, with any major Caribbean investment, you ask to see the developer's other successful projects on the specific island where you are looking to buy.
What type of financing is available? Verandah Estates is offering excellent seller financing for Estate Home lots. The amount of down payment, and financing terms, will vary on an individual basis, but are sure to be extremely competitive. Seller financing will typically be secured by a mortgage and promissory note, at fixed interest rate, for up to 10 years. But again, financing terms will vary individually based on a number of factors including down payment, type of lot, type of home being built, financial condition, etc. The Seller reserves the right not to extend seller financing at its sole discretion. However, Verandah Estates supports equal housing initiatives, and no buyers will be excluded on the basis of race, religion, gender, color, creed, sexual orientation, disability, or national origin. Bank financing is also available from major banking institutions in Antigua, subject to loan approval.
How long will it take to build my home? Once you decide on a home plan, we will assist in coordinating the submission of your plans to the Development Control Authority (DCA). Once your plans are approved, it typically takes less than one year to build a custom home from start to finish.
If I do not plan to live in my home year-round, can I rent my Estate Home? Yes. The developer will offer a professionally managed and marketed rental program. Rental guests will be required to abide by the rules and regulations applicable to Estate Home residents.
What type of running costs can I expect? Estate Homeowners can expect to pay homeowner's dues of about US$150 per month. As with any homeowners' association, the monthly dues are subject to change depending on the annual operating budget for the Association. The homeowner's dues go towards maintaining the common areas within the estate, the roads, utility access, and security, and will be apportioned equally amongst lot owners. Other running costs include your mortgage, property taxes, property insurance, utilities, pest control, and general maintenance and repairs. If you install a swimming pool or spa, please allow for additional costs for scheduled cleaning and maintenance.
What type of services will be available at Verandah Estates? The developer will be offering maid, landscaping, pest control, and general maintenance and repair services; we can also assist by coordinating interior design and similar services, all at an additional cost.
What type of restaurants and facilities are nearby? All Verandah Estates homeowners and their guests will have access to the restaurants, bars, and salon & spa services at The Verandah Resort, located adjacent to Verandah Estates. Verandah Resort will offer two full service restaurants, each with full bar service and evening entertainment. The spa & salon will feature a wide array of massage and beauty treatments. Use of The Verandah Resorts facilities will be at the same price offered to guests of The Verandah Resort. You will be able to simply walk across to the Resort, and enjoy shuttle service to these facilities.
Tell me a little about Antigua? Antigua is one of the Caribbean's most popular tourism destinations, offering 365 beaches, a wide range of resorts, terrific historical sites, and plenty of shopping, tours, and excursions. The island measures 108 square miles, with a population of about 80,000. English is the official language. Antigua is an independent country. The government is democratically elected, and based on the British parliamentary system. The legal system is well-established, and based on the British legal system. Most major religions are represented, and churches are located throughout the island. Tourism makes up a majority of Antigua's GDP, but other enterprises such as banking, insurance, and communications also play a major role. Antigua enjoys sound business infrastructure, a low crime rate, an international airport, and an investor-friendly atmosphere. The V.C. Bird International Airport is a major Caribbean hub, which accommodates both private and commercial carriers, including jumbo passenger jets. Flights are easily available from the U.S., Canada, the U.K., Europe, and Latin America.
I would like to visit Antigua. Who should I call? If you would like to book a trip to Antigua, we invite you to contact Elite Island Resorts at: US & Canada: 1-800-345-0356; UK & Europe: (44) 0870 160 9645; Web Site: www.eliteislandresorts.com.