Buying costs are high in Antigua and Barbuda
November 03, 2016
How high are realtors´ and lawyers´ fees in Antigua & Barbuda? What about other property purchase costs?
|Alien Landholding License||5.00%||buyer|
|Legal Fees||1.00% - 2.00%||buyer|
|Real Estate Agent´s||5.00% - 7.00%||seller|
|Costs paid by buyer||8.50% - 9.50%|
|Costs paid by seller||12.50% - 14.50%|
|ROUNDTRIP TRANSACTION COSTS||21.00% - 24.00%|
| See Footnotes
Source: Global Property Guide
How difficult is the property purchase process in Antigua & Barbuda?
Antigua is a good spot for non-residents looking to buy property in the Caribbean, with a good business climate and a stable political system. The government in general encourages foreign investments. Also, Antigua is a tax-haven. However, non-citizens have to acquire a license to be able to purchase property in Antigua.
Once you have settled on a property you truly like, obtain a "Non-Citizen Land Holding License" to buy the property. This can take 3 to 6 months to process and costs 5% of the value of the property. Note that this license is specific to the property that you have put an offer on so make sure that your agreement with the vendor is ironclad.
With the license, the transaction can proceed. Have the property surveyed and the title searches in place. Most lawyers on the island will do this. So to reduce legwork, hire the service of one.
After money and keys have changed hands the transfer has to be registered at the local land office.
Footnotes to Transaction Costs Table
The round trip transaction costs include all costs of buying and then re-selling a property – lawyers’ fees, notaries’ fees, registration fees, taxes, agents’ fees, etc.
Legal fees are negotiable at around 1% - 2% of property value. Legal fees may include registration costs that are very minimal such as the ECD20 (US$7.41) registration fee and ECD50 (US$18.52) Land Certificate fee.