bequiablog.com
Bequia - Our Caribbean Home
Courtesy www.oldfortestates.com
Procedures for Realty Buyers
| Transaction Costs | Who Pays | |
| Alien Landholding License (ALL) | 4.00% – 10.0% | buyer |
| Legal Fees | 1.50% – 2.00% | buyer |
| Registration Fee | 0.25% | buyer |
| Stamp Duty | 5.00% | buyer |
| 5.00% | seller | |
| Costs paid by buyer | 10.75% – 17.25% | |
| Costs paid by seller | 5.00% | |
Foreign nationals wishing to purchase property are required to obtain an Alien Land Holding License. When entering into a real estate transaction in St. Vincent and the Grenadines, lawyer’s services are very much needed. The lawyer will provide the abstract of title and prepare a Deed of Conveyance. The lawyer will also handle the application for the Alien Land Holding License of the buyer. The License registration fee must be paid to the lawyer, while the registration cost of the Deed of Conveyance (transfer tax) must be paid directly to the Government.
A deposit of 10% is required as security to take the property off the market. After which, the lawyer will also take care of the application for required permanent residency. The whole process of buying takes about 6 to 10 weeks.
Alien Land Holding License
All foreigners must obtain an Alien Landholding License from the government to be able to buy landed property. Aside from the Alien Landholding Tax which is pro-rated based on property value, the buyer must also pay a filing fee of XCD2,500. The license is also subject to a stamp duty of XCD5.00. Foreigners also pay XCD2,500 annually for holding an ALL.
| Value of property | License Cost |
| XCD100,000 and below | XCD10,000 |
| XCD100,001 – XCD3 million | XCD10,000 + 6% of value in excess of XCD100,000 |
| XCD3 million and above | XCD105,000 + 4% of value in excess of XCD2 million |
Stamp Duty
Stamp Duty on registration of the title deed is 10%, evenly split between buyer and seller.
Registration Fee:
Registration fee for the the title deed is XCD40 for the first XCD15,000 of sales price plus XCD2.50 per XCD1,000 thereafter.
Legal Fees
The St. Vincent and the Grenadines Bar Association regulates the amount lawyers can charge. Legal fee for properties worth XCD50,000 and above is XCD1,538 plus 1.5% of amount in excess of XCD50,000.
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Beq·uia n. Largest and first of the chain of Grenadines Islands, the name Bequia comes from the Carib word meaning "Island of the Clouds".
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"June Field of the UK's Guardian newspaper included Princess Margaret on Bequia in their list of the 10 best beaches in the world"
— Bequia Beaches
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April 1st, 2009 at 2:51 pm
Would you know if the Alien Land Holding License also applies to Caricom nationals?
April 1st, 2009 at 3:36 pm
Yes the ALHL does apply for Caricom Nationals aswell…
May 19th, 2009 at 6:55 pm
I am a US citizen, interested in moving to Bequia and opening a business there (coffe house). Where do I turn for appropriate procedures, and documents to see if this is reasonable??
May 19th, 2009 at 9:16 pm
Have a look at http://oldfortestates.com/legal_info.htm for more specific information. If you have questions you can email us there.