Tobago and Trinidad real estate market can offer you a lot of interesting things, as it is truly diverse. They gain their popularity more and more every day.
The only thing that you need to keep in mind is that those two countries are completely different. Tobago is much calmer and more laid-back. People there are not as fast and energetic as in Trinidad.
But you may not know everything about purchasing property in those countries and this is totally ok. We are here to help you out with all of these questions. In this article, we will tell you where there are good places to own a real estate and how to do it.
Overview of owning a property market in Trinidad and Tobago
The location of this island (which is actually a republic, as you may know) is located near South America (north coast to be clear). It is one of the richest nations amongst the Caribbean sea. Trinidad culture is very diverse and you may have heard about it because of its carnivals. This country is democratic and has a stable economy (one of the best in Latin America).
But the main point to buy a property is that the government is interested to expand their community and driven tourists to the country and they do everything they can to reach this goal. For example, the unique flora and fauna of Tobago attracts a lot of tourists because of its white beaches, waterfalls, and rainforests. There are also plenty of different activities like diving and snorkeling, because of turtles and fish that are exotic and beautiful. And don’t forget about Tobago Plantations and Mount Irvine, which are famous championship golf courses.
How a foreigner buys a property in Trinidad and Tobago
The government of Trinidad & Tobago only welcomes and encourages foreigners to invest in real estate there. You will need to receive one main document which is Alien Landholding License. When receive it, you get a right to buy one acre of land or more (residential purposes) and five acres of land (commercial purposes). There is such a thing as Designated Development Areas. There real estate is given out almost automatically. In areas within the previous one property is given out on a case by case basis. If you buy more than five acres of land (for commercial purposes), you need to get a development license with a help of Tourism Development Company (TDC).
The process of buying
Here are some of the steps to buying real estate in Trinidad and Tobago, which is a very simple process to perform:
- Search the best variants of the property.
- Then you need to choose and make an offer.
- If the deal is successful, you will have to pay a ten percent deposit which should be held in escrow.
- You will have to ask for the advice of an attorney. And the further agreement should be approved by the Alien Landholding License before it will be entered.
- Due is needed to be conducted through the due.
- All of the taxes and fees should be paid.
Duty on the stamp
Buyers need to pay this kind of stamp, which differs according to the price of the real estate:
Properties valued up to $850,000: None
Properties valued at $850,001 to $1,250,000: 3% on the difference
Properties valued at $1,250,001 to $1,750,000: 5% on the difference
Properties valued over $1,750,000: 7.5% on the difference
Properties valued up to $450,000: None
Properties valued at $450,001 to $650,000: 2% on the difference
Properties valued at $650,001 to $850,000: 5% on the difference
Properties valued over $850,000: 7% on the difference