THE ROAD TO OWNERSHIP
SIX SMALL STEPS TO BUYING PROPERTY IN ANTIGUA...
STEP 1: CHOOSING AN AGENT
Identifying the right realtor to guide you through the buying process is crucial. With a combined four decades’ experience in the local property market, the friendly, efficient and professional Luxury Locations team can help make finding your ideal abode a fruitful and enjoyable experience.
STEP 2: VIEWING PROPERTIES
The next stage is for us to determine your specific requirements: is your dream home beachfront or hillside? Does it have a pool or garden? How many bedrooms should it have? And what is your investment range? We will then suggest various properties for you to look at online and arrange a time to take you to see them.
STEP 3: FINDING THE ONE YOU LOVE
With an extensive portfolio from snug holiday hideaways to plush palatial estates, we’re confident it won’t be long before you’re head over heels in real estate love. You can then submit an offer and we will negotiate on your behalf, ensuring you the best possible deal for your money. Once the offer is accepted, a deposit will be needed to reserve the property; usually this is five per cent of the property price.
STEP 4: THE LEGAL PROCESS
Now come the all-important legalities for which we can put you in touch with a reputable lawyer. Their fee is between one and two per cent of the purchase price, half of which will be required upfront.
The seller’s lawyer will then draw up a draft contract. Once both parties are happy with the fine print, a 10 per cent deposit of the property price is due (minus the reservation deposit already paid). That will be held safely in an escrow account.
STEP 5: NON-CITIZEN’S LICENCE
Non-nationals buying a home need a non-citizen’s licence which our recommended lawyers can handle for you. It costs seven per cent of the purchase price and can take up to three months to acquire but it’s a pretty seamless process and 99 per cent of applicants are approved. Stamp Duty of two point five per cent is paid on closing.
STEP 6: COMPLETION
The remaining 90 per cent of the property price is owed upon completion of the deal. Finally, there’s the transfer of the title deeds making you the official owner. Now all that’s left for you to do is settle in and enjoy your new home. Or, for maximum return on your investment, enter it into the rental programme and allow our sister company Villa Management to take care of it for you.
Have you considered citizenship by investment?
For the savvy investor, a second passport can spawn a wealth of advantages including visa-free travel and international tax planning. In 2013, Antigua & Barbuda became the latest nation to offer a route for citizenship by investment. But while other jurisdictions offer something ostensibly comparable, few make it as speedy, seamless or affordable as our twin island paradise.
One avenue for gaining an Antigua & Barbuda passport is a minimum US$400,000 purchase in a government-approved real estate project. Successful applicants are not required to sacrifice their current citizenship. They also benefit from exemption from a number of local taxes, including personal income, net worth, gift tax and estate duty. In addition, they enjoy visa-free travel to around 130 countries worldwide, including the UK, Canada, Hong Kong, Singapore, and Europe’s borderless Schengen area.
Our friendly and professional team can guide you through every step of the process.