Guide to
buying a property abroad
For information property investment in a
specific country please click on the
links on the left:
Barbados - Information
for investors
SUMMARY (2007):
Population
–
258,000
Capital – Bridgetown; 140,000
Area – 430 kilometres
Language – English
Religion – Protestant, Roman Catholic
Currency – Barbadian Dollar
GMT – 4
Government – Parliamentary
Coastline – 97km
Airport – Grantley Adams
International
Temperature – lowest recorded 18’c,
Average 27-28’c
Seasons – Rainy June to October/ Sunny
– November to March
Barbados is about the
size of the Isle of White and consists of11
parishes:
-
Christchurch
-
St.
Philip – (MERRICKS)
-
St.
Lucy
-
St.
Andrew
-
St.
George
-
St.
James
-
St.
John
-
St.
Joseph
-
St.
Michael
-
St.
Peter
-
St.
Thomas
St. Philip is fast
becoming the biggest growing parish at the moment
due to the construction of The Crane Hotel and our
Merrick’s Resort.
WEST COAST – very still
water, quiet, no real waves, poor water sports
EAST COAST – a little
choppier, perfect for water sports. ATLANTIC OCEAN.
The Island itself:
North point – sea is too
rough for anyone to swim in or use and therefore
would have no business plus its too rocky to build
on. The one hotel that was opened there went out of
business very quickly due to lack of facilities etc.
The land between the
North & East coast is protected and therefore you
cannot build here at all.
West Coast – the main
town is on the West Coast, hotels such as Sandylane
are constructed here. However, prices reflect this;
The Tamarine Hotel just
down the road from Sandylane charges 1,750!
West coast is already
completely developed!
South to West Coast has
all been developed – bucket & spade holidays!
East Coast – breezy,
easy to get burnt. Fantastic year round weather!
Merricks will be one of the last few frontline
projects to be constructed in Barbados.
Hurricanes:
Barbados wasn’t effected
by the recent hurricane Dean. The Atlantic Ocean
wouldn’t get hot enough to be effected by a
hurricane as waters need to go above 26’c.
Only 3 hurricanes in
Barbados in the last 150 years, less than the UK!!
Flights:
Approx 7hr 30 mins
BA – fly daily from
Gatwick & twice on Thursday & Saturday
Virgin Atlantic – daily
from Gatwick & once on Sundays from Manchester
West Indies Airways –
Direct from Heathrow on Mondays, Thursday &
Saturday.
American – fly from
Manchester via the US
Plus daily flights from
other Caribbean Islands.
Barbados Taxation Information
Barbados
has a variety of taxes for property purchase, sale,
ongoing annual taxation and income tax for
residents. Outlined below is the current taxation
schedule:
For
purposes of this document, the rate of exchange of
the Barbadian Dollar is BDS$2 to USD$1.
Property Purchaser Taxation:
Following a recent change in Barbadian legislation,
there is now NO
property purchaser tax.
Solicitors Fees:
Approximately 1.5% of the property value.
Annual Property Taxation (Similar to UK Council Tax)
Annual Property Taxation is calculated on the
property market value on each year as is laid out as
follows:
0% on
the first BDS$125,000 of the annually reviewed
property value
0.1%
on BDS$125,000 - BDS$350,000
0.65%
on BDS$350,000 – BDS$850,000
0.75%
on excess over BDS$850,000
These
taxation rates are calculated pro-rata.
VAT:
VAT
is at the rate of 15% on the island.
Property Tax Summary
Purchaser Tax: None
Annual Property Taxation – as laid out above
(pro-rata)
Solicitor Fees: Approx 1.5% of property value
Vendor pays Stamp Duty upon sale completion– 1%
Vendor Sales Tax – 7.5%
Why invest in property
in Barbados?:
-
established investment market
-
tourist destination for over 40 years
-
Barbados has one of the highest standards of
living & literacy rates in the world
-
Barbados won the award in 2005 at the World
Travel Agent awards, recognizing the island as
the Caribbean’s leading destination
- Fast
becoming a preferred low tax destination for
international businesses
- Held
the Cricket World Cup this year in Bridgetown
-
Grantley Adams Airport currently undergoing
US$100million upgrade & expansion
- Low
crime rate and stable government
-
Excellent banking system, 1st
Caribbean bank owned by Barclays
-
Merricks land now valued at 8x more than it was
18 months ago!
- Great
climate year round
-
Guaranteed rental scheme, fully managed
- 30
days free use
- Stable
currency rate
- No
hurricanes since 1952 – less than UK
- Huge
facilities going into our resort
- 5*
resort from established & trusted developer
-
Merricks just 15 mins from airport
- Virgin
are set to increase flights as a result of
Merricks
- 3x
cheaper than the West coast
- 100%
finance available
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Dominican Republic - Information
for investors
Why invest in the
Dominican Republic
-
Currently undergoing government investment in
infrastructure which has provided excellent
climate for investment.
-
In
recent years the number of tourists has risen to
such an extent that the country is now seen as a
major tourist attraction in the Caribbean.
Tourism accounts for more than 1 billion US$ and
is now the fastest growing export sectors
-
Real
estate investors can now enjoy the same rights
as Dominicans
-
More
than 1,000 miles of sugar-coloured sand,
fantastic snorkeling & marine life, often
listed as top diving location
-
100%
finance available
-
5*
frontline resorts, fully furnished and managed
with a wealth of facilities
-
10%
guaranteed rental
-
30
days free use
-
A
brand new Marina being constructed just 3 miles
away to berth 104
-
Year
round weather
-
Low
crime rate in the North and protected by the
tallest mountain in the Caribbean
-
Daily international flights
-
Huge
amount of facilities in the North Coast; 5
casinos etc
-
Hotspot for the last 20 years
-
Tax
benefits on the North Coast where both our
projects are situated
-
No 1
place in the world for weddings and 5 golf
courses
-
Occupancy levels 80.93% lowest and 96.75%
highest (north coast)
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St Vincent & The
Grenadines - Information
for investors
SUMMARY (2007):
Population
–
111,000
Capital – Kingstown, 29,000
Area – 389 kilometres (150 square
miles) 18 miles north to south, 11 miles wide
Language – English, French Patois
Religion – Anglican, Methodist, Roman
Catholic
Currency – East Caribbean Dollar
GMT – 4
Government – Democratic
Airport – not international at the
moment (20 minutes away), but daily flights from
Barbados, Trinidad & Tobago, St. Lucia or Grenada
(new international airport to be built at Argyle,
completion for 2011) 45 mins from Buccament Bay
Temperature – 27’c, ranges from
18-32’c
Seasons - Sunny season December to
June/ rainy season July to November
St. Vincent and the
Grenadines (SVG) are a group of islands west
of Barbados. Islands in the Grenadines include:
Mustique, Bequia, Canouan, Palm Island and Union
Island
Situated in the
Caribbean, St Vincent is part of the Windward
Islands, which in turn are part of the island chain
called the Lesser Antilles. St Vincent is the
largest of more than 30 islands that comprise the
nation. Its closest neighbours are The Grenadines,
Barbados and St Lucia
SVG known as the
“Jewel of the Caribbean”
Buccament Bay will be
situated in the beautiful bay of the same name.
Positioned on the Western coast, with the benefit of
Caribbean waters.
Due to a government
incentive to up tourism for the island, they have
introduced NO capital gains tax for 20 years!!
All three of the Disney
films ‘Pirates of the Caribbean’ were shot in the
next bay along from Buccament Bay; St Vincent will
benefit from a greater public awareness with these
major releases.
In keeping with the
films theme, we have commissioned a ‘pirate galleon’
to be built and moored in our resort. Construction
started in February this year and the expected
launch date is November, remaining work will be
completed in the 5 month voyage to the Caribbean and
in Buccament Bay.
The island itself:
St. Vincent (STV) is a
beautiful island with lush tropical rainforests,
coconut groves and fantastic volcanic beaches.
Widely known for its excellent sailing conditions,
STV and its 32 sister islands and cays offer the
ideal adventure.
Historically St. Vincent
has been an agricultural nation, with bananas as its
min source of income. However, having recently lost
its subsidies for banana production, the country is
now looking for new income streams, with tourism
being the obvious next step considering the
popularity of its neighbouring islands at the top
end of the market.
The sand is currently
volcanic but the finest white sand is being imported
from Guyana to replace the existing beach
Flights:
Daily flights from
Barbados, Trinidad & Tobago, St. Lucia or Grenada.
Why invest in property
in St Vincent & The Grenadines?:
-
St. Vincent is one
the most beautiful islands in the Caribbean and
is referred to by the tourist board as the
‘Jewel of the Caribbean’
-
It is a volcanic
island and benefits from the diverse geography
with sweeping valleys and rock formations, all
bedecked in lush green, tropical vegetation
-
The new
international airport planned for 2010 will
increase property prices dramatically
-
Raffles have
bought half of a neighbouring island and have
created an up-market resort at Canouan Island in
the Grenadines and Donald Trump is constructing
Cap Cana with prices starting a $2million for a
beach front villa
-
The government has
created an initiative to increase the amount of
holiday accommodation to cater for the new
airport and the upcoming 2007 Cricket World Cup,
where England are playing warm up games in St
Vincent
-
Property prices in
St. Vincent are roughly a quarter of the price
of neighbouring islands St. Lucia and Barbados
-
All year round
sunshine
-
Flights are a
little over 8 hours and start from as low as 350
pounds
-
No Capital Gains
Tax for 20 years
-
10% guaranteed
rental, then 50/50 room split
-
30 days free use
-
Frontline,
exclusive resort
-
Popularity rise as
result of Pirates of the Caribbean 1,2,3
-
Large hotelier
planned, huge amount of facilities i.e. spa
island, sports academy etc
-
100% finance
available
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