Purchasing
land in Bequia
Purchasing and owning land in Bequia
Foreigners currently
need an "alien landholding license" granted by the St. Vincent Government
in order to purchase land in Bequia.
This requirement is expected to be abolished in the near future following
an agreement to this end reached by the Organization of Eastern Caribbean
States (OECS).
A license is normally granted without long delay provided the purchaser has
no criminal record.
Lots larger than one acre can only be sold to foreigners if the purchaser
commits to "develop" them by building a residence within a reasonable
amount of time. This rule is supposed to prevent foreigners from speculating
on land.
A fee has to be paid upon granting of the license. Its amount depends on the
purchase price of the lot, and is generally about 5% of such price (and lower
for large lots).
A foreigner granted an "alien license" has the right to obtain,
if he so wishes, a permit to become a permanent residence in the country.
Permanent residents can apply later on for local citizenship, if they so wish.
An additional "stamp duty" tax of 5 1/4% of purchase price has to
be paid by the buyer in order to register the deed.
A local lawyer must be hired to draft and register the deed. His fees are
normally 1,5% of the purchase price.
Land ownership taxes are ridiculously low in Bequia: a property of less than
10 acres pays less than 5 US$ a year! Residential property taxes are low:
the most luxurious villa on the island pays an annual tax of less than 400
US$. More modest houses pay less than 100 US$.
There are no capital gain taxes in Bequia, but if a property is sold, the
seller has to pay a 5% tax upon registation of the sale.
For further informations, e-mail
olavaggi@mac.com