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Property Purchase in St Lucia and the Caribbean

St. Lucia covers and area of 238 square miles and is situated between the islands of Martinique, St. Vincent and Barbados. This is a spectactular Caribbean island, with dense tropical forests, the towering peaks of Gros Piton and Petit Piton, banana plantations and secluded palm fringed white sandy beaches.

The early history of St. Lucia is sketchy. It is not clear whether the island was discovered by Christopher Columbus in 1503, or by his map maker Juan de la Cosa in 1499. The island was eventually settled by the French in 1650, but they were constantly challenged by the British which meant that St. Lucia changed flags 14 times before the British finally triumphed in 1803. The French influence is still very evident in the island history and culture. The local language is Patois, a Creole-like dialect, and local cooking still has French influences. St. Lucia remained British through to 1979, when it became an independent state within the British Commonwealth of Nations.

The most important aspect of St Lucia is that it is what is now a rarity in the Caribbean: a natural wonderland of lush, mountainous landscape and a mostly undeveloped island, free from over-commercialism. The benefits St. Lucia brings to a property investor are simple: plenty of sunshine, coconut palms, banana plantations, brilliant colours and palm fringed white sandy coves and bays. Property and commercial development is certainly occurring, but the island will continue to offer natural beauty for many years to come.

Climate of St Lucia

Like all of the Caribbean islands, St. Lucia enjoys a warm, tropical climate throughout the year. The average daily temperatures of 81°F (27°C) tend to be moderated by trade winds. The driest period on the island is between January and March but showers can occur throughout the year. They are usually short lived however.

Getting to St Lucia and the Caribbean

Transport to St. Lucia is well developed. The island is served by two airports: Hewanorra International Airport located on the south side of the island at Vieux Fort and Vigie Airport located near Castries. International flights land at Hewanorra, while flights from within the Caribbean generally land at Vigie. From the UK, flights are available direct to St. Lucia through British Airways and Virgin from London Gatwick. From the US, American Airlines fly from major US cities.

Will I need a solicitor?

To ensure the purchase process runs smoothly, we recommend that all purchasers engage a reputable, experienced local solicitor. We will be happy to provide you with a list of recommended professionals, full details on request.

Can I get a mortgage in St Lucia?

Yes, local mortgages are available for between 60% - 70% of the property value with a 15-25 year term available. Mortgages in St Lucia are generally repayment mortgages at floating rates, set at a premium over US/LIBOR rates. Again, we will be pleased to provide assistance and advice on mortgages.

Will I need a St Lucia bank account?

Yes, you will need to open a bank account in St. Lucia. We can do this for you and will supply all the relevant forms. We would advise that all currency transactions are carried out through a reputable foreign exchange broker such as Moneycorp.

How do I secure a property?

A £2,000 holding deposit will typically be required to reserve a property in St Lucia. This ensures your choice of property is secure.

What is the payment structure?

All property purchase contracts are usually priced in US dollars with the terms varying from developer to developer. After the initial holding deposit is paid a further payment will be required at the time of signing a contract, normally within a month of the initial reservation. This payment will typically be around 25% of the purchase price. Thereafter, stage payments will be required in accordance with construction progress up to completion.

What extras should I expect to pay on top of the purchase price?

You should budget for between 6% - 8% over and above the purchase price. This will include stamp duty, alien landholding licence, treasury receipt, registration fees and legal costs. For those taking out a local mortgage, there will also be a mortgage set-up fee which will vary on the amount borrowed, the term of the loan and which bank is used.

What on-going costs should I expect?

All properties in St Lucia are charged an annual property tax, which is based on 5% of the unfurnished rental value of the property. This will typically be less than $1000 per annum and will depend on the size of your property. Other costs will include utilities, community fees, garden maintenance, on-going property maintenance and pool cleaning.

What is the tax situation in St Lucia?

For anyone purchasing from the US or the UK, the tax situation is what you dream of! There are no capital gains, estate, inheritance or gift taxes in St Lucia.

What do I do next?

We will be delighted to arrange a personalised viewing trip to St Lucia to show you some of the properties available. Our resident UK staff will meet you on your arrival in St Lucia and will be available throughout your stay to show you around a range of properties that meet with your budget limits and your design requirements. They will also be happy to assist with introducing you to lawyers, banks and accountants as and when necessary.

Useful addresses and information:

St. Lucia Tourist Board: http://www.stlucia.org/
St. Lucia Embassy, 1 Collingham Gardens, South Kensington,
London SW5 0HW. Tel: (020) 7370 7123.