Buying Process
Selling Process
BUYING PROPERTY IN SAINT LUCIA
When purchasing your dream property, our experience agents will guide you through the process and advise you on the best method of purchasing, while providing you with a list of qualified and experience lawyers and service providers.
Property Ownership Requirements:
All non-St. Lucian corporations and non-nationals of St. Lucia other than CARICOM nationals are required to obtain an Aliens Landholding Licence prior to purchasing a property.
Application forms are available from the Ministry of Finance or from an Attorney. The Aliens Landholding Licence application fee is EC$1,500 non-refundable and the license fee once approval is granted is a additional EC$5,000 – EC$50,000, depending on the size of the land being purchased.
In order to make an application for an Alien Landholding License each applicant would be required to supply the following:
Two passport size photographs
- Original Police Certificate of Character from country of origin
- Certified copy of Passport
- Certified copy of Citizenship Details
- Bankers’ Reference
- The Alien License non-refundable government application Fees
- Complete the Associated Forms
The Alien License fee of USD 2,500 applies to property where the land size is less than or equal to an acre. Where the property is:
- Greater than 1 acre and up to 5 acres the Government fee is USD 5,000
- Greater than 5 acres and up to 10 acres the Government fee is USD 10,500
- Greater than 10 acres the Government fee is USD 10,500
Transaction Costs:
- License Fee: As above
- Legal Fees: Approx. 0.5% – 2.5% of the purchase price + 12.5% VAT
- Stamp Duty: 2% of the purchase price
- Out-of-pocket expenses: Approx. US$500
- Standard Purchase Procedure:
- A written Offer & Acceptance Letter is prepared by the agent for signing by both vendor and purchaser
- Purchaser appoints Attorney
- A deposit of 10% is paid by the purchaser on signing of said Acceptance Letter
For non-nationals only – an application for an Aliens Landholding License is completed by purchaser and is submitted to Cabinet for approval. This process is facilitated by the purchaser’s Attorney.
A title search is then carried out by the purchaser’s Attorney.
The conveyance is then prepared by the purchaser’s attorney and executed upon satisfactory completion of any matters pertaining to good title.
Payment of the 90% remaining balance is due at the completion of signing the Sales Agreement.
The purchase process can take 1-4 months, depending on whether or not an Aliens Landholding is required.
Pinnacle experienced team will guide you through every step of the selling process.
Costs associated with the process
Property Transfer Tax: There is a sliding scale with a maximum of 5% of the selling price for St. Lucian and CARICOM members. 10% of the selling price for non-nationals.
Legal Fees 1% of the purchase price + 12.5% VAT
Real Estate commission: 5% of the purchase price + 12.5% VAT
Out-of-pocket expenses: EC$1,500 for your 3 “Tax Clearances” – Income Tax, Property Tax and
National Insurance Corporation.
Standard Sales Procedure
The vendor should sign a Listing Agreement with the real estate company or provide written instructions to sell their property.
A written Offer & Acceptance Letter is prepared by the agent for signing by both vendor and purchaser.
Purchaser appoints an Attorney.
Agent instructs vendor’s attorney to prepare Sales Agreement
Sales Agreement is signed by vendor.
Vendor to provide Purchaser’s Attorney with copies of the Title Deed, Survey Plan & current copy of the Land Register.
Signing of conveyance takes place 2-4 months thereafter.
All property tax, personal tax and national insurance contributions plus utility bills and condominium fees (if applicable) must be fully paid before closing.
How long does a sales & purchase transaction take to complete?
Approximately 1-6 months.
Who pays Real Estate Agency commission?
The vendor pays the real estate agency commission.
