Talking taxes isn’t likely to be top of your list when thinking about something as exciting as buying a new home in a different country, however taking into consideration financial and practical elements such as taxes is vital for your new adventure to run smoothly.
Our aim here is to just give you a brief idea on what to expect.
Firstly, any person wishing to purchase land or a house on Bequia must apply for an Alien Land Holder’s Licence from the Caribbean government. This licence is issued specifically for each individual property or plot of land purchased. It’s advisable to use a lawyer in-country who will be well versed on overseeing the application process. The lawyers’ fees are based on a percentage of this Licence fee. In addition to the application form for the license the government will require:
- Full name(s)
- Date(s) of birth
- Place(s) of birth
- Passport Number(s)
- Date & Place of issue of passport
- Marital status
- Passport size photograph
- Bankers reference (this is purely as a personal reference; you will not have to disclose the amount of money in your account).
- Police certificate that applicant has no criminal record
- Copy of registered Survey Plan of the parcel of land and any property thereon to be purchased
- The purchase price of the property
When a property or piece of land is sold in Bequia, there is a government tax of 10% to pay, this amount is divided equally between the purchaser and the buyer (5% each). The approximate total cost for the licence and tax is about 17% of the purchase price.
If a purchaser wishes to become a resident of St Vincent as well as Bequia, they can apply at the same time at additional cost.
For more information on this subject and other similar, please visit http://www.gov.vc/