fees discounted for EXTRA YEAR
For a period of one year, that is from September 1, 2020, to end of , 2022, the fees related to transferring or purchase of land is as followsRead Our Blog Post
Transfer fees payable by the purchaser are made up as follows:
- 4% stamp duty
- 2.5% judicial fees
- 1% assurance fund
- 3% legal fees
- The vendor has to pay 2.5% stamp duty
All Transfer fees are calculated on the market value of the land being sold.
If you receive land as a gift or at an undervalue the transfer fees are still calculated on the market value which is the higher of the purchase price and valuation.
If you are not an OECS Citizen
If you are not a citizen of one of the OECS States you will have to pay an additional 10% on the market Value of the land regardless of how little land you purchase if it is for residential purposes. This fee was recently removed if land is purchased for business purposes provided it is less than 3 acres.
In addition you will need to obtain an Alien Landholding License to own more that 1 acre of land for residential purposes or 3 acres for business purposes.
OECS States include:
- British Virgin Islands
- St. Kitts & Nevis
- St. Lucia
- St. Vincent & The Grenadines
If you are a member of a CSME STATE
If you are a member of a CSME STATE (Caribbean Single Market Economy) unless you are also an OECS Citizen the Alien Land Holding Provisions apply to you when buying land and you will have to pay the additional 10% in Government Transfer Fees and apply for a License if you purchase above 1 acre for residential or 3 acres for business.
For these purposes land includes whatever is on the land.