Ten Tips for UK Residents Buying Property in the Caribbean
1. If purchasing property in the Caribbean by way of mortgage, you should apply to a local lending institution for pre-approval before commencing with your property search.
2. Always request a full written breakdown of the legal fees and disbursements from the Attorney whose services you wish to retain to deal with the purchase of property in the Caribbean on your behalf.
3. Funds going into Barbados from abroad to purchase property on the island should be registered with the Central Bank of Barbados.
4. Purchasers of property in Jamaica who live outside of the island are required to have a Taxpayer Registration Number (TRN), which is a unique 9-digit number that is allocated by the Tax Administration Jamaica.
5. You must be on the island to sign the conveyancing documents when purchasing property in St. Lucia. Where this is not possible, a Power of Attorney must be granted to someone in St. Lucia to sign these documents on your behalf.
Cayman Islands Residence. Photo courtesy www.ihomeidea.com
6. Non-nationals purchasing property in Dominica, Grenada and St. Lucia must obtain an Alien Landholding Licence before committing to purchase property in these islands.
7. Always obtain an independent survey and valuation of the land or home that you wish to purchase in the Caribbean.
8. UK residents are advised to use the services a foreign exchange company when buying property in the Caribbean in order to protect your funds against fluctuating rates of exchange.
9. Avoid involving family when purchasing property in the Caribbean.
10. A Will made in the UK will usually cover your property in the Caribbean.
Submitted by Maureen Smith of Tropical Connections Ltd., a UK-based Caribbean property company.
