Anguilla: Overview
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Anguilla's house price bonanza
House prices have been rising rapidly, and 2005 was a bonanza year.
“For the first time since I began real estate work on Anguilla in 1990, I don’t have any undeveloped coastal property in inventory,” says Scott Hauser of Sotheby's International Realty, Anguilla. “For the first time in fifteen years of brokerage, I have more seven figure homes in inventory than any other property type.”
2006 has started off slower than last year, but with higher prices. The average house price was around US$3,680 per square metre in October 2005.
Non-belongers are required to obtain an Alien Land Holding License to purchase property, which can only be up to half an acre. If more land is needed, further permission from the Government of Anguilla is required. A fee of US$1,200 per year is payable for a permit to rent out a property.
RENTAL YIELDS
Last Updated: Sep 19, 2006
Yields are high at 38.8% in Anguilla
Current yields are around 38.8% for properties with at least 12 bedrooms located in prime coastal areas particularly the West End, the center of Anguilla's rental market. This figure applies to short-term leases, usually one week, and takes into consideration varying rates during peak season and off-peak season.
The government has abandoned a previous rule that foreign-owned property cannot be rented out. The restriction was aimed at stopping tax evasion by non-resident owners. Instead, from 2007, all landlords must appoint locally-registered representatives to be responsible for tax payments.
TAXES AND COSTS
Last Updated: Jun 06, 2006
Rental income tax is low in Anguilla
Rental Income: There are no income taxes in Anguilla. But for properties rented by tourists, 10% of the rent must be remitted to the local government as accommodation tax. The annual fee for renting is about EC$2,500 (US$926) for the first 200 square feet (sq. ft.), EC$0.25 per additional uncovered sq. ft., and EC$0.50 per additional covered sq. ft.
Property: Property taxes are levied at 0.0175% of the property's assessed value.
Capital Gains: There are no capital gains taxes in Anguilla.
Inheritance: There are no inheritance taxes in the island.
Residents: Despite being a tax haven, Anguilla does not offer permanent residency easily.
BUYING GUIDE
Last Updated: Apr 01, 2008
Buying costs are high in Anguilla
Roundtrip transaction costs are between 21.55% and 24.70% of the property value. The Alien Land Holding License is 12.5% of property value with a filing fee of XCD1,075. Stamp duty is 5% while legal fees are typically at 2%. Real estate agent's commission range from 2% to 5%.
LANDLORD AND TENANT
Last Updated: May 28, 2007
Anguilla's tenancy protection laws
Tenancies in Anguilla are usually short-term. It takes an average of 91 days to evict a tenant.
ECONOMIC GROWTH
Strong economic growth
Anguilla is highly dependent on tourism. The economy grew by an average of 3.4% per year from 2000 to 2004. Real GDP growth in 2004 was 13.7% (16% nominal), because of major construction and developments in the island.
The number of visitors to Anguilla increased 5.3% annually between 2000 and 2005, to 143,186. Stay-over visitors rose 12.3% annually from 2003 to 2005.
RESIDENTIAL PROPERTY AROUND THE WORLD
Asia & Pacific
China: Bubble fears prompt foreign ownership limits
America & Caribbean
Soft landing for Canada's housing market
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| RESIDENTIAL PROPERTY FACTS | |
| Price (sq.m): n.a. | Rental Yield: n.a. |
| Rent/month: n.a. | Income Tax: 0.0 Assumptions: Owners are a non-resident couple drawing US$ / €1,500 per month in rent, with no other local income. |
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Roundtrip Cost:
24.7%
The total cost of buying and then reselling an apartment. Includes: * all transaction taxes and charges: * lawyers' and notaries' fees * agents' fees Assumptions: The buyers are non-resident foreigners. The apartment cost US$250,00 / €250,000. |
Cap Gains Tax: 0.0 Assumptions: The property was bought for US$250,000 / €250,000, and sold 10 years later, after a 100% appreciation. |
| Landlord & Tenant Law: Pro-Landlord Rating is based on a detailed study of each country’s law and practice. | |
FEBRUARY 2007
- Addressing concerns in Anguilla - The Anguillian
JANUARY 2007
- Anguilla, unique island in the Carribean - The Anguillian
NOVEMBER 2006
- ECCB Predicts Continued Growth For Eastern Caribbean - Tax-news.com
OCTOBER 2006
- Dr. Harrigan says: Revolution has given good fruit - The Anguillian
AUGUST 2006
- Regions and territories: Anguilla - BBC News
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