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Nov 03, 2016

Buying costs are high in Antigua and Barbuda


How high are realtors´ and lawyers´ fees in Antigua & Barbuda? What about other property purchase costs?

Transaction Costs

Who Pays?
Alien Landholding License 5.00% buyer
Legal Fees 1.00% - 2.00% buyer
Stamp Duty 2.50%
7.50%
buyer
seller
Real Estate Agent´s 5.00% - 7.00% seller
Costs paid by buyer 8.50% - 9.50%
Costs paid by seller 12.50% - 14.50%
ROUNDTRIP TRANSACTION COSTS 21.00% - 24.00%
See Footnotes
Source: Global Property Guide

How difficult is the property purchase process in Antigua & Barbuda?

Antigua is a good spot for non-residents looking to buy property in the Caribbean, with a good business climate and a stable political system. The government in general encourages foreign investments. Also, Antigua is a tax-haven. However, non-citizens have to acquire a license to be able to purchase property in Antigua.

Once you have settled on a property you truly like, obtain a "Non-Citizen Land Holding License" to buy the property. This can take 3 to 6 months to process and costs 5% of the value of the property. Note that this license is specific to the property that you have put an offer on so make sure that your agreement with the vendor is ironclad.

With the license, the transaction can proceed. Have the property surveyed and the title searches in place. Most lawyers on the island will do this. So to reduce legwork, hire the service of one.

After money and keys have changed hands the transfer has to be registered at the local land office.



Footnotes to Transaction Costs Table


The round trip transaction costs include all costs of buying and then re-selling a property – lawyers’ fees, notaries’ fees, registration fees, taxes, agents’ fees, etc.

Currency:
Anguilla uses the East Caribbean Dollar (XCD) which is pegged to the US Dollar (USD) at USD1 = XCD2.70.

Alien Landholding License (ALHL):
All foreigners must obtain an Alien Land Holding License be able to buy property. The license fee is 5% of property value.

Stamp Duty:
Stamp Duty on conveyance of real property on sale is 10% of property value, 2.5% paid by the buyer and 7.5% paid by the seller.

Legal Fees:
Legal fees are negotiable at around 1% - 2% of property value. Legal fees may include registration costs that are very minimal such as the ECD20 (US$7.41) registration fee and ECD50 (US$18.52) Land Certificate fee.

Real Estate Agent´s Commission:
Real estate agent’s fee is negotiable, typically from 5% to 7%.

 





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