St. Lucia: Overview
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Orchids and exotic plants
St Lucia has excellent beaches, mountain scenery, orchids and exotic plants, and tropical flower-lined roadsides. Although St Lucia (pop. 161,000, GDP/cap US$13,500) is a former British colony (it gained independence in 1979), the French settled the island in the 17th century.
French influence is deeply felt today, in the names of its cities, towns and bays, in the architecture and in the French-inflected patois spoken by the islanders. English, however, is spoken at all major hotels, major tourist attractions and restaurants.
The twin mountain peaks of Les Piton drop dramatically to the water's edge on the West Coast. In the South, visitors get close to bubbling pools of lava and steaming sulfurous spouts at Sulphur Springs Volcano, or splash in the sulfur-infused waters of the Diamond Waterfall and Mineral Baths.
The average price for houses in St. Lucia is US$3,900 per square metre (sq. m.), according to Global Property Guide research. The average price for condominium units is about US$2,300 per sq. m.
Foreigners need a Land Holding License to buy. Certain economic sectors are reserved to nationals, including real estate and home rental agencies. Nor can foreigners operate small-scale guest houses (less than 10 rooms).
RENTAL YIELDS
Last Updated: Feb 11, 2008
House prices in St. Lucia at US$3,280 per sq. m
Property prices in St. Lucia range from US$2,800 to US$3,280 per sq. m for houses with lot along the coast. A house with a floor area of 160-sq. m costs around US$525,000, while a house with a floor area of 450 sq. m costs around US$1.4 million.
TAXES AND COSTS
Last Updated: Jul 19, 2006
Rental income tax is high
Rental Income: Rental income is taxed at progressive rates. Tax rates start at 10% and can go up to 30% depending on the tax base.
Property: Property taxes are levied at a flat rate of 5% of the property’s annual rental value, as determined by the Inland Revenue Department.
There are no capital gains or inheritance taxes.
Residents: Residents must pay taxes on their world-wide income.
BUYING GUIDE
Last Updated: Mar 27, 2008
Buying costs are very high in St. Lucia
Round-trip transaction costs, i.e., the total costs of buying and selling a property, range from 14% to 24%. If the seller is a foreigner, the vendor’s tax is 10%. The seller also pays for the 6% real estate agent's commission. The buyer pays legal fees (3% - 5%) and stamp duty (2%). Foreigners need an Alien Landholding License to buy landed properties.
LANDLORD AND TENANT
Tenancy law…
Research in progress.
ECONOMIC GROWTH
Last Updated: Aug 31, 2006
Moderate economic growth
Historically, St. Lucia’s economy was based on exports bananas to Europe. When the European Union phased out the preferential access of former colonies to the EU market, St. Lucia’s government promoted diversified agricultural production, tourism, and offshore financial services.
The economy grew an average of 1.3% from 2000 to 2005. Growth of 5.8% is forecast for 2006.
The number of visitors to St. Lucia increased 2.1% per year from 2000 to 2003 to 289,770, of which 276,950 were stay-over visitors.
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): $3,279 For a 200 sq. m. property, usually an apartment. | Rental Yield: n.a. |
| Rent/month: n.a. | Income Tax: n.a. Assumptions: Owners are a non-resident couple drawing US$ / €1,500 per month in rent, with no other local income. |
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Roundtrip Cost:
22.0%
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: n.a. Rating is based on a detailed study of each country’s law and practice. | |
DECEMBER 2007
- Natural Highs All the way - Daily Express
NOVEMBER 2006
- Tingkling the Ivories of St. Lucia - Easier Travel
SEPTEMBER 2006
- Tourism players for St Lucia talks - Trinidad & Tobago&rs
AUGUST 2006
- IMF: Near-term growth prospects for the Eastern Caribbean is strong - Jamaica Observer
MAY 2006
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