St. Lucia: Taxes and Costs
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Last Updated: Jul 19, 2006
Rental income tax is high
Income Tax
Foreign property owners must pay income tax on any rental income they earn, but they do not benefit from standard personal deductions. Only the expenses relating to the property can be set against income, including interest payments. Couples cannot file jointly. The taxable income is then subject to the following progressive rates:
INCOME TAX |
|
| TAXABLE INCOME, ECD (US$) | MARGINAL TAX RATE |
| Up to 10,000 (US$3,704) | 10% |
| 10,001 - 20,000 (US$7,407) | 15% on band over US$3,704 |
| 20,001 - 30,000 (US$11,111) | 20% on band over US$7,407 |
| Over 30,000 (US$11,111) | 30% on all income over US$11,111 |
| * Exchange Rate as of 15 June 2006: 1€ = YTL2.01. Source: Global Property Guide |
|
Land and House Tax
Non-residents owning residential property are required to pay property tax at 5% of the annual rental value, as determined by the Inland Revenue Department.
St. Lucia - more data and information
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