The first thing you should do when buying a house or piece of land in St. Lucia is to confirm if it’s a cash purchase or to speak with a lender to find out how much of a property you can afford. To establish how much you can borrow, your loans officer will examine your financial information(income to debt ratio, savings, extended credit, etc.).
You can determine your home purchasing budget based on this. Before starting your loan search, it is highly advised to complete this to determine how much of a loan you would qualify for. You might qualify for more or less than you anticipate. Compliance documents must be up-to-date and submitted by both Vendor and Buyer.
Compliance documents include Income Tax, NIC and Property Tax, Certificate of Good Standing.
Conveyancing
According to the New Land Registration Act of 1984, conveyancing in St. Lucia requires an instrument in notarial form (in St. Lucia, all attorneys are notaries) that has been properly registered at the Land Registry.
The buyer pays the Notary who handles the conveyance’s stamping and registration in the Registry of Lands the stamp duty due on the deed of sale and the registration fee.
The Vendor pays a Vendor’s Tax to the Government, which in the case of an alien is 10% of the sale price. Although St. Lucia does not have a capital gains tax, the Vendor’s Tax can be considered to be its equivalent.
Government Stamp Duty
To register the Deed of Sale, a stamp duty of 2% of the property’s purchase price is required.
Mortgage
A government stamp duty of 1% to 1.2% of the purchase price is required to register a mortgage, if one is taken.
Legal fees
For the legal work, the stipulated legal fees range from 1%to 1.2% of the property’s acquisition price. The attorney might charge an additional 1 to 1.2% if a loan is necessary. Except in cases when obtaining the Aliens Licence seems unusually problematic, a total fee of 3% is levied for obtaining the Aliens Licence and completing and registering the Deed of Sale.
Power of Attorney
If a power of attorney is required, it will cost EC $500.00.
Stamps, Copies, and Registration
These services cost EC $150.00 each.
Please be aware that the price information above is subject to change.