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Marina Village, Marigot Bay, St Lucia, West Indies

$350,000

The apartment comprises two double bedrooms, both with en-suite bath/shower rooms and an open plan kitchen/reception room which is fully equipped with dishwasher, washing machine and drier.

  • 2 Bedrooms
  • 1 Reception Room
  • Marina Views
  • 2 Bathrooms
  • Balcony

All the rooms have high vaulted ceilings making the apartment very spacious. There is also a balcony that looks out over the marina in the bay.

The apartment has full access to the two freshwater swimming pools and other facilities at the neighbouring Capella Hotel. This is part of the service charge.

Marigot Bay is located just four miles south of the capital Castries, protected from hurricanes by the steep hillsides surrounding its small harbour. It is a beautiful bay with a fantastic selection of restaurants and bars and free water taxis make it easy to move around. Marigot Bay is approximately 37 miles from St Lucia’s International Airport (Hewanorra) and just 9 miles from the regional airport, George F.L. Charles.

A BUYING GUIDE

The process of buying property in the Caribbean is straightforward. Below, as an example, we give a basic guide to making a purchase in Barbados.

  • Anyone can buy property in Barbados; there are no restrictions, but if you’re a foreign national you need to get the permission of the Central Bank of Barbados. This is a formality.
  • Your vendor pays a property transfer tax and the stamp duty. See below.
  • You can raise finance in Barbados as a non-national. But if you choose to bring the finance with you, it must be registered with the Central Bank.
  • For legal conveyancing of ‘unregistered’ land (which most is) you pay legal fees on a sliding scale:

Up to BDS $25,000 BDS*: $1,000
On the next BDS $75,000: 2.5%
On the next BDS $100,000: 1.5%
On the next BDS $300,000: 1.25%
Amounts above this threshold: 1%

  • Further fees will be payable if you’re borrowing for the purchase, based on the loan amount.
  •  You should also budget for an annual land tax. Rates range from 0%-0.75% of the value of the property. The tax has a ceiling of BDS $60,000.

 

 * As at 4May 2016, £1 = $2.90 Barbadian dollars

IF YOU’RE SELLING
  • The seller pays a stamp duty of 1%.
  • The seller pays a transfer tax of 2.5% for sales above BDS $50,000, or $150,000 if a building is part of the sale. 
  • To avoid both these taxes, many non-resident purchasers establish an offshore company to buy and own the asset. This also avoids any issues with withdrawing 100% of sales proceeds at once.
TAXATION
  • There are rules on repatriating the proceeds of property sales from Barbados. As things stand, you may withdraw the original purchase price, and a gain of 4-8%. Any further profit can only be taken at the rate $100,000 a year, although the Central Bank may exercise some discretion for senior citizens and emergencies.
  • There is no capital gains tax for non-nationals.
  • You may also leave your property to whoever you choose; there are no succession laws for non-nationals.

Please note: This article reflects Aylesford’s current understanding of property legislation in Barbados as at November 2015. It is offered for general guidance only; specialist legal and tax advice should always be taken for any property transaction.

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