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Tamarind Villa, Palm Island, The Caribbean

$650,000

2 bedroom beachfront villa on a private island resort with outstanding views.

This is a private island resort with just a few special privately owned villas on it. Perched 25 ft above the white sands of a perfect swimming beach, surrounded by shallow bright Caribbean waters, in just about the safest place to live in the world, this two bedroom home offers a life of beauty culture and adventure. Built originally prior to 1967 the year the current owner bought the property. It has pitch pine roofs, tall ceiling to waist height wooden shutters and terracotta floor tiles. The home has been well looked after and has recently had the kitchen updated.

Palm Island is off of Union Island, a short ride in a tiny plane from Barbados. It feels like such an adventure. Once arrived on Union, you hop on a boat, and land 5 minutes later on Palm.

Prime location Exquisite views over coral reefs and the Grenadine Islands. Waterfront land reaches the sea. 2 bedrooms, 2 bathrooms, living, dining, kitchen. Outdoor dining. 0.3 acre plot of gardens. Distance to Grenada 45 nautical miles Distance to Mustique 45 nautical miles Access via Grenada International Airport to Carriacou airport or via Barbados International Airport via Union Island and a boat on to Palm Island 65 year lease The property has power and waste collection. There is an approx fee of 10,000USD per annum to the Resort for upkeep of the roads, dockage, island maintenance and waste disposal, and electricity facilities. Water is provided via the standard local catchment system. INVESTMENT Grenadines waterfront land is incredibly desirable and rarely available. Significantly though this is the number one place to invest because of the three major new developments in the area; 1.The extension of the Carriacou airport to accommodate up to the Dash-8 aircraft to create an area for private jet parking and upgrade emergency response facilities & equipment. 2.The development of the billion dollar Sandy Lane Hotel on Canouan nearby. 3.The development of the Port Louis Grenada with Camper and Nicholson which includes a marina with 350 slips and yachting facilities for yachts up to 100 metres, 36 lots for individual houses, 200 residential, 120 room 5-star hotel and a Wellness center. ISLAND LIFE On beautiful Palm Island you can truly live out the Robinson Crusoe fantasy in rustic comfort. Completely secluded on its own 135-acre private island, this really is the perfect place to relax and enjoy a different pace of life, giving you the opportunity to recharge your batteries.

Gourmet dining is a beachfront affair with the cuisine taking full advantage of the freshly caught seafood and locally grown vegetables. Royal Palm Restaurant and Sunset Grill and Bar are your local restaurants with international flair. Saturday is Caribbean night rum tasting and steel pan, at the Royal Palm Restaurant.

There is a freshwater swimming pool with waterfall at the hotel and sun terraces, plus a fitness centre and beauty therapy room with extensive beauty treatments available. Spa Tranquility - full spa with range of treatments including facial, body & massage therapies. Non-motorised water sports including snorkelling, kayaking and Hobie Cat sailing. Bicycles, shuffleboard, there are 3 hiking trails walk (you can get around the island in 30 min!). Day time: tennis court (including balls and rackets) Pool table. Powerboat/sailboat excursions* to nearby Grenadines chain, including great diving. Library with book exchange, gym, satellite TV lounge and table tennis. There is also a weekly botanical stroll including the resort's Green House.

There is usually a doctor in residence on Palm Island and a small village hospital on Union. Medical facilities are also available on nearby Mustique and 40 min flight to Barbados.

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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