The Tailored Home Caribbean Property Buying Guide
TailoredHome.co.uk’s Caribbean Property Buying guide can help you select the home of your dreams. Whatever your hopes and expectations from a home in the Caribbean, Tailored Home.co.uk can find the right one for you.The Caribbean Islands are situated in the south east of the Gulf of Mexico and to the north of South America. The region is made up of more than 7,000 islands in the Caribbean Sea. Among the most popular islands are:
• St Lucia
• St Kitts
• Dominican republic
• Jamaica
• Grenada
• Barbados
• Antigua
• Anguilla
• Turks & Caicos |
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The islands are also known as the West Indies because when Christopher Columbus discovered them he thought he had reached the Asian Indies.
The population of the
Caribbean is today estimated to be around 38million.
The general climate is tropical, but rainfall can vary across the region depending on terrain, water currents and sea level elevations. In general winters are warm and dry.
Flight time: Direct approx’ 8hrs 45mins, or 10hrs 45mins if stopping in Antigua.
Demographics: The island is 238 square miles in area. The population of 160,765 is of mostly of African descent (83 %).
About 70% of the population is Roman Catholic. Tourism is crucial to St. Lucia's economy, particularly during the dry season (January to April).
Weather: Annually about 76 inches of rainfall. Temperatures average around 26.6c (80F) in January, and 29.4c (85F) in July.
Currency: Eastern Caribbean Dollar, although US dollar is accepted. The exchange rate is permanently fixed at about EC$2.70 to $1
Time zone: 4 hours behind GMT.
Buying process for property: Buying and selling costs range from 15% to 25%. Foreign sellers pay vendor’s tax of 10%. Foreigners need an Alien Landholding License to buy landed properties. A flat rate of 5% of the property’s annual rental value is levied as a property tax.
Places of interest: Two famous landmarks include the volcanoes of Gros Piton and Petit Piton. Visitors to St. Lucia enjoy driving into a volcano or taking a dip in the sulphur springs.
Language: English and Kwéyòl, a French patois.
Flight time: London to St Kitts is approx’ 12 hours, including a stopover in Antigua.
Demographics: Home to about 38,300 people, both islands span 103 square miles.
St. Kitts and Nevis are separated by a two-mile stretch of the Caribbean sea, which can take less than 10 minutes to cross. Agriculture plays the key role in the economy.
Weather: About 51 inches of rain each year. January averages a high of 26.6c (80F), and July 29.4c (85F). The dry season is November to April, while the rainy season arrives from May to October.
Currency: Eastern Caribbean Dollar (US dollar accepted)
Time zone: 4 hours behind GMT.
Buying process for property: Costs range from 23% to 38% of value, mostly due to stamp duty. Buyers pay for an Alien Land-Holding License at 10% of the property's value, and legal fees (1% - 2.5%).
Places of interest: Nevis is surrounded by coral reefs. The islands are separated by The Narrows, a two mile channel.
Language: English with a West Indian accent. Patois is also common.
Flight time: Direct approx’ about 9hrs
Demographics: Home to 8,545,300 people, 2,882,000 visitors arrive each year. Sand beaches, but the country also has a poor reputation for crime and poverty.
Weather: About 70 inches of rainfall each year. January is the coolest month falling as low as 21c, while August is the hottest reaching 32c.
Currency: The Peso, a floating currency.
Time zone: 4 hours behind GMT.
Buying process for property: There are no restrictions on foreigners buying property, although many have experienced fraudulent real estate agents. An understanding of the Spanish language is a help.
Places of interest: Home to the highest mountain peak in the West Indies at 3,125 feet above sea level. More than 30 percent of 870 miles of shoreline is public beach.
Language: Spanish and Creole.
Flight time: Direct approx’ 9hrs 40 mins.
Demographics: Home to approximately 2,684,000 residents. Kingston is the most densely populated area on the island. Almost 1.3m tourists visit each year, 70 per cent from America.
Weather: Tropical with just 51.4 inches of rainfall. Temperatures throughout the year range from a low of 22.2c to a high of 30c.
Currency: The Jamaican dollar.
Time zone: 5 hours behind GMT.
Buying process for property: Buying and selling costs are about 27% of value. No restrictions on foreigners and there are no capital gains taxes in Jamaica.
Places of interest: Beaches, waterfalls, rivers and caves. Home to the Blue Mountains - the Central and Port Royal ranges.
Language: English and patois.
Flight time: Direct approx’ 8hr 40 mins.
Demographics: Almost 265,000 residents, the island caters for 507,100 visitors each year. At 166.4 square miles, it is one of the smaller Caribbean islands. It maintains a strong sense of British and West Indian cultural heritage.
Weather: Rain average is 46.7 inches annually. Tropical climate, with a pleasant year-round temperatures reaching a high of 30c in August.
Currency: The Barbados dollar is fixed to $US at a rate of $2(BD) to $1(USD).
Time zone: 4 hours behind GMT.
Buying process for property: Transfer taxes reduced from 7.5% to 2.5% in 2008. Total costs for property sale and purchase range from 11% to 14%. Buyers and sellers pay for their own legal fees at 1.5% - 2%.
Places of interest: Sight-seeing from cliffs across the Atlantic is a favourite tourist experience.
Language: English with a local lilt.
Flight time: Direct approx’ 9hrs 45 mins.
Demographics: The country covers about 133 square miles and is home to about 94,200 people. Roughly 123,400 visitors each year. Almost a third of the world's supply of nutmeg comes from the three islands of Grenada, Carriacou, and Petit Martinique, making up the nation of Grenada.
Weather: January to April is the dry season, and the rainy season runs from May to December. About 74 inches of rain annually, and humidity is very low.
Currency: Eastern Caribbean Dollar although $US is accepted.
Time zone: 4 hours behind GMT.
Buying process for property: Costs for foreigners are the highest in the Caribbean, between 32% and 43% of property value,. The Alien Landholding License alone is 10% of property value. Foreign must also pay Property Transfer Tax, at 10%.
Places of interest: Grand Etang National Park, known for its scenery and wildlife.
Language: English is the official language, but French is also spoken.
Flight time: Direct approx’ 8hrs 40 mins.
Demographics: The British influence remains strong with cricket a favorite sport among the islanders.
Weather: Antigua has a wetter climate than other Caribbean islands, with 41 inches of rain. The temperature ranges from 23c to 30c throughout the year.
Currency: Eastern Caribbean Dollar,although $US dollar is accepted/
Time zone: 4 hours behind GMT.
Buying process for property: Costs are around 21% to 24% of the property value, the biggest being stamp duty at 10%.
Places of interest: Famous for miles of coral reefs and white sandy beaches.
Language: The official language is English, although many local dialects are spoken.
Flight time: Approx’ 10hrs with change at Antigua.
Demographics: The island covers 37 square miles. The majority of the 9,000 residents are of African descent, although many Europeans, predominantly of Irish descent, also inhabit the island. Most locals work in the tourist industry or are fishermen. The island is currently under the British government.
Weather: About 40 inches of rainfall annually, the warmest months are July to October, and the coldest are December to February, falling to as low as 22c.
Currency: Eastern Caribbean Dollar or $US.
Time zone: 4 hours behind GMT.
Buying process for property: Foreigners must obtain an Alien Land Holding License to buy property, but only up to half an acre. Special permission from the Government of Anguilla is required for extra plots. The Alien Land Holding License is 12.5% of property value. Stamp duty is 5% while legal fees are typically at 2%. Estate agent's fees range from 2% to 5%.
Places of interest: Sunken wrecks and award-winning underwater parks. Shoal Bay Harbour Reef System; Stoney Bay; Dog Island.
Language: English.
Flight time: Via USA or Jamaica approx’ 13 hrs.
Demographics: Eight inhabited islands are home to about 193,00 people. The total land area is about 191 square miles. About 165,200 tourists visit annually, 76 percent from the U.S. Turks & Caicos are the exception situated in the Atlantic Ocean, not the Caribbean, north of Cuba.
Weather: Dry, with just 23.8 inches of rain annually. January can reach 26.6c, while July hovers between 27c-30c.
Currency: $US.
Time zone: 5 hours behind GMT except for Summer Time (March – November) when the clocks go forward by 1 hr (-4 GMT).
Buying process for property: No restrictions on foreign ownership. No income taxes, property taxes, capital gains taxes, or inheritance taxes. Transaction costs are around 8% to 24% of the property value, inclusive of the real estate agent’s commission at 6% to 10%.
Places of interest: More than 500 miles of coral reef, untouched by development and pollution, offer some of the best diving in the world.
Language: English, with a Caribbean lilt.