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Antigua Real Estate
Located in the Eastern Caribbean, about 1,200 miles southeast of Miami lies the island of Antigua. This small, 108 square mile island with a population of approximately 78,000, is quickly becoming an investor's paradise. Antigua real estate is a hot property with a variety of market offerings.
Its mild, tropical climate ranges from 76°F (24°C) to 86°F (30°C). January and February offer the coolest temps of the year while August and September, the warmer. With the average annual rainfall at about 42 inches, the heaviest being during the summer months, the pleasant climate is regulated by cool breezes and a surprisingly low humidity level. Antigua real estate is attractive to those wishing to locate to the area, those seeking vacation properties and those who wish to cash in on the tourism traffic.
Of the 78,000 people who make up Antigua's population, the majority are of African descent. However, a great many residents do hail from Britain, the United States, Portugal, and other origins. Additionally, quite a few Europeans and North Americans have retired permanently to Antigua. This makes Antigua real estate a very attractive investment for those who want to cash in on the island's 1.3 percent annual population growth.
Know the ropes for Antigua real estate
There are a few things that are different when making a purchase of Antigua real estate than when purchasing property from other areas.
When there is a purchase of property in Antigua, the buyer must usually pay 2 ½ percent of the agreed sale price of the property. This is for stamp duty and is to be paid to the Commissioner of Inland Revenue.
Non residents of Antigua must purchase a "Non-Citizen Land Holding License" in order to be able to purchase property in Antigua. The approval time to receive permission to purchase this Non-Citizen Land Holding License is usually anywhere from three months to six months.
All legal fees, preparation fees and execution fees of the "Instrument of Transfer" are the sole responsibility of the buyer. This stipulation shows good faith of the buyer in adhering to and following all required obligations and allows him or her to have the property legally vested in their name.
Property purchase requirement
In order to purchase Antigua real estate property, the non-national buyer must obtain permission from the Cabinet. All taxes pertaining to the purchase of the property must be paid. For instance, real, freehold property buyers much pay a 2 ½ percent government purchaser's tax.
Approximately 2 percent of this is for legal fees while the remaining .5 percent, if applicable, is for a non-citizen's landholder's license fee. An additional tax in the amount of 7 ½ percent must be paid it the property is resold at a later date. In general, it takes approximately four months to even six months to obtain a property in Antigua.
If you are a non-national and are seeking to purchase a property in Antigua, you should be prepared to provide your own capital. Local bank loans are quite difficult to obtain. Also, a cash purchase of your property can be more attractive because mortgage balances are taxed a 3 percent five year recurring advanced tax for buyers who are non-residents. In short, though, purchasing a home, rental or investment property in Antigua can be quite advantageous - once you know the ropes.
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