To purchase property in Antigua, non-citizens need to apply for a licence which costs 5% of the purchase price.
- For land purchase, compliance with the details of the non-citizen’s licence is required and building work must be completed within a given timescale.
- The buyer pays government transfer fees of 2.5%.
- Rates and property taxes are based on rental value.
- The majority of property is fee simple or freehold. Leaseholds are rare and usually held by the Crown.
- Legal costs vary between 1% and 2% depending on property value.
- Properties are registered at the Land Registry. There is no title insurance.
- Property management fees are usually 10%. Rental commissions are 8.33% of the value of the lease.
Withholding taxes are 25% of the net rental income for non-residents.
- Insurance cover is approximately 2.0% of the insured risk; deductible of 2% includes earthquakes & named storms.
- Bank financing is available but interest rates in Antigua are fairly high compared with the US & Europe.
- Houses are usually serviced with a septic tank. Water cisterns are required. The majority of properties are serviced by government electricity and water, cable TV, telephone and broadband.
- The Antigua Barbuda Investment Authority offers attractive fiscal incentives to developers.