Requirements for Buying Property

Permission from the Cabinet must be obtained before purchasing a property in Antigua by a non-national. Buyers of real, freehold property will have to pay a 2.5 % government purchaser's tax, about 2 % (variable) for legal fees, and a 5 % non-citizen's landholder's licence fee, if applicable. There is also a 7.5 % tax that must be paid if the property is later resold. It usually takes about four to six months to obtain a property.

Non-national should be prepared to provide their own capital as loans from local banks are not easily obtained. Cash purchases are advantageous because there is a 3 % five-year recurring advanced tax for all non-resident buyers on their mortgage balances. Local interest rates vary from 13-14.5 %.

Consider buying land and building your own home

There is a wide variety of land parcels, ranging from raw land to fully serviced plots with value-added services.

Land prices can vary from U.S. $1.50 to U.S. $15 per sq. ft. A typical half-acre plot can cost from U.S. $40,000 to more than U.S. $325,000, but larger sized lots of one or more acres are also available. Some 1 acre plots can be bought for about U.S. $59,000.

Building Costs

Overseas investors are usually required to commence building within one year of purchasing the land. A typical 2,000 sq. ft. Caribbean-style residence with landscaping and terraces can be completed in 8-12 months.

There are many local architects are available on the island who have knowledge and understanding of the local conditions, requirements, and other important factors in building a home in the Caribbean.

If you are in Antigua, take a drive around the island and you will find homes in many styles and sizes that are constructed by local builders. TBS Realties can assist you in locating the right architect, builder or contractor.

The cost of building a home in Antigua are similar to those in North America and Europe for similar types of construction, from about U.S. $70 to U.S. $200 per sq. ft., depending on the types of materials used. There are many builders on the island that offer exceptional work, especially with cement block, wood and stone.

Note: 1 sq. m = 10.8 sq. ft.