Requirements for the Purchase of Property in Tobago
- When you have chosen the property you wish to purchase, your Caribbean Estates agent will submit an offer to he vendor on your behalf. Once your offer is accepted, a purchase agreement will be prepared. You will be required to make a 10% deposit on the signing of this agreement. You will then need to engage the services of a lawyer to search the title of the property and prepare the deed of conveyance.
If you are not a Trinidad and Tobago national, a license to own property in Tobago will be required prior to purchasing.
- License Forms
- License Guidelines
An Example of Conveyance Charges & Costs (please check with your attorney)
- Legal Fees (0.5%+ approximately)
- Search Fees (TT$1,000.00)
- Registration Fee (VAT exempt) (TT$100.00)
- Oath/Copies (TT$100.00)
- Preparing Contract Federal Express expenses (TT$600.00)
- Preparing Land Tax Return (TT$550.00)
- Valuation (on a dwelling) (TT$800.00)
- Fed Ex and Notary documents (TT$800.00)
- Stamp Duty (no VAT charged on Stamp Duty)
- VAT (15%) is charged on all of the except on the registration fee and on the stamp duty.
Stamp Duty for Residential Property
The consideration must be greater than TT$850,000.00 and is calculated as follows:-
- When the purchase price is below TT$850,000.00 - 0%
- Between TT$850,001 and TT$1,250,000.00 - 3% on every dollar in excess of TT$850,000.00
- Between TT$1,250,001.00 and TT$1,750,000.00 - 5% on every dollar in excess of TT$1,250,000.00
- When the purchase price is over TT$1,750,000 - 7.5% on every dollar in excess of TT$1,750,000.00
Stamp Duty for Residential Land
The consideration must be greater than TT$450,000.00 and is calculated as follows:-
- When the purchase price is below TT$450,000.00 - 0%
- Between TT$450,001.00 and TT$650,000.00 - 2% on every dollar in excess of TT$450,000.00
- Between TT$650,001 and TT$850,000.00 - 5% on every dollar in excess of TT$650,000.00
- When the purchase price is over TT$850,000.00 - 7% on every dollar in excess of TT$850,000.00
Stamp Duty on Non-Residential Properties (Agricultural & Commercial Properties)
This is calculated on all agricultural land and commercial properties.
- When the purchase price does not exceed TT$300,000.00 - 2%
- When the purchase price is between TT$300,000.00 and TT$399,999.00 - 5%
- When the purchase price is greater than TT$400,000.00 - 7%