The Fine Print

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.

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%