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BUYING PROPERTY

Here are a few things you should know about purchasing a property in Tobago:-

  • Citizens of Trinidad and Tobago are permitted to buy property freely.
  • Foreign nationals are required to apply for a licence to purchase residential property in Tobago.
    Certain areas have been named as Designated Development Areas where licences will be freely granted for foreigners to purchase land or property in Tobago once the relevent information is supplied. Outside of these areas, applications will be assessed on a case-by-case basis.

    The designated areas are:
    Arnos Vale and Culloden
    Bacolet Estate
    Buccoo and Golden Grove Estate
    Lowlands and Diamond Estate
    Mt. Irvine and Grafton Estate.

    Foreigners can purchase multiple properties but only one parcel of residential land. No sub-division of the land will be allowed and residential land must be used for that purpose. Construction on land purchased must be completed within 36 months.

    There is a form to fill out and the following documents must be submitted along with the form:
    • Notarized copy of applicant's passport (relevent pages showing date of issue and expiry and photograph page)
    • Town & Country Planning approval to build (for land purchase)
    • Credit reference for applicant from bank or financial institution
    • Certificate of Good Character for applicant

    Application form: http://www.finance.gov.tt/documents/129.pdf
    Application guidelines: http://www.finance.gov.tt/documents/51.pdf

  • Foreign nationals wishing to invest in larger properties of over five acres must apply for a licence through the Tourism & Industrial Development Company (TIDCO).
  • Foreign nationals must pay in a nationally traded foreign currency.
  • Permission to buy land does not confer residency. Buying a commercial property does not confer the right to work (earn an income) in Trinidad and Tobago.
  • If you are intending to live in Tobago, foreign nationals should contact the Trinidad and Tobago High Commission in their country for information on immigration and/or work permit requirements prior to committing to purchase.
  • If you are planning to come on holiday to enjoy your new property, a non-resident can usually get a visitor's visa for up to three months. Extensions can be applied for, but are not guaranteed, especially over six months.

Once you have decided to buy a house or land, here are the basic steps toward purchasing:-

  • Caribbean Estates, Lands & Villas will make an offer on your behalf, and, when a price has been mutually agreed, we will draw up a Sales Agreement stating the terms of the contract. On signing the Agreement, the purchaser pays a 10% deposit that is normally held in a special "escrow" account until completion of title searches. At this point the contract is binding on both parties.
  • Once a Sales Agreement is signed and deposit paid, the buyer must instruct a local Attorney to search the seller's title to the property.
  • Once good title to the property is established, the buyer is free to complete the purchase by paying the 90% balance of the agreed purchase price. Typically, this is done ninety (90) days from signing the Sales Agreement, but can be done as soon as the searches are complete.
  • On completion of the purchase, the buyer must pay certain fees and duties called "closing charges". These include legal fees, stamp duty and fire insurance in the case of a house purchase. Stamp Duty is a sliding scale charge from 2% to 10% of property value, and legal fees are typically 1.5% to 2% of property value.
  • Your purchase is registered officially at the Red House by your Attorney, and all purchases by foreign nationals are further registered with the Ministry of Finance, using bank documentation as proof of purchase in a foreign currency. Purchases in Tobago are also registered locally at the Warden's Office where future land and building taxes are paid. Land tax is currently TT$10 per acre per annum.

The idea of building in a foreign country can be intimidating. When your purchase is complete, we will be happy to advise you on building in Tobago, guide you through the planning procedures and arrange property management and holiday rentals.

SELLING PROPERTY

To list your property with Caribbean Estates, Lands & Villas:

  • Call us with initial information on the property and your contact information.
  • Follow up with copies of your title deed, the latest land tax and water rates receipt and a survey plan or cadastral (sales only).
  • Show us, or allow us to view your property and to recommend a selling/rental price based on our professional knowledge of the Tobago market. We will then jointly sign a listing contract stating the terms of our agreement and the commission rates etc.
  • We will actively promote and advertise your property, bringing to you all offers received and/or market feedback. When an offer is accepted by you, Caribbean Estates will negotiate and draw up a Sales Agreement, accept the 10% deposit into our client account and facilitate the purchaser's Attorney until completion of the sale. After accepting a deposit and signing the Sales Agreement, the Seller is committed to the sale.

If you have a property of any type in Tobago which you are prepared to list either exclusively or non-exclusively for sale/rental, we could feature it on our international web page, we will sign it if appropriate and it will appear regularly in our local classified and/or display advertising via national media and tourism publications and in our "windows" throughout Tobago.