A few things to know about purchasing property in Tobago:-
- Non Nationals are permitted to purchase up to five acres for
commercial purposes and one acre for residential pending
approval of license application.
- It is required that all monies for the purchase must be
shown coming from abroad in some form of foreign currency.
- A local solicitor must be hired to do all the necessary
searches for the property to ensure that the property is being
sold with vacant possession.
CONVEYANCE CHARGES AND COSTS:
- Legal fees 1.5%
- Search fees $1000.00
- Registration fees $100.00 (No VAT)
- Oath/Copies $100.00
- Preparing Contract $600.00
- Preparing Land Tax Return $450.00
- Preparing Foreign Investment Return $450.00
- Obtaining Valuation Report $600.00
- Stamp Duty calculated as below (No VAT)
- VAT 15% on all except on:- Stamp Duty (9) above and
Registration fee (3) above.
STAMP DUTY
The present rates are:-
(a) Residential Deeds - (Property)
| 0 – 850,000 |
0% |
| Next 400,000 |
3% |
| Next 500,000 |
5% |
| Above 1,750,000 |
7.5% |
(For this to apply we need Valuation Report, Land and
Building Tax Receipt, WASA Receipt and Clearance Certificate).
(b) Non-Residential Deeds - (Land Only)
Where the Consideration
Does not exceed |
0 – 300,000 |
2% |
| 300,000 to 400,000 |
5% |
| 400,000 and more |
7% |
LEGAL FEES
(ESTIMATE) – 1.5% |
