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Caribbean When you require virtually guaranteed sunshine plus an unspoilt landscape, with a dash of the most relaxed lifestyle, all routes lead to the Caribbean. To make the route even more enticing it could also include some tax free living. |
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| The tropical paradise of the Caribbean is now far more accessible with many more scheduled flights, making the opportunity of fully exploring the investment potential an attainable option. | |||
Where in the Caribbean There are three main traditional areas, the Greater and Lesser Antilles, and the Bahamas. On this the most popular islands have always been located in the Lesser Antilles, which are St Lucia, Barbados, and the Cayman Islands. Unfortunately with the popularity comes an increase in the cost of real estate, which makes some other islands, potentially a more affordable proposition. Property prices in Antigua also have benefited from a major investment in the prominent Jolly Harbour, which is on the west coast of the island. One of the islands which has grasped the opportunities more than most is the Dominican Republic. To compensate for the issue of crime on the island, the majority of new developments are based around ‘gated communities’, which give additional protection. Buying in the Caribbean This is probably the one place in the world where you must involve a local lawyer to represent you. The rules involving how the purchase process works vary from island to island, and on some islands UK solicitors are not allowed to practice. If you are planning to purchase an ‘off-plan’ property, the financing with required a staged payment plan, normally after a 10% deposit is made. The remainder of the staged payments will have to be agreed with the developer. Unfortunately there have issues with title of land in the past, so make sure you use your own lawyer, rather than the one suggested by the developer. Surprisingly the process in purchasing a resale property is fairly straight forward. You need get your lawyer involved as soon as you have an offer accepted, and put down a 10% deposit with the vendor’s lawyer. The balance is paid on completion. The whole process could be completed in as little as 3 months. Living in the Caribbean The requirements to visit, varies from island to island. Some limit to 90 days on a tourist visa, others allow a 6 month stay. You can normally obtain residency, provided you have the necessary funds, which again can vary. If your plan is to work, then unless you are planning to set up a business, or invest in the local economy, then there may be a problem. The basic rule is that unless you are taking up employment that a local resident could not do, you may not be allowed to work.Should the lure of tax benefits be part of the draw to the Caribbean, it is essential that you again get local advice, as levels of the tax payable vary drastically. The Caribbean, providing you do your homework and utilise local knowledge, the dream of the climate, lifestyle, and commercial return, is dream that can become a reality………………………………… |
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