|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 & Costs
- Stamp Duty
- Legal Fees
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.
The present rates are:-
(a) Residential Deeds – (Property)
|0 – 850,000
(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
|300,000 to 400,000
|400,000 and more
(ESTIMATE) – 1.5%