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TOP LOCAL LAW

LOCAL LAWS & TAXES

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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.

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  • It is required that all monies for the purchase must be shown coming from abroad in some form of foreign currency.

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  • 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%

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  • Search fees $1000.00

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  • Registration fees $100.00 (No VAT)

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  • Oath/Copies $100.00

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  • Preparing Contract $600.00

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  • Preparing Land Tax Return $450.00

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  • Preparing Foreign Investment Return $450.00

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  • Obtaining Valuation Report $600.00

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  • Stamp Duty calculated as below (No VAT)

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  • VAT 15% on all except on:- Stamp Duty and Registration fee.

STAMP DUTY

  • Residential Deeds – (Property)

NB. For this to apply we need Valuation Report, Land and Building Tax Receipt, WASA Receipt and Clearance certificate.

  •  Non-Residential Deeds – (Land Only)

LEGAL FEES

  • (ESTIMATE) – 1.5%

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