Can foreigners buy property in St. Lucia?
It can be challenging, at least initially, for non-citizens to purchase a home in the St Lucia, Caribbean. The quick answer to the question “Can foreigners buy property in St. Lucia” or whether a foreign national may purchase real estate in St Lucia is Yes, albeit it’s easier if you’re paying cash for the property. The hardest element for non-citizens seeking funding from a financial institution in the St Lucia to buy real estate is acquiring a mortgage. If you’re not a St Lucian citizen, but you’re ready to buy property in the country, you should be aware of the following facts.
Buying a House as a Non-St. Lucian Citizen
Alien Land Holding License
Regardless of citizenship, anybody can purchase and own property in the St Lucia. An individual of any foreign citizenship is free to own or purchase a residence in the St Lucia providing that the foreigner meets the requirements of Section of the Alien’s Land Holding License Act.
In reality, a large number of rich foreign investors buy investment properties in St Lucia, including single-family houses, multi-unit apartments or condominiums, hotels and resorts and even commercial properties and many acres of land. In addition, many foreign nationals buy vacation homes in St. Lucia and rent it out on AirBNB when they are not on island. Therefore, you have a variety of alternatives and resources at your disposal, whether you’re a new resident looking for a two-story home for you and your family or an investor interested in vacation property.
Mortgage Application for a Non-St. Lucia Citizen
If you intend to pay in cash, buying a home in St. Lucia as a non-citizen is generally straightforward (providing you have your Alien Land Holding License). If you don’t have the money to buy a house outright, you’ll need to get a mortgage loan in order to buy St Lucia real estate. This is when the procedure may get trickier.
Your residence status affects your capacity to obtain a mortgage as a non-citizen of the St Lucia. You may be eligible for a loan as a foreign national if you want to purchase a property. Foreign nationals who which to take a loans typically need a larger down payment (up to 45% of the loan amount) and higher interest rates. If you are a permanent resident working in St Lucia, you may qualify for a lower down payment which is generally up to 10%.
In order to establish a borrower’s eligibility for a mortgage loan, all of St Lucia Banks also consider a credit history in the home country. You need to have a credit report if you are a non-citizen. It is necessary for lenders to assess the risk of lending you money to buy a property in St Lucia. The lender will need to assess your risk as a borrower.
Consequences of Selling a Home in Saint Lucia as a Non-St Lucia Citizen
You could ultimately decide to sell your property in St. Lucia in the future. It’s a good idea to be informed of the regulations and procedures before you buy new property in St Lucia in case you decide to sell it later. If you are selling your property through a company ie (selling company shares), you pay 10% vendors tax and real estate commission. The company has to be in good standing with IRD and NIC departments.