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What is Stamp Duty (Saint Lucia)? Who Pays?

What is Stamp Duty (Saint Lucia)? Who Pays?

When purchasing property in St Lucia, stamp study must be paid. It is important to understand how it is applied when deciding on your budget.

What is stamp duty?

Stamp duty is a government tax that is levied on any document that is legal or contractual between two or more parties. It is  paid when purchasing real estate, insurance policy or buying a vehicle, cheques, receipts, military commissions, marriage licences, which would be affixed with a legal stamp.

When do I have to pay stamp duty?

Generally when purchasing property in St Lucia, at the point of conveyance, it is standard that your attorney automatically deduct stamp duty on your behalf  which is then paid to the Inland Revenue Department.

Stamp duty is a tax that is imposed on every instrument which may be declared by the Stamp Duty Ordinance to be liable to stamp duty.

Here are some of these documents that require stamping in accordance with the Stamp Duty Ordinance. These, include:

  • Deeds of Conveyance
  • Deeds of gift
  • Deeds of Mortgage
  • Mortgage Loan agreements
  • Life Insurance Policies
  • Powers of Attorney
  • Transfer of Shares
  • Deeds of Lease
  • Bonds
  • Deeds of any other kind

How do I know how much stamp duty I must pay?

Stamp duty rates differ according to the transaction it is being levied on. When purchasing property in St Lucia, according to the Stamp duty ordinance :

Deed of Sale – Purchaser (Conveyance)

2% of consideration

To calculate the amount of stamp duty you may have to pay on your property, simply  multiply the selling price by 2%.

Example: $100,000.00 X .02 = $2,000.00

Will stamp duty be added to the cost of my loan?

Generally your bank or Credit Union would consider lawyers fees and Stamp duty when offering you a loan  because stamp duty is a must and have to be paid upfront.

Can I be exempted from stamp duty?

Anyone can write to the cabinet of ministers requesting exemption on any duties in Saint Lucia including Stamp Duty. Certain developers have been successful in doing so, for eg. Calabash Condos

Anyone who purchases a condo at Calabash Condos in waived the 2% stamp duty.

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