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Antigua Information:
Antigua is the perfect spot for non-residents looking to buy luxury property in the Caribbean. Antigua is said to have 365 beaches, one for each day of the year. Inland is an unspoiled rain forest dotted with picturesque villages, while the restored 18th-century English Harbour area reflects the island's heritage. Though Antigua is now independent, many customs remain, along with a relaxed pace of life.
 
Beach of dreams
Flag of Antigua & Barbuda
  The good business climate in Antigua encourages foreign investment, boating, consistent growth and a long history of stability. Antigua's airport offers scheduled non-stop flights to many major cities. Gourmet foods and wines are available in abundance. The capital, St. John's, offers everything from European finery to island crafts.
The Island offers unparalleled water sports, with miles of reef and protected coves. Annual rainfall is under 30 inches (12 cm), while gentle trade winds keep temperatures at an average of 78 to 85– F (25 to 29– C).
Special annual events include Sailing Week, Carnival, and Tennis Week.
For more information on Antigua & Barbuda visit: http://www.antigua-barbuda.org
 
   
   

Acquisition Considerations:
 

1. For non-citizens a license is required to purchase property. The cost is 5% of the value of the property.

2. For vacant land, building must be completed in compliance with the non-citizen’s license terms.

3. Government transfer fees to the buyer is 2.5% and to the seller is 7.5%.

4. Property taxes/rates are based on rental value and are reasonably set.

5. Most property is fee simple or freehold. Leaseholds are rare and usually held by the Crown.

6. Legal cost 1% to 2% depending on the value of the transaction.

7. There is no title insurance. Properties are registered at the Land Registry.

8. Real estate agent commissions are from 5% to 7%.

9. The property management fee is usually 10%. Rental commissions 8.33% of the value of the lease.

10. Withholding taxes are 25% of net rental income for non-residents.

11. Insurance coverage is approx. 2.0% of insured risk; deductible of 2% includes earthquakes & named storms.

12. Bank financing is available but interest rates are high by world standards.

13. Most houses are serviced by septic tank. Water cisterns are required.

14. Most properties are serviced by government electricity and water, cable TV, telephone and broadband.

15. The Antigua Barbuda Investment Authority offers attractive fiscal incentives to developers.

 

Antigua the Choice Location


Antigua was discovered by Amerindians and later by Columbus when the trade winds blew his fleet towards the new world. Its natural beauty, friendly people, rich culture, progressive government, excellent investment climate and sun, sea, sand and cooling trade winds provide excellent incentives for developers and investors, making Antigua one of the hot property spots in the Caribbean. Property values have increased reflecting demand and costs of building, yet Antigua still represents value for money compared to other Caribbean destinations. The British and Europeans are active investors and Antiguans, including those living abroad, have also participated actively building fine homes.

Vacation, Residential and Retirement Homes:

Highest demand is for single-family residences including apartments, condominiums, detached and semi-detached houses. While construction is evident throughout the island, there are leading property hot spots and location is the single most important decision. Property investors tend towards being close to St. John’s, the capital, English Harbour, the yachting centre, Jolly Harbour in the southwest and the less populated east coast. Proximity to sporting facilities, marinas, schools, bars and restaurants plays a key role in location decisions. Some prefer gated communities while others the freedom of living closer to the local population.

There are several well planned gated communities in Antigua, the oldest of which is Mill Reef Club located on the more sparsely populated Atlantic coast. It was established shortly after the end of the Second World War as an exclusive residential development and throughout the years residents have shown great philanthropy towards Antigua. Their generosity and caring is a common thread among ex-pat investors who find creative ways to give back to the island they come to love. Other east coast developments include La Perla’s Nonsuch Bay, Emerald Cove, The Peninsula and St. James’s Club.

On the Caribbean side La Perla’s Jolly Harbour is the largest residential resort in Antigua. Nearby, Sugar Ridge, Harbour View Estates and many other smaller developments benefit from facilities offered by Jolly Harbour, especially shopping, golf, marina and sports centre. Sugar Ridge, a gated community adjacent to Jolly Harbour, features a Boutique Hotel, Spa, restaurant and shops. The development enjoys spectacular views of the Caribbean Sea with Montserrat, St. Kitts and Nevis visible on clear days. Tamarind Hills is the newest comprehensive development on this coast enjoying entry to arguably Antigua’s two best beaches, Darkwood and Ffryes.

In the north, the residential areas of Hodges Bay, Crosbies, Paradise View, Cedar Valley and Friar’s Hill are close to the capital, airport, golf course, shopping mall and other amenities. The north is especially popular with permanent residents and returning Antiguans.

The English and Falmouth Harbour area is a complete community featuring historic Nelson’s Dockyard, Fort Shirley, Antigua Yacht Club, Temo Sports and Spring Hill Riding Stables. Yachting has made this area famous for cuisine, provisioning and catering - all useful in complementing one’s lifestyle.

Building Plots and Off-Plan Homes:

Property development, new building and an active re-sale market give buyers wide choices. Building quality custom homes on even the most challenging plots is achieved with professional architects, engineers, builders and contractors. Building costs are estimated at US$125 to US$350 per square foot, plus pool and landscaping. Purchasing a plot offers the advantages of lower acquisition costs and choice in design, decoration and landscaping. Some developers offer turnkey and off-plan homes complete with furnishings and fixtures.

Commercial Properties:

There are many business opportunities in Antigua’s growing tourist economy. Investments that provide jobs and stimulate the economy are encouraged with attractive fiscal incentives. New business start-ups, especially those associated with the Internet, offshore financial services and the hospitality industry are welcomed. Developers seeking to invest in the hotels and toursit sectors are encoraged to investigate the attractive fiscal incentives offered bt the Antigua Barbuda Investment Authority.

Time Share/Fractional Ownership:

Fractional ownership, or time-share, is offered at Jolly Beach Vacations while re-sales are available at Antigua Village, Jolly Harbour and St. James’s Club. The concept divides ownership, costs and utilization over 52 weeks and allows for vacation exchange with over 3,000 resorts worldwide.

Professional Services:

Real estate agencies offer a full range of professional services and can be a one stop shop for all your real estate needs by cooperating with each other. A buyer can also appoint an agent to locate and negotiate the property of choice. Lawyers, builders, engineers and architects are experienced and knowledgeable of European and North American requirements and their services are recommended in selecting and acquiring property in Antigua.

 

Article written by Tradewind Realty and published in "Life in Antigua"

 

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