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KEY NOTIONS TO BUYING PROPERTY IN ANTIGUA & BARBUDA Many people dream about owning a home in a stable tropical island and those eyeing Antigua & Barbuda are in for a treat. Your property dream in the Twin Islands can be fulfilled by either investing through the Citizenship by Investment Programme (CIP) or simply buying a property as a non-citizen.
At the higher end of the Antiguan property market, there are many opportunities for creating value for your investment. High-end properties provide a good return thanks to their resilience to market fluctuations. Buying real estate through the CIP has the added value that it allows you to tap into tailored rental programmes which offer an average 4 to 6 percent annual return.
PROPERTY INVESTMENT THROUGH CIP
ALIEN LAND HOLDING LICENSE
NON-CITIZENS
STAMP DUTY
Buying real estate through the CIP can make you eligible for Antigua & Barbuda citizenship if investing in a pre-approved real estate development. Although the minimum investment is usually US$400,000, until 31st October 2019, there is a limited time offer (LTO) which enables two related parties to co-invest in a property with a minimum US$200,000 each. Real estate purchased through CIP must be held in ownership for a minimum of five years to qualify.
Who is considered a non-citizen? Anyone who isn’t a citizen of Antigua & Barbuda; any company registered in the country which is controlled by non-citizens; or any company registered outside of the jurisdiction. If no license is obtained the sale can be rendered void.
All non-citizens who purchase property in Antigua & Barbuda are required to acquire an Alien Land Holding License (ALHA). This can take between three to six months and costs 5% of the value of the property. This licence is specific to the property on offer, so a firm agreement with the vendor is necessary!
Stamp duty applicable on sale of a property is 10% of property value, 2.5% paid by the buyer and 7.5% paid by the seller.
LAWYER PROCESSING TIMES
The processing time for purchasing a property either through the CIP or as a non-citizen takes between 3 to 6 months.
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THE CITIZEN
It is highly recommended that you find a lawyer who can assist you in the purchase process.
