This is a Buyer’s Guide to Purchasing Property at The Peninsula. It gives you most of the information necessary to make an informed decision. Antigua, while small, has many professionals working with property and in the property field. Architects, Engineers, Builders and Lawyers are readily available. Kindly be aware of all the following :

Acquisition Considerations:

  1. To purchase property in Antigua, Non-Citizens need to apply for a license which costs 5% of the purchase price.
  2. For Non-Citizens, there is a non-speculation law covering the purchase of land. You are obliged to comply with the details of the non-citizen’s license including the allowed time required to commence and complete building.
  3. The buyer pays government transfer fees of 2.5%.
  4. Rates and property taxes are based on land area and rental value and are assessed by the Land Officer at Inland Revenue.
  5. For Non-Residents there is a 25% withholding fee tax. Your Property Manager will inform you on how to deal with this.
  6. The majority of property is freehold. Leaseholds are rare and usually held by the Crown.
  7. Legal costs vary between 1% and 2% depending on property value. Purchasers are encouraged to engage the services of a lawyer to handle the conveyance.
  8. Properties are registered at the Land Registry. Your Lawyer will search the title for and charges of encumbrances. There may be Restrictive Covenants registered against property. These will be mainly in gated communities or Developments.
  9. There is no title insurance in Antigua and Barbuda.
  10. Property Management fees are usually 10% but are negotiable based on work and your expectations. Rental commissions are 8.33% of the value of the lease. For short term rentals these will vary from 10% to 30% depending on the property and services provided.
  11. Insurance cover is approximately 2.0% of the insured risk; deductible of 2% includes earthquakes & named storms.
  12. Bank financing is available. Mortgage interest rates in Antigua are fairly high compared with the US & Europe.
  13. Houses are usually serviced with a septic tank.
  14. Water cisterns are required and by law must be at a minimum 10 Imperial Gallons for each sq. ft. of roof area.
  15. The government supply of electricity and water is generally good and reliable. Many homes have a backup generator and can obtain water either from the mains water supply or by trucking to replenish the cistern supply.
  16. Telephone, Cell telephones, Cable or wireless TV and Internet Broadband are generally good. Like the rest of the world are not necessarily keeping up to expectations due in large part by an ever increasing user base the result of population growth and increased tourism.

CIP:

Citizenship by Investment Programme – an Antiguan Passport with your Real Estate Investment.

The Antigua and Barbuda Citizenship by Investment Programme, CIP, allows investors and their families to enjoy a number of benefits conferred by Antiguan and Barbuda citizenship. As a member of the Commonwealth, the holder of an Antigua and Barbuda passport, can enjoy visa-free travel to over 100 countries including the United Kingdom, Canada and all European Union countries. This initial investment in the Antigua and Barbuda’s growing economy will allow investors to reside in Antigua and Barbuda for as long as they would like. As Citizen’s they may also make additions real estate and or business investment and to move freely into and out of the Country.

Why Antigua and Barbuda’s Citizenship by Investment?

Antigua and Barbuda offers a secure growing economy: An excellent place to make real estate and business investments. The Peninsula-Antigua offers property investments for families at the high end.

Convenience: In some countries, citizens spend considerable amounts of time obtaining visas in order to travel freely. This is a time consuming and complex operation with no guarantee of success. For individuals involved in business where international travel may be required on short notice, access to another passport may be crucial. A second passport may afford the holder visa-free travel to jurisdictions not available to their country of birth.

Tax Planning: Several countries around the world levy tax on non-resident citizens. Alternative citizenship has therefore become increasingly important as an effective tool for international tax planning and reducing an individual’s potential taxation profile. Holding citizenship of two or more states, an individual will in general have more planning options as well as more privacy in banking and investment.

Personal Security: Citizenship Antigua and Barbuda with its close ties to the United Kingdom is considered by some as a form of protection when travelling, particularly in times of political unrest, civil war, terrorism or other delicate situations. Many international business executives consider an alternative passport from a neutral country as a very effective way of mitigating risks while travelling. Within one’s own country, where there is political and social unrest, a second passport may well provide for quick travel exit if required.

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