Are you dreaming of owning a property in the Caribbean, but you don’t know how the process of buying goes? Let this Caribbean beachfront homes for sale guide help you with the process of buying your dream property.
The Caribbean is a large region that stretches from the Bahamas in the north to Tobago in the south. It also includes the countries of Central America. Besides being a famous destination for divers, it also has the world’s leading offshore financial centers and the last Socialist planned economies.
They differ significantly in geography, structure, culture, economic structures, legal systems, and political systems. As expected from a varied region, the property market varies depending on the location. So, if you have plans to buy a property in the Caribbean, you must look for the island that suits your requirements for lifestyle, price range, ease of access, type of property, and landscape.
Choose the type of property according to your lifestyle
When choosing the type of property, make sure that it suits your lifestyle. There are many great properties for sale in the region, from lavish villas to modestly priced apartments. If you are focusing on buying one in the Bahamas, Antigua, and Dominican, there are many Caribbean beachfront homes for sales that you can choose from.
You can also choose properties in Kingston and Santo Domingo. If you prefer stately plantation houses and attractive historic homes, visit Jamaica and Barbados. Puerto Rico and Grand Cayman, on the other hand, offer ultra-contemporary new properties.
Caribbean Properties for Foreigners
Foreigners who have plans in buying a property in the Caribbean are allowed to buy a property without any restrictions. However, you must know that the varying process may differ depending on the island. The taxes you need to pay, the legal process, and other fees may vary from region to region. An example of this is in the British Virgin Islands. Non-residents need to get a Non-Belonger Land Holding License, which is not a requirement in Barbados.
The Process of Buying a Property in the Caribbean
· Selecting the Property
Every island in the Caribbean has a unique process of buying a property. For instance, Martinique, St. Barts, and St. Martin are in the French Caribbean. Thus, they follow the process in France.
On the other hand, Barbados and Antigua are in the English Caribbean, so the English law influenced their process.
· Getting the Funds
A foreigner is allowed to get a mortgage to buy real estate in most parts of the Caribbean. But you have to meet the lender’s criteria.
· Transferring to The Caribbean and Applying for Residency
Buying a property in the Caribbean can be your pass to get a residency in the Caribbean. Most of the islands in the Caribbean offer residency to foreigners who bought a home in the region. Also, it will help you in applying for full citizenship in exchange for purchasing a property.
To learn more about Caribbean beachfront homes for sale, visit Caribbean Escape. You can seek a local lawyer’s assistance when buying a property in the Caribbean.