St Lucia Real Estate-learn about what you need to buy, sell or rent property in St Lucia

Alien's Landholding License

An Alien's Landholding License is a pre-requisite to non-nationals acquiring property in St. Lucia. Application can be made to Cabinet through one's Solicitor, or the Alien may apply himself in the prescribed form to Cabinet for a licence to hold land.At the time of application, an initial non-refundable fee of $200 is required, along with supporting documents:

finger prints from the local police or from the country of citizenship.
Full particulars of the property to be purchased, including the assessed value.
Approval in principle by the Development Control Authority with respect to the use of the property.
Two(2) coloured photographs of the applicant.

The application fee is E.C.$1,500.00. The Licensing Fee for properties under one acre is E.C.$5,000.00. The legal fees for obtaining the license range from 3 percent to 5 percent of the value of the property. Licenses are issued for the purchase of a specific property.

Properties are available in different categories islandwide. The prices range in order of quantity, location , size and aesthetics. A firm offer is sealed witha 10% deposit subject to the terms and conditions contained in the relevant agreements. The deposit can either be held in Escrow by the Purchaser's Solicitor, by Reliable Realtors.

The true value of the property has to be established by a Professional Valuer. In some cases, the property can be sold at either true market value depending on what the vendor is willing to accept. However, it is our policy to work closely with the vendor to establish the best selling price and to market accordinly.BankingLocal Law in St.Lucia stipulates that non-nationals have to get approval from Government to borrow from the local banks Banks.Nationals who live overseas may borrow up to EC:$200,000 without approval. Government approval would be required for any sum in excess of EC:$200,000.In support of an

Application a bank would require:
A Banker's Reference which would include credit rating, ability to maintain a Savings Account, Income Tax Declaration, a letter from Employer stating earnings ands and length of employment. Prime interest rate is 10% per annum. Banks add between 1.5% to 7% depending on the type of borrowing; the least being mortgages and the maximum, business overdraft. Despite the rates, everyone is negotiable depending on merit.The Banks would fund up to 90% on mortgages for a maximum of 25 years.If a mortgage is approved, the mortgage is expected to have a comprehensive Hazard Insurance on the purchase price and a special LIfe Insurance.