LEGAL & FINANCING INFORMATION FOR CARIBBEAN PROPERTY INVESTORS

Non-nationals of St. Lucia are "Aliens" within the meaning of the Alien`s (Licensing) Act No. 20 of 2002. Aliens are authorized to hold land in Saint Lucia only by virtue of an Alien`s Land Holding License, granted under authority of Section 3 (3) of the said Act. The application for such license must be submitted to the authorities supported by the following...

1. Application fee receipt... US$600.00
2. Land Details.... (once the Vendor and Purchaser have agreed on the sale and purchase of the specific parcel of land)
3. Agreed purchase price to be supported by Statutory Declarations sworn to by each client.

   N.B. Government reserves the right to execute its own valuation of the property. (The declaration must be sworn before a Notary whose seal and stamp can be easily read for reference)

4. Profile of Applicants
   • Passport and citizenship details
   • Profession or employment status
   • Banker`s reference
5. Police certificate of good character from country of origin or current residence.

Four (4) passport sized colour photographs for each. (One copy to be certified by a Notary)

Also, although fingerprints are not part of the requirements of the Act for the grant of the Alien`s Land Holding License, the Police Special Branch which has the responsibility for verifying the records of the applicants for the license, can only make those verifications through Interpol by finger-print records.

If the property is to be in the name of both parties, each must fulfill the requirements above.

This application does take some time to process, (Four (4) to Five (5) Months) so it is imperative that the applicant secure all of the above as early as is possible.

Once the application has been approved, the License which costs US$2,000.00 for up to one (1) acre, when paid for is signed by the Prime Minister and must be registered at the Land Registry. (over 1 acre and up to 10 acres-US$4,000.00/ over 10 acres up to 20 acres-US$8,000.00 etc).

Prior to submission of the application for a license, the property to be purchased must be specifically identified and usually an Agreement for Sale with all relevant particulars executed by the Vendor and the Purchaser. A ten 10% Deposit is usually paid by the Purchaser to the Vendor on execution of the Agreement for Sale by the parties. It is advisable, at this point to register with the Registry of Lands, a caution against the title, as notice to all of the purchase`s right to purchase that parcel of land.

When the Alien`s Land Holding License is registered, the Deed of Sale is then prepared, and closing can take place with transfer of the balance of the purchase price, and execution of the Deed of Sale by the vendor. A Purchaser`s Stamp Duty of 2% of the Value of the Property is payable to the Inland Revenue Department at this point. The Deed of Sale is then registered at the Land registry for transfer of title to the Purchaser.

The Costs involved:

Licence Application		US$ 600.00
On Grant of License (under one acre)		US$ 2,000.00
Stamp Duty on Value of the Property		2% of purchase price
Notarial Fees		3% of purchase price

The Notarial fee includes:

• Submission of the License Application & Registration of the License
• Preparation and Registration of
  1. Agreement for Sale
  2. Caution against the Property Title
  3. The Deed of Sale

Includes also, the conduct of regular site inspections and enquiries of the Vendors/ Builders as to the progress of construction.

The maintenance of an Escrow Bank Account for the purpose of receiving and securing the payments by the Client to be disbursed to the Vendor or Builder on the completion of works on the Lands as agreed per the Agreement for Sale.

The execution by Power of Attorney of all Documents necessary for the transfer of title in the name of the Purchaser if the Purchaser is not readily available to do so himself.

For such representation, the Alien/Purchaser must agree to and execute a Retainer in favour of this Attorney. The Alien/Purchaser will also agree to pay in advance for Professional Services provided according to the progress of the purchase and transfer with an advance deposit of 20% of the fee.

For Corporations:
The Fee Structure remains the same, however, the application requires that personal particulars of each Director be submitted including Banker`s References.

The rules and guidelines regarding Condominium development and ownership are provided in:
The Alien`s (Licensing) Act No. 20 of 2002
The CONDOMINIUM ACT No. 5 of 1976

Copies should be available from the National Printing Corporation. (Government Printery, Castries.)

PLEASE NOTE: Other islands are similar, but may have slight variations to this purchase process.

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