Cap Estate Young Land Cap Estate, ST LUCIA, St Lucia
- 5 Bedrooms
- 7 Bathrooms
- 0.97 Acres
- 33523 Sq Ft
- Swimming pool
- Cap Estate
- 5 bedroom 7 bathroom
- Swimming pool
- Extensive mature gardens
Young Land Cap Estate, St.Lucia A Beautiful, Desirable Location
Set in the most desirable residential area in St. Lucia, Young Land certainly enjoys a great location. Set in 0.97 acres of gently sloping land, and accompanied by established gardens with tropical fruit trees, this property has tremendous investment potential. Cap Estate has consistently maintained the strongest real estate values in St. Lucia. The property boasts excellent Caribbean Sea views, and is close to several beautiful beaches, an 18 hole golf course, tennis courts and marina. Young Land is 10 minutes away from Rodney Bay, where the best restaurants, bars and shopping on island can be found.
St Lucia is the next island up from St Vincent, and boasts the perfect balance - it still has untouched, beautiful natural areas and exceptional beaches, and yet is more developed than some of her neighbouring islands - St Lucia has two airports, making travel easy, and there are many resorts and spas due to the thriving tourist industry that it has developed.
This is a fantastic place to consider buying a property, and there is also plenty to do, with events and festivals throughout the year.
Great Renovation Potential
The split level house has 5 bedrooms and 7 bathrooms. There is also a swimming pool and large sun deck. The property needs renovation, and has fantastic potential, with all essentials in place, including plumbing, electricity and water. Due to the great location, this could be refurbished to become an amazing property used as a holiday rental, and there is great potential for this, since St. Lucia has a thriving rental industry and is becoming increasingly popular with tourists. Alternatively, this could be purchased and renovated for private use, and could be completed as a fabulous home, in an enviable area. All in all, this would be an excellent investment.
With a total land area of just 620 sq miles St.Lucia, often called "The Helen of the West Indies" because of its natural beauty, sits in the ocean like a shimmering jewel. Pristine white sandy beaches, tropical forest populated by rainbow-plumed birds and acres of orchards filled with sweet smelling tropical fruits such as mango, papaya and banana are crowned by the islands twin peaks the Gros & Petit Pitons.
How to buy St Lucia property
There are certain rules and regulations you must comply with as a non domicile of St Lucia in order to purchase a St Lucia property. For instance, you will need to apply for an Alien Landholding Licence. Generally the cost of purchasing a property on St Lucia will come out at between 6-8% on top of the purchase price. This will cover stamp duty, the Alien Landholding Licence, Treasury receipt, legal costs and registration fees. If you are taking out a mortgage, lenders tend to charge a set-up fee.
Alien Landholding Licence
Foreigners must apply to the Ministry of Planning for an Alien Landholding Licence which costs EC$1,500, is non-refundable and does not need renewing. The process takes up to 16 weeks as the application is vetted by the Physical Planning Office of the Ministry of Physical Development, Environment & Housing, approved by the Prime Ministers Office and finally by the Office of the Attorney General.
Your locally appointed lawyer will make the application for the Alien Landholding Licence on your behalf. Along with your completed application you will need to provide the lawyer with the following information:
Certificate of character for each applicant (from your local police station)
A bank reference
A copy of your passport data page
Full set of fingerprints (from your local police station)
4 passport size pictures of each applicant
Full details of the proposed property or land purchase (including a survey plan and land register of the property (from the Vendor) and a value assessment of the land or property (although the value assessment may not be necessary
Receipt proving payment of application fee
Initial approval from the Development Control Authority (this may not be necessary).
In addition to the application fee for the Alien Landholding Licence, the following fees are applicable depending on the land area of your property.
Land Area (in acres) Price (in EC$)
Under 1 $5000
There is no standard procedure on this, but common practice is to offer 10% of the purchase price as a deposit, which is forfeited if the buyer pulls out. If the vendor pulls out then the buyers 10% is returned as well as 10% from the vendor plus an additional penalty of 10%. In the unlikely event that the Alien's Landholding Licence is not granted, then the deposit is refunded.
Annual Property Tax
5% of the unfurnished rental value of your property, regardless or intent of use.
2% of purchase price
10% for non citizens or 5% if the property is owned by a local citizen of St Lucia.
There is no vendors tax if the property is owned by a company as you would transfer the shares in the company as a way of transferring the property (rather than by deed of sale). It is therefore best that all foreign clients sent up a local company and to apply for the license in the company's name. When you come to sell, you will be selling the company rather than the property itself.
There is no capital gains tax, inheritance tax or gift tax in St Lucia.
Local solicitors / lawyers usually charge 3% to 5% of the purchase price.
There are certain very attractive tax incentives available to a selection of 'returning residents' of St Lucia including the right to ship a container of 'personal goods' without paying duty on them and importing or purchasing a vehicle duty free.
To qualify for 'returning resident' status you must be a citizen of St Lucia, either by birth or parentage who is returning to St Lucia after a minimum of 10 years off the island or be married to the aforementioned citizen.
There are strict guidelines as to what constitutes 'personal goods' and various limitations that should be read thoroughly. For up-to-date information please contact your local Consulate General of St Lucia, or contact one of our agents.
Example of a full listing here - http://www.guidetostlucia.com/returning-residents.html