How to Buy Real Estate in St. Lucia

St. Lucia is an island nation of the eastern Caribbean Sea that boasts forest-covered rocky terrain and pristine beaches. As competition for the coveted banana trade increases around the island, the government is encouraging tourism to make up for lost GDP percentages. Increased tourism to the island means a number of things to a property buyer. If you're looking to own real estate on the island, follow these steps.

Instructions

Difficulty: Moderate

1. Decide on your reasons for buying real estate on St. Lucia. Recent increases in tourism to the island mean a sparked economy and the opening of new means of transport to the island. While an investor hears the sound of coins falling, someone looking for a private home might be less enthusiastic. Think about why you want property on St. Lucia so you can make the right choice.
2. Think about where you want to own real estate. St. Lucia is divided into 11 quarters. All but one of them, the sixth "Forest" quarter, have access to the Caribbean sea. If you're looking for mountain seclusion, the Forest is the way to go.
3. Consider associated fees. St. Lucia requires that a lawyer apply for a license for aliens to own property on the island. The license costs are not exorbitant but are significant for plots over 1 acre for private property and 5 acres for commercial property.
4. Have a deposit ready. If you're serious about a piece of real estate on St. Lucia you are required by law to place a deposit of 10 percent of the property price on the plot. A forfeiture clause is introduced to most agreements, which stipulates that if the buyer pulls out of the deal, the deposit is lost. Similarly, you are entitled to 10 percent of the property's value if the seller pulls out of the deal.