Buying
in the Caribbean – the ins and outs
Although many Caribbean islands use different forms of currency,
the majority of property transactions that take place are,
even on islands where it isn’t the official unit of
currency, conducted using US dollars.
Mortgages are available locally, however these often require
a deposit of around half the value of the house. Occasionally
banks will offer mortgages with deposit percentages as low
as twenty, but these are the exception rather than the rule.
The typical mortgage length offered is also a good deal shorter
than the western norm at around 15-20 years, which can make
the monthly repayments fairly expensive. However, if the bank
has a strong enough reason to believe you will be able to
repay the loan, they may tend to be more flexible regarding
the terms of the loan. Bear in mind that property ownership
abroad will entail, in addition to your mortgage repayments,
many additional costs, such as building
and contents insurance and utility bills.
If you are looking for a more affordable way
to get on the island property ladder, perhaps you could consider
buying an empty plot of land and building upon it. Thanks
to the relatively low labour costs on the island, building
your own dream home in the Caribbean is relatively affordable
and could well turn out to be one of the soundest investments
you ever make. Though it can take a good deal of time, patience,
and hard work – not to mention planning permission –
going the self-build route can be a great way to buy into
the island property dream on a lower budget.
In line with the great majority of Caribbean
islands, Hispaniola requires visitors to hold a tourist visa
before entering the country. These, thankfully, are very easy
to obtain and entitle you to stay for up to 90 days in the
year. If you wish to achieve non-working residency in the
area, however, it helps to be rich. As is the case in the
majority of the civilised world, for better or for worse,
money talks louder than anything else in the Caribbean, and
it is very much the case that the more funds that you can
prove that you have, and that you are willing to import to
the island, the easier and quicker your application process
will be.
If you are hoping to work in the Caribbean,
however, you may find achieving residency that little bit
harder – unless you are planning to start up a business
in the area, thus stimulating the local economy and workforce
If you are looking for regular employment, then you will have
to prove that the job which you are applying for could not
be taken on by a resident, say if you have a specialist skill
which would be unique to the island, or if there is a skills
shortage in a particular area, such as medicine or engineering
which requires the influx of foreign talent.
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