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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