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The Caribbean Islands
The Caribbean is everyone's dream destination whether for a holiday or to take the plunge and live permanently in any one of a multitude of fabulous tropical islands. Choose from The Bahamas, St Lucia and Barbados or some of the less well known ones like Turks and Caicos, St Kitts, Nevis and St Helena.
It has long been the playground of the rich and the famous, the Caribbean is an exciting vacation destination. Conjuring up images of palm fringed white sandy beaches and beautiful blue waters, the Caribbean is so much more than this. Here each and every country has its own distinct colour and flavour which, when blended together, generates an almost perfect world unto itself.
Tropical forests, exotic wildlife, verdant plantations, hypnotic rhythms, delicious cuisines and a plethora of activities, all make the Caribbean the ultimate vacation paradise. And this is just the beginning. The Caribbean beckons you with its intriguing past, its rich and glorious colonial heritage, its grand architecture, its diverse communities and a passion for life, unlike any other place in the world. Hear tales of pirates, slavery and revolution, mingle with the new and modern to provide a multifaceted atmosphere to savor and enjoy.
From luxurious private resort islands to deluxe resorts, you can find every kind of accommodation including budget and backpacker hotels. Enjoy a wealth of activities from sailing and scuba diving to windsurfing and so much more. And if all this is not enough, you can even try your hand at the gentlemen’s game of cricket, an English sport which has wholeheartedly been embraced by the people here.
In fact wherever you are thinking about buying property in the Caribbean you are guaranteed glorious sandy beaches, stunning scenery and of course months of never ending sunshine.
This, coupled with a relaxed and laid back lifestyle a world away from that experienced in the UK, means that the appeal and fascination of the Caribbean can only increase.
Climate
Sub tropical, mild and humid with abundant sunshine and in some areas there can be strong gale force winds and tornados in the winter.
Time Zone: GMT - 4 or - 5
Currency
Most of the Caribbean islands have their own currency i.e. Barbadian Dollar, East Caribbean Dollar etc however the US dollar is widely accepted everywhere.
Accessibility
All the major Caribbean destinations are easily accessible from the UK with the main carriers. BA only flies direct from Heathrow and Gatwick to the larger destinations but Virgin Atlantic does have flights to Barbados from Manchester.The commercial flights are not cheap and as an example from London to The Bahamas in December will cost over £1300 but in May/June this goes down to £650. Flights to Bermuda, Barbados and Turks and Caicos are static throughout the year ranging between £600 and £900 return. For many of the smaller islands there are no direct flights from the UK at any time of the year but they operate via Nassau or Miami.
At certain times during the year there are charter flights available to the Caribbean which also depart from other airports in the UK and are often less expensive, however these are few and far between and do not allow for any flexibility on the tickets.
Permanent Move
It is virtually impossible to take up full time employment on any of the Caribbean islands. In the Bahamas for example an annual home owner's permit (US$500) will allow you to remain on the islands but not work. Foreigners bringing in more than US$500,000 can apply for permanent residency.
Turks and Caicos will not grant work permits easily. You are permitted to stay for 30 days initially on arrival but this can be extended to 60 days. If you are in employment that a 'Belonger' (an island resident by birth) cannot or is not qualified to do you will be permitted a visa for up to 5 years. However if you leave that employment you will have to return to the UK, it is not transferable.
These regulations are very much standard for all the Caribbean islands.
Destination Hot Spots
Barbados
New homes at Sugar Hill in Barbados start at around $293,000 for a one bedroom apartment whilst a 3 bedroom 2 bathroom Spanish style home with fully enclosed gardens and views of the west coastline will be around $750,000 at the other end of the scale if you can afford $7,750,000 you can purchase a sumptuous 5 bedroom beach side palace.
Bermuda
As a foreigner your starting price for a house will be a minimum of $1,500,000 but for that you can expect a reasonably large house of some 4,000 – 5,0000 sq ft with about half an acre of land and a private pool in one of the up-market suburbs such as Tuckers Town, Southampton Harbour Road, Paget or Knapton Hill. You will have to pay a refundable application fee of $442 to the government and then a further 22% for a government licence which on $1,500,000 is another $300,000 and as a non – Bermudan you are permitted to purchase only one property at a time.
It is possible to purchase a 'Condo' which are a relatively new option in Bermuda again the minimum starting price for a non Bermudan is $350,000 but you can expect a 2 or 3 bedroom apartment for this in one of the nicer areas. There is a 15% government licence fee for these. Less expensive houses and condo's are of course available in Bermuda but these are not allowed to be purchased by foreigners.
Turks and Caicos
There are no government restrictions on property ownership in the Turks and Caicos Island's with a population of just 21,000 residents the government actively encourages outside investment. (You cannot work in the islands however). As a guide a typical 2 bedroom 2 bathroom house set in 1 acre of land near Leeward Marina and the golf course with panoramic views will cost approximately $329,000. Whilst at Provo beach with views of the barrier reef a superb 6,000sq ft ocean side 4 bedroom villas with 2 master bedroom suites, a 24ft Great Room with vaulted ceiling and a private neighbourhood beach will set you back $2,500,000.
St Lucia
A beautiful island in the Caribbean Sea north of Trinidad and Tobago. The property purchasing system in St Lucia is similar to that in the UK except foreigners must acquire an Aliens Landholding Licence from the government and this must be registered by a local lawyer, there is a non refundable fee of $1,500 for this. You will need a 10% deposit for your property and there will be a 10% future tax liability on the property for when it is eventually sold, however this tax liability can legally be avoided by buying the property through a company which can be set up at the time of the purchase. Company formation will take about 6 weeks and cost $3,200.
A 2 bedroom apartment with 2 en-suites bathrooms at Rodney Bay Marina in a gated complex with communal pool will cost $340,000 and a fully furnished 2 bedroom town house with private garden at the luxurious Park Gate development located immediately next to the St Lucia Golf Course again in a gated secure development with communal residents pool will cost $170,000 however there is an additional $190 per month ongoing service charge for the facilities, insurance, water rates, pool, ground and building maintenance.
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