Gray Stuart – ANTIGUA & BARBUDA
From our international offices and our local partners on the ground in Antigua we help international clients with the following services.
Buying the Best Property in the Antigua and Barbuda
Very simply we offer our International clients the best of both worlds in that we have proven experienced local knowledge on the ground as well as international expertise from having made many different transactions throughout the world. This will allow you to buy safely and securely in Antigua and Barbuda.
Setting Up a Business in the Antigua
Very simply our professional directors can help you with the set up your company structures in the most tax efficient manner possible. We only use the very best Lawyers, Accountants and professional advisors to make sure your company structure is 100% safe and secure and the very best you can have in Antigua and Barbuda.
If you’re an investor and already own assets in Antigua or just acquiring them then our team of professionals can offer you the complete asset management services including property management and project management.
These are just a sample of the key services that Gray Stuart Antigua and Barbuda provides and should you need any further information do not hesitate to contact us directly.
Tel: +44 20 7588 8355
Why Invest in Antigua and Barbuda Property?
Last updated January 2018
They say location is everything and there is no doubt that Antigua is one of the best locations in the world let alone the Caribbean. Based in the Leeward Islands and somehow manages to avoid most of the Hurricanes and storms that now seem to be a yearly event.
Antigua is one of the safest Islands in the Caribbean and unlike Jamaica or St Lucia It is a much safer place to Holiday, live and work. With its good business climate and stable political environment, the “Land of 365 Beaches” is also an excellent place for expatriates who are interested in buying property in the Caribbean.
A number of well-known personalities from across the globe have invested in the housing market here. Many construction projects are under way, in spite of the fact that the combined population is barely 92,000. Buyers can pick from a huge variety of residential complexes, private villas, beachfront condos and luxury resorts.
THE ANTIGUA AND BARBUDA PROPERTY MARKET
Antigua and Barbuda’s property market is thriving and construction is everywhere, thanks to increased interest from real estate developers and foreign homebuyers. The government has successfully attracted foreign demand through its Citizenship by Investment Program (CIP), offering full citizenship to foreign investors who invest at least US$400,000 in real estate.
With the opening of the US$45 million Airport Terminal at the VC Bird International Airport, and the construction of a new airport runway in Barbuda expected to start in September 2017at an estimated cost of US$15.9 million, Antigua is boosting both its lucrative tourism and offshore financial services industry.
Renowned as a luxury holiday and wedding destination, it has 365 beaches – one for every day of the year. With gorgeous views, landscape and good property values, it is an ideal location for a second home, attracting celebrities like Oprah Winfrey, Giorgio Armani, Richard Branson and Eric Clapton. It is now being promoted also for family-oriented vacations.
An amazing number of construction projects are underway – amazing, given that the islands’ population is only 92,000. For instance, the US$2 billion Singulari development, Antigua and Barbuda’s first mega-resort, is expected to create 1,000 jobs. This 1,600-acre multi-hotel, residential and commercial project is being lauded as a major feather in the country’s tourism cap. Singulari spans 900 acres of land in the north of Antigua and 700 acres of tiny islands. It includes several luxury hotels, hundreds of private homes, a school, hospital, marinas, golf courses, an entertainment district, horse racing track and the Caribbean’s biggest casino.
Other resort and residential development projects:
TAX RATES FOR ANTIGUA AND BARBUDA
Capital Gains: There are no capital gains taxes in Antigua and Barbuda.
Inheritance: There are no taxes on inheritance in the islands.
Residents: Residents are taxed on their worldwide income at progressive rates, from 8% to 25%.
ANTIGUA AND BARBUDA ECONOMY
The economy of Antigua and Barbuda expanded by 3.7% in 2016, after GDP growing 3.8% in 2015, 4.8% in 2014, 1.4% in 2013 and 3.5% in 2012, according to the International Monetary Fund (IMF).
The islands achieved super-rapid growth from 2003 to 2007, when GDP grew an average of 7.2% a year and reached over 12% in 2006, due to a tourism and construction boom as the nation prepared to host the Cricket World Cup.
However, during the financial crisis the economy contracted by 10.7% in 2009, by 8.5% in 2010, and by another 1.9% in 2011. The country’s gross debt has soared to 102.7% of GDP in 2014, up from 86.4% in 2012. Gross debt declined to 99.1% of GDP in 2015 and to 92.7% in 2016.
In essence the Antigua and Barbuda economy has been completely tourism based and whilst that is unlikely to change in the short terms the Government has taken initiative to get inward investment into the Country especially through the Citizenship Investment Program.
The Buying Process in Antigua and Barbuda
In reality if you are going to buy in Antigua then in most cases it makes sense to do so by the Citizenship Investment Program where you also get dual citizenship even if you’re a UK or EU Citizen the overall benefits can be much better overall. For example, to purchase property in Antigua, non-citizens need to apply for a licence which costs 5% of the purchase price but this does not apply under the Citizenship through Investment program (CIP).
Other factors to bear in mind in the buying process include
THE BUYING PROCESS THROUGH CIP
With regards to CIP property purchases, the buying process usually quite straightforward:
Step 1. Sign a purchase and sales agreement with the developers, put 2, 5-10% deposit to reserve the property. The deposit is usually refundable if the CIP application is denied.
Step 2. Collect the necessary documentation, fill in Citizenship by Investment Application forms, and pay due diligence, professional and 10% of the government processing fees.
Step 3. Submit the application and wait for the government’s decision. Due diligence usually takes 45-60 days, after that period the citizenship by investment unit informs us that the application is approved in principal or denied.
Step 4. If the application is successful, the buyer pays the balance of the property cost to the developer (the full amount) and the associated fees. The title deed is issued.
Step 5. We provide the proof of property purchase and the copy of title deed to the citizenship by investment unit, which issues a buyer’s passport shortly after that.
For more detailed information, please call us directly or fill in the contact form and one of our property and residency specialist will call you to give you the information you need and discuss your personal circumstances in detail
Antigua and Barbuda Location Guide
Antigua and Barbuda is an independent Commonwealth country comprising its 2 namesake islands and several smaller ones. Positioned where the Atlantic and Caribbean meet, it’s known for reef-lined beaches, rainforests and resorts. Its English Harbour is a yachting hub and the site of historic Nelson’s Dockyard. In the capital, St. John’s, the national museum displays indigenous and colonial artefacts.
Antigua is the mainstay of the Leeward Islands and along with Barbados is one of the most desirable Islands in the Caribbean for either residence or Holidays and with the opening of the new International airport people come in huge numbers to visit such places as St John’s, Falmouth Harbour and the many wonderful beaches that Antigua has to offer.