Gray Stuart – DOMINICA
From our offices in Asia and Europe we are able to help International property buyers and Investors in many ways. Some of services include the following.
Buying the Best Property in Dominica
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 means you can buy safely and securely in Domincia with Gray Stuart
If you’re an investor and already own assets in Dominica 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 Dominica provides and should you need any further information do not hesitate to contact us directly.
Gray Stuart Dominica
Asia +63 977 829 1489
EU +44 20 7558 8355
Why Invest in Dominca Property?
Last updated January 2018
After the storms of late 2017 Dominica is still a very interesting place to invest with investment primarily coming from the UK, North America and not surprisingly Dominica Citizens living abroard.
There are no official records of house prices in Dominica. However, based on some property listings, two to three-bedroom houses can be bought for an average price of US$500,000, depending on the location, area, quality of construction materials and other factors.
Despite the lack of direct international flights from the U.S., Canada or Europe, some foreign investors are enticed by Dominica’s natural beauty and now by the introduction of the Citizenship by Investment Program (CIP), which is the most affordable in the world.
Dominica’s CIP allows foreign investors to acquire citizenship by purchasing approved real estate valued at a minimum of US$200,000. The property must be held for at least 3 years and may only be resold if owned for 5 years. Dual citizenship is allowed and there is no requirement to reside in Dominica before or after citizenship is granted.
Much rebuilding and construction is currently taking place, after more than 370 private houses were destroyed by the storm.
The economy contracted by 4.3% in 2015, after expanding by 3.9% in 2014 and 0.6% in 2013, and contractions of 1.3% in 2012 and 0.06% in 2011, according to the International Monetary Fund (IMF). The economy is expected to expand by 4.9% this year and by another 3.5% in 2017.
The government is quite lenient to foreigners purchasing property in Dominica. Non-residents can acquire property up to one acre (4,046 sq. m) for residential purposes, and up to three acres (12,140 sq. m) for commercial use. Only those who plan to buy more need to obtain an Alien Landholding License.
Buying and selling costs are very high in Dominica almost 30% so for those who are buying property for investment this is much more of a lifestyle choice. The Island is enticing but for the real property investor this should not be of concern. However if your buying into a real estate project by share under the Citizenship by Investment program then it is really not an issue and you don’t have the same taxes when selling shares. Finally in relation to serious investment such as building a new resort on the Island that is very interesting indeed.
The Buying Process in Dominica
In reality if you are going to buy in Dominca 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.
Overall buying taxes in a transaction are 21% for the buyer and 7.5% for the seller so you can see straight forward property purchase are very much a lifestyle choice.
For foreigners, the Alien Land Holding License Regulation Act, No. 17 of 1995 of the Laws of the Commonwealth of Dominica, provides for the issuance of Alien Land Holding License.
An alien may hold less than one (1) acre of land for residential purposes or less than three (3) acres of land for commercial purposes without obtaining an alien land holding license. However, the alien land holding license fee of 10% of the value of the land is still payable. An alien may not hold more than one (1) acre of land for residential purposes or three (3) acres of land for commercial purposes without first holding a license; On acquiring a license, the applicant must pay a fee equivalent to 10% of the market value of the land to government
Citizens of the Organisation of East Caribbean States (OECS) do not need to acquire an alien land holding license. OECS-member states are Antigua and Barbuda, Dominica, Grenada, Montserrat, St. Kitts & Nevis, St. Lucia, and St. Vincent & the Grenadines.
Property buyers also need to present the following when applying for an alien land holding license:
Financial Record or Bank Statement
A letter from Real Estate Agent
Foreigners may also be asked to present other information and documents for transparency as a precaution against money laundering.
It takes around 19 to 65 days to complete the five procedures needed to register a property in Dominica.
So in reality buying property Dominica is very much a choice for people who want to live or retire on the Island and enjoy its beauty.
Dominica Location Guide
Dominica is a mountainous Caribbean island nation with natural hot springs and tropical rainforests. Morne Trois Pitons National Park is home to the volcanically heated, steam-covered Boiling Lake. The park also encompasses sulphur vents, the 65m-tall Trafalgar Falls and narrow Titou Gorge. To the west is Dominica’s capital, Roseau, with colorful timber houses and botanic gardens.
Dominica is a beautiful island in the Lesser Antilles region of the Caribbean Sea. It is located to the southeast of Guadeloupe and the northwest of Martinique. Dominica covers 290 square miles with the highest elevation point being Mount Morne Diablotins at 4,747 ft. Dominica has a population of c. 72,000 with the vast majority of Dominicans being of African descent. There is also a small European origin minority as well as a handful of Lebanese, Syrians and Asians. The country’s official language is English.Dominica is a parliamentary democracy within the Commonwealth of Nations and, since 1979, a member of La Francophonie.The island’s currency, the East Caribbean Dollar, is pegged to the US Dollar (USD 1 : ECD 2.7)..