![]() ![]() The round trip transaction costs include all costs of buying and then re-selling a property - lawyers´ fees, notaries´ fees, registration fees, taxes, agents´ fees, etc. Registration of all purchases made by foreigners with the Ministry of Finance is required. The registration must be brought to the Warden´s Office where the property is located. The lawyer will register the property in the Red House (the seat of the National Parliament). Under the Real Property Ordinance, registration is compulsory for the transfer to be effective. It must be ascertained that the property is free from any encumbrance.Īfter the all costs, including the balance on the purchase price, have been paid, the stamped instruments must be registered. The next step is to hire a lawyer to prepare documents for Conveyance and to do a title search on the property. It is stated in the Sales Agreement that both parties have 90 days to complete everything that is needed to close the transaction. ![]() When the price of the property has been agreed upon by the buyer and the seller, both parties enter into an Agreement of Sale and a 10% deposit to be held in escrow is required of the buyer. Work permits are needed for any work that lasts longer than 30 days. The TDC will facilitate applications, and advise on fiscal incentives.īuying a commercial property does not confer the right to work (earn an income) in Trinidad and Tobago. Discretionary extensions can be applied for.įoreign nationals wishing to invest in larger properties of over five acres must apply for a development license through the Tourism Development Company (TDC). However, if you plan to come on holiday to enjoy your new property, a non-resident is usually allowed up to three months, with or without the need for a visa, which depends on the country of origin. Permission to buy land does not confer residency. The Order states that foreigners must now obtain a license to acquire land for any purpose on the whole island of Tobago. ![]() How difficult is the property purchase process in Trinidad & Tobago?Ī new law took effect in Tobago on 16 February 2007 known as the Foreign Investment (Tobago Land Acquisition) Order 2007. How high are realtors´ and lawyers´ fees in Trinidad & Tobago? What about other property purchase costs? Transaction Costs ![]()
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