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Buying property in Antigua and Barbuda is a trending topic among investors. Are you asking why? Well, imagine acquiring real estate and enjoying a tax-friendly system, pleasant lifestyle, and nice weather. Additionally, you may even get citizenship!
In this article, we’ll cover the main types of properties in Antigua and Barbuda, explain how to get citizenship by buying a property and what are the main considerations.
- There are several reasons to make an Antigua and Barbuda real estate investment. The key ones are citizenship through investment program, tax-friendly systems, booming tourism sectors, and a nice climate.
- The main property types in Antigua and Barbuda include villas, luxury homes, residential homes, apartments, townhouses, and commercial real estate.
- To buy property in Antigua and Barbuda, you need to follow these steps: choose the property, make an offer and sign the agreement, Apply for an Alien Landholding License (ALHL), conduct due diligence, and make the final payment.
Why Invest in Property in Antigua and Barbuda?
There are several reasons why buying property in Antigua and Barbuda is a good choice. Here are some of them:
Citizenship by Investment Program
In 2013, Antigua and Barbuda launched a citizenship-by-investment program, which aims to attract foreign investors to make a financial contribution to the country. As an exchange, the investors will be granted citizenship. Additionally, it’s important to mention that the applicant can add his family members as dependents in the application. However, there are several limitations regarding this point: the parents or grandparents need to be at least 55 years old, siblings need to be unmarried, and the parents’ or guardians’ consent if under 18. There is no age limitation for children.
Tax-Friendly System
Another reason why people want to invest in Antigua and Barbuda is its tax-friendly system. In this country, there are no capital gains, inheritance, or wealth taxes.
Booming Tourism
Tourism is one of the key drivers in Antigua and Barbuda's growing economy. In 2023, this country welcomed 930,000 visitors, which is 43% more than during the year before. As the industry is growing, many investors are interested in buying real estate in Antigua, which may be a high return.
Lifestyle and Climate
Having a nice climate and 365 beaches, Antigua and Barbuda attracts many people who want to have a chill lifestyle and enjoy the pleasant weather.
Types of Property Available in Antigua and Barbuda
Antigua and Barbuda offers different property types for different tastes and buyers. Here are the main types:
- Beachfront Villas & Luxury Homes: These properties are typically featured in areas like Jolly Harbour, Dickenson Bay, and English Harbour. They usually have private pools, ocean views, and direct beach access.
- Condominiums & Apartments: The common locations for this type of real estate are Jolly Harbour, Hodges Bay, and St. John’s. These properties typically come with shared amenities like pools, gyms, and security.
- Residential Homes & Townhouses: These are found in suburban areas or near commercial hubs. This option is suitable for families or retirees.
- Commercial Real Estate: If you want to start a business in Antigua and Barbuda, you can look for hotels, office spaces, retail stores, and restaurants. This is an ideal option for investors interested in the tourism or hospitality sector. The key areas are St. John’s, English Harbour, and the airport area.
The Process of Buying Property in Antigua and Barbuda
Here are the steps that you need to follow for buying property in Antigua and Barbuda.
Choose the Right Property
Make sure that the property is listed in the government-approved projects. Additionally, you need to consider the type of the property, its location and adjust it to your budget. You can even hire an agent, who’ll help you find the best fit for you.
Make an Offer and Sign the Agreement
Once you find the property, negotiate for its price, then sign a Sales and Purchase Agreement (SPA), and pay a 10% deposit, which is usually held in escrow by your attorney.
Apply for an Alien Landholding License (ALHL)
Foreigners need to apply for an ALHL before they can acquire a property. The application process typically takes 2-4 months and the license fee is 5% of the property’s value.
Conduct a Due Diligence
Make sure that the seller has all rights to sell the property. Also, check the title and any liens or encumbrances. Afterwards, pay all the legal fees which are usually 8.5% - 9.5% of the property price.
Make the Final Payment
Make the final payment to acquire the property. The sale will be registered with the Land Registry Office to finalize the process.
Schedule your free consultation today and secure your future!
Key Considerations When Buying Property in Antigua and Barbuda
When buying Antigua and Barbuda real estate, you need to consider several things.
Property Prices
According to Numbeo, the average price per square meter in the city of Antigua and Barbuda is $11,598. However, there are much more affordable options. In the suburbs or outside the city the price per square meter can be as low as $1,500. Besides considering the property price, you need to consider the purchase fees which are 2.5% stamp duty/transfer tax, 7% NCL, and 1% legal fees. In total, it’s approximately 8.5% - 9.5% of the property price.
Alien Landholding License (ALHL)
Non-citizens are required to obtain an ALHL, which costs 5% of the property’s value.
Location and Property Type
The popular locations for real estate investment include the capital city of St. John's, as well as areas near the island's renowned beaches and resorts. You need to choose a property that’s from government-approved projects. As for the property type, Antigua and Barbuda comes with a wide range of offerings from villas to commercial real estate.
Infrastructure and Utilities
The country has a well-developed infrastructure, so there’s no need to worry about it. However, some remote areas have limited access to utilities like water or electricity.
How Buying Property in Antigua and Barbuda Can Help You Obtain Citizenship
There are several ways to obtain citizenship in Antigua and Barbuda. The key ones include citizenship by descent, citizenship by naturalization, citizenship by marriage, and citizenship by investment. The latter has 4 main investment types:
- Non-refundable Contribution to National Development Fund,
- Non-refundable Donation to a Higher Educational Institution,
- Business Investment
- Property Investment
You can read more details about the most common ways of obtaining citizenship in Antigua and Barbuda here.
As for the property investment, to be qualified for citizenship, first of all, you need to make sure you meet the eligibility criteria, which is:
- To be at least 18 years old,
- To have a clean criminal record,
- To have proof of sufficient funds,
- To have no serious illness
The property needs to be from the government-approved real estate and should be worth at least $300,000. The fees are the following:
Single Applicant
Processing Fee: $10,000
Due Diligence: $8,500
Other Fees: ~$2,400
Married Couple
Processing Fee: $20,000
Due Diligence: $13,500
Other Fees: ~$2,700
Family of 4
Processing Fee: $20,000
Due Diligence: $8,500 for the investor
$5,000 for the spouse
$2,000 for each family member aged 12 to 17
$4,000 for each family member over 18
Other Fees: ~$3,300
Family of 5+
Processing Fee: $20,000 for a family of 4 (+ $10,000 for each additional member)
Due Diligence: $8,500 for the investor
$5,000 for the spouse
$2,000 for each family member aged 12 to 17
$4,000 for each family member over 18
Other Fees: ~$3,600
How Mirabello Consultancy Can Help You with Property Investment and Citizenship
During the process of Antigua real estate investment, there will be several difficulties and challenges. Well, first of all, you need to make sure that you have up-to-date information. Secondly, ensure that you meet the eligibility criteria. Thirdly, you need to consider looking at government-approved projects to invest in. Mirabello Consultancy can help you through all of these steps to make your process as seamless as possible.
To sum it up, in this article, we’ve mentioned the main reasons to buy a property in Antigua and Barbuda, key considerations, and explained the process of acquiring real estate. Whether you’re an investor who’s interested in Antigua’s promising economy or just a person who’d like to reside in a warm country, Antigua and Barbuda has something to offer you.
FAQ
As an investor, you should invest at least $300,000 in government-approved real estate projects to become eligible for Antigua Citizenship.
Depending on the property’s assessed value, the property tax may vary from 0.1%-0.5%. It’s the same for both residents and non-residents.
Usually, the process of buying property in Antigua and Barbuda lasts for 3-4 months.
There are several benefits of acquiring Antigua and Barbuda citizenship through real estate investment. The most popular ones are a tax-friendly environment, no need to reside in the country, double citizenship eligibility, a favorable climate, and a growing real estate market that promises high returns.
