Real Estate

Sebastian · Post by **Sebastian** » Sun Sep 16, 2007 10:20 am

I was looking to buy property in Tobago.

A nice and quiet place, away from most tourist areas (or at least NOT in the middle) and preferable close to the beach.

Could any of you help me out?

Thanks.

Post by **Steve Wooler** » Sun Sep 16, 2007 10:23 am

Hello Sebastian

Welcome to the forum!

Your best bet is to contact a few of the local real estate agents, like http://www.CaribbeanEstates.com.

Lisa Keith · Post by **Lisa Keith** » Sun Sep 16, 2007 2:11 pm

Hi Sebastian,

I went to Caribbean Estates myself recently, as I'm also currently looking for property here, but was advised that until the Alien Land Act is finally sorted out (sometime after the budget - the date of which has yet to be announced), unless you've Residency or are a Citizen of T&T, you CANNOT buy. I know the people who work in Caribbean Estates and have always found them very helpful and informative, so I'm prepared to take their word for it!

Lisa.

Sebastian · Post by **Sebastian** » Sun Sep 16, 2007 9:30 pm

Thank you very much for the info.

Nice to see "aliens" are allowed to buy land as well, "there goes the neighbourhood".

Wyn Emanuel · Post by **Wyn Emanuel** » Mon Sep 17, 2007 3:24 pm

This is all very confusing. I have recently bought off plan - via a local lawyer. However, I won't own the freehold title to the land. Maybe that's the difference.

Wyn

Clyde Alleyne · Post by **Clyde Alleyne** » Tue Sep 18, 2007 1:38 pm

Wyn, if you bought "off plan", then that suggests to me that the transaction has not closed yet as the property is not yet completed and handed over to you? If this is indeed the case, then the comment that Lisa made is valid, and you CANNOT complete the sale at this time. In January 2007, the THA announced that non-residents wishing to buy a property in Tobago must apply for a license to do so. Unfortunately, no announcement has yet been made regarding the process for applying for the license. So non-resident intended purchasers in Tobago are in limbo at present. If however, you completed the purchase before the announcement, then you're home free!

Incidentally, Leasehold vs Freehold has no bearing on the new rules. Your lawyer can explain the difference to you.

Sebastian, unless you happen to be a resident of Trinidad & Tobago, the new (to be announced) rules will apply to you. So my advice is - talk to the reputable real estate agents. They will keep you up to date on developments regarding the new rules. And DON'T give anyone a deposit until you are SURE that your purchase will be approved (ie that you will get a license and approval from the THA to purchase the property that you want).

Hope this helps,
Clyde

David Watkins · Post by **David Watkins** » Tue Sep 18, 2007 3:11 pm

Clyde,wel said ,apoint have made a number of times.
David

Wyn Emanuel · Post by **Wyn Emanuel** » Tue Sep 18, 2007 3:46 pm

Thanks for the advice Clyde.
My transaction was initiated last year - before this issue arose. But I shall seek further advice.
Wyn

Cassie S · Post by **Cassie S** » Tue Sep 18, 2007 5:24 pm

Hi,
We recently visited tobago to see some properties with a view to buying. The agents were very helpful - the current widely held interpretation is that non-nationals will only be able to get a license to buy in strictly designated areas - almost definitely the villa/apartment developments in the south - not any good for those of us who wanted a village home in the more rural north...Hey ho .... just have to keep returning for our hols! Heaven knows when the final decision will be announced. Tobago time ....
Cassie

Clyde Alleyne · Post by **Clyde Alleyne** » Tue Sep 18, 2007 9:33 pm

Wyn, you mentioned that the transaction was INITIATED last year, but I suspect because you were buying "off plan" that the transaction has not CLOSED yet ie title transferred. If this is the case then the new rules will definitely apply to you ... unless the THA can be prevailed upon to honor those in-process transactions where deposits had been made and deals not yet closed, at the time the licencing requirement was announced. Keep your fingers crossed, but you should ask your lawyer and/or real estate agent to lobby for this exception to the new licencing regime. Otherwise you run the risk of having your licence application rejected and risk losing your deposit if the property you were buying does not meet the new licencing requirements.

Cassie, what I heard was that the THA was leaning towards allowing non-residents to purchase in the "integrated developments" such as the higher-end Samaan Grove and Plantations, and perhaps even Bon Accord (which is actually called the "Bon Accord Integrated Development", as opposed to individual properties in normal residential or rural areas. Their idea seems to be to prevent offshore demand from inflating prices of residential land and thereby putting them out of reach of the local Tobagonians. However I will add that this is still heresay and nobody knows for sure what the new rules will be.

Clyde

Lisa Keith · Post by **Lisa Keith** » Tue Sep 18, 2007 10:04 pm

Hiya,

At the risk of being bad-news bearer again, I was given the firm impression that it applies to ALL properties at this point. The only exceptions may well be, as Clyde says, things that were already in progress when the Act was passed, but, believe me, I've been looking for a while, and am getting the same responses from all the good estate agents!

Lisa.

Sebastian · Post by **Sebastian** » Wed Sep 26, 2007 11:45 am

Thanks for all information Clyde and Lise and others.

Linda P · Post by **Linda P** » Sat May 10, 2008 5:29 am

Does anyone know if a decision has been made on the alien land act, basically can foreigners buy property in Tobago now or not?

Linda

Clyde Alleyne · Post by **Clyde Alleyne** » Sat May 10, 2008 11:52 am

To date, no announcement has been made by the THA regarding the new licencing regime for offshore purchasers. So unfortunately this means that the situation remains unchanged - non-residents should not make any deposits towards the purchase of any property in Tobago in spite of any claims by owners or agents that their property will meet the yet to be announced licencing rules. 16 months on, and still everything is in limbo - that's Tobago speed for you.

Clyde

David Watkins · Post by **David Watkins** » Sat May 10, 2008 1:41 pm

That is why I am leasing not buying!

David

Linda P · Post by **Linda P** » Mon May 12, 2008 5:24 am

Are you planning to live there full time David, or have as a holiday home? We are hoping to live there and rent out apartments, but finances will not be in place for a few years to make the move, so hopefully by the time we are ready to move the THA will finally have came to a decision.

Linda

David Watkins · Post by **David Watkins** » Mon May 12, 2008 6:31 am

Linda,a bit of both.Initially I shall "summer" in the UK but eventually move practically full time
David

Linda P · Post by **Linda P** » Mon May 12, 2008 6:35 am

So you won't be in the UK for long then? last summer lasted for about a week!

Ronald · Post by **Ronald** » Mon May 12, 2008 6:40 am

Linda, I hope you know the rules for a T&T Residental Visa, or has your family connections to T&T?
Ronald

Linda P · Post by **Linda P** » Mon May 12, 2008 6:45 am

Ronald, we have friends there who manage to avoid the problem by leaving the island for a short break every few months, so are hoping to get around the residential problems that way. However we will look more fully into the technicalities closer to the time. I know things change slowly in Tobago, but who knows how the rules will affect us in 10 yrs time which is when we are aiming to be there for.
Thanks for the caution though.
Linda

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