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Foreign Landpwner's Licence 'Guidelines'
Posted: Fri Jul 30, 2010 9:39 am
by Guy Burn
On the 24th of June I was told in PoS the 'Guidelines' had finally lately been issued; has anyone seen them or can anyone give an on-line reference? I am especially interested to know if the areas defined for commercial development will still apply for single houses/plots.
I wonder too if anyone whose ear is really close to the ground knows if there might be any movement in view of the change of government.
Guy Burn
Re: Foreign Landpwner's Licence 'Guidelines'
Posted: Fri Jul 30, 2010 8:53 pm
by Seajade Investments
Hello Guy. I read your questions and think I can give you the latest details on the Tobago land licence matter. The regulations and guidelines were published on the Ministry of Finance website last October. The Designated Development Areas (zones where foreign buyers will be permitted to buy/subject to application for licence) were listed in the Budget Presentation of 7th September and corresponding maps were supposed to be published but so far have not been. The general areas however are Tobago Plantations right along the coast to Inn on the Bay Lambeau, and including Diamond Estate. Golden Grove and Buccoo Estates. Mount Irvine. Grafton Estate. Parts of Arnos Vale. Culloden Estate. Englishman's Bay Estate. Bacolet Estate and the Bacolet coast up to the cemetery near Fairfield Complex but excluding the Gardens. You really need the maps to accurately define certain of the boundaries, unless they are entire estate with their clear boundaries, eg Culloden and Tobago Plantations.
Links to the Ministry site are :
Ministry of Finance website :
http://www.finance.gov.tt
Application guidelines :
http://www.finance.gov.tt/documents/news/mrEC0CBD.pdf
Application form :
http://www.finance.gov.tt/documents/129.pdf
You asked if "the areas defined for commercial development will still apply for single houses/plots" but I do not understand what you are asking. Certainly the licence process does not change the Town & Country guidelines on zoning and land development.
With respect to any changes in the Feb 2007 Order that introduced the land licence for Tobago, we are lobbying hard for the present administration to either rescind or declare a moratorium until such time as the real estate industry and the island as a whole has recovered from the disastrous effects of this "ban" on investment. The licence not only put a stop to foreign investment, it also affected visitor arrivals long before the global crisis hit.
Dawn Glaisher, Broker