One of the best things about Montserrat is that you immediately feel at home once you land. It doesn’t matter if you are used to living in a big city, another island or in the suburbs. It is an ideal second home for families and anyone who desires calm, safety, and a slower pace.
Montserrat is a British overseas territory and relies on grant in aid for its main funding. It is a popular residential choice for families from Canada, the United States and Europe.
There are no restrictions on foreign buyers acquiring property in Montserrat.
To purchase land, the buyer must apply for an Alien Land Holding License (ALHL) which costs $2500 or 5% of the purchase price (whichever is greater). Your application must be accompanied by a copy of your passport, a police certificate from your country of residence, source of funds, proof from your bank and utility bills showing your home address. Approval takes between four to eight weeks.
Buying real estate in Montserrat begins with a property search. Make an offer with the homeowner or their real estate representative. Once your offer has been accepted, you must hire a local attorney to assist in applying for the ALHL and in preparing the contracts.
A deposit of 10% of the agreed price is due upon signing of the contract. Ensure that the sales contract is conditional on the application and approval of the Alien Land Holding License.
Once you have received approval for the ALHL, the buyer will need to transfer the balance of the purchase price usually within 30 days.
Be sure to pay all required taxes and fees. Upon closing, the seller must sign a memorandum of transfer and the buyer will then receive the title (land certificate) for the property.
A Transfer fee and Stamp Tax equivalent to 2.75% of the property (exclusive of the contents) must be paid.
Buyers will need to cover the attorney’s fees, which typically total 2% of the purchase price.
Montserrat property owners are billed an annual residential land tax rate of 0.05% and building tax rate of 0.025%.
Check out this list of property management companies to find your new home on Montserrat.
EMERALD ISLE REAL ESTATE
Tel – +1 664 492 1347 / +1 664 491 9057