Expenses of Selling Property in St. Lucia
Expenses of Selling a Property in St. Lucia
-
Vendor's Tax:
- St. Lucian and CARICOM nationals: Sliding scale—No tax on first XCD $50,000; 2.5% on next $25,000; 3.5% on next $75,000; 5% on remainder.
- Non-nationals: 10% of the sale price.
-
Stamp Duty: 1% of the sale price (may be nil if owned by an offshore company).
-
Property Transfer Tax: 2.5% of the sale price (may be nil if owned by an offshore company).
-
Attorney Fees: 1%–2% of the sale price plus 17.5% VAT.
-
Real Estate Agent's Commission: 4%–5% of the sale price plus 17.5% VAT.
-
Outstanding Taxes: Any unpaid property tax, income tax, or NIC must be cleared or will be deducted from the sale proceeds at closing.
Note: There is no capital gains tax or inheritance tax on property sales in St. Lucia.
All expenses are typically settled at closing, and clearance certificates for property tax, income tax, and NIC are required.
It is advisable to consult a local attorney for the most accurate and current information.