SOLUTIONS
If you decide to purchase one of our beautiful villas, we offer the service of Property Management to ensure that your property is well taken care of in your absence, below are a few of the things we do:
1. Arranging foreign and local lets for the property in order that the villa is operated as profitably as possible at a commission rate agreed by both parties.
2. Providing the owner on a regular basis with monthly accounts showing all income and expenses incurred as a result of the operation of the villa.
3. Providing the owner at such address copies of all letters confirming client’s reservations.
4. Making regular and careful inspections and checks of the villas and occupants to ensure that it is maintained at a high standard and to the standard and satisfaction of the owner, and that services are being provided to the guest in a good efficient manner and guests are comfortable.
5. Keeping an inventory to be checked from time to time to guard against pilferage or destruction of the property to the best of its ability.
6. Hiring and firing of staff and payment of their wages and outlining their duties and ensuring that they are carried out and having repairs and maintenance of the Villa carried out as may from time to time.
If you decide to build your dream house instead of buying one, just purchase the land with the spectacular views and we can oversee the construction in your absence. Our Project Coordinating Services includes the following -
1. Visit the site of works as often as the Manager shall consider necessary and at least once per fortnight while work is in progress.
2. Report to the owner on the progress of the work on a regular basis sending photographs of the work in progress, as they consider necessary and expedient.
3. Advise the owner if an independent expert opinion on any factor affecting the work is required and the cost of the opinion.
4. Have fortnightly site meeting with the builder, architect, engineer and other persons involved in the works and advise the owner on the outcome if these meetings.
5. Providing the owner pays the necessary monies to the manager to remit such monies from time to the builder, the architect such other persons as the owner may instruct in accordance with the payments schedule under the contracts or on the owners instructions and to keep proper accounts and records of all monies spent on the owners behalf.
6. Generally to advise the owner on the progress and performance of the builder and the architect in carrying out the works in accordance with the contracts.
A few things to know about purchasing property in Tobago:-
- Non Nationals are permitted to purchase up to five acres for
commercial purposes and one acre for residential pending
approval of license application.
- It is required that all monies for the purchase must be
shown coming from abroad in some form of foreign currency.
- A local solicitor must be hired to do all the necessary
searches for the property to ensure that the property is being
sold with vacant possession.
CONVEYANCE CHARGES AND COSTS:
- Legal fees 1.5%
- Search fees $1000.00
- Registration fees $100.00 (No VAT)
- Oath/Copies $100.00
- Preparing Contract $600.00
- Preparing Land Tax Return $450.00
- Preparing Foreign Investment Return $450.00
- Obtaining Valuation Report $600.00
- Stamp Duty calculated as below (No VAT)
- VAT 15% on all except on:- Stamp Duty (9) above and
Registration fee (3) above.
STAMP DUTY
The present rates are:-
(a) Residential Deeds - (Property)
| 0 – 850,000 |
0% |
| Next 400,000 |
3% |
| Next 500,000 |
5% |
| Above 1,750,000 |
7.5% |
(For this to apply we need Valuation Report, Land and
Building Tax Receipt, WASA Receipt and Clearance Certificate).
(b) Non-Residential Deeds - (Land Only)
Where the Consideration
Does not exceed |
0 – 300,000 |
2% |
| 300,000 to 400,000 |
5% |
| 400,000 and more |
7% |
LEGAL FEES
(ESTIMATE) – 1.5%
