In the midst of the worldwide economic slowdown, two popular Caribbean destinations are looking for ways to entice potential buyers to their little slice of paradise. The islands are easing restrictions on foreign buyers by lowering tariffs and taxes, making it easier to buy and improving critical infrastructure in attempts to lure more overseas investors.
The British Virgin Islands is easing restrictions for foreign buyers by implementing a 90-day automatic approval for a landholder license. The territory, which includes Tortola and Virgin Gorda among its many tropical islands, is also working on better cellular phone service and high speed internet access for smart phone users.
The Cayman Islands government has temporarily lowered rates on real estate transaction taxes. This includes a reduction on waterfront property taxes from 7.5 percent to 5 percent. The Cayman Islands Real Estate Brokers Association has also announced a 20 percent discount on commissions, which is scheduled to be in place through September. For those who are looking at these Caribbean destinations, it’s a great time to buy.
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