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Returning Residents
Tax Concessions
The government of St Lucia recognises the contribution of returning residents to the local economy and has responded very positively by providing tax incentives to encourage many St Lucians living overseas to return. To qualify for retuning resident status you must meet the following conditions:
1. Be born in St Lucia, be from St Lucian parentage or be married to a St Lucian.
2. Have not lived in St Lucia for over 10 years or not at all.
Those who qualify for returning residents status are allowed the following benefits:
1. Bring in a container of personal goods duty free, typically home contents.
2. Import or purchase of a vehicle duty free; given that duty on most vehicles is over 100%, this represents a significant saving. Typically one would order a fairly expensive vehicle, as this is a one-off opportunity. Note that the purchased vehicle cannot be sold for 4 years.
Returning residents have six months from the time of registering to take advantage of the above benefits.
Purchasing Property
Buying property is normally the biggest transaction one makes in their lifetime. As a returning resident this will probably be your second lifetime experience at purchasing property and your first attempt at purchasing in St Lucia.
The universal rules of property purchase also apply to St Lucia. If you are purchasing mainly for long-term investment then geographical location should be your primary concern. Typically the better the investment potential of the area, the higher the price.
If purchasing for more personal and sentimental reasons then different aspects of location come into play, e.g. closeness to amenities, security, exposure to the elements.
As a returning resident you will not need an alien license for purchasing property, which will save you 15% on the purchase price and reduce the sale completion time from several months to a few weeks.
Tips and Traps
As a St Lucian who recently returned from the UK, I am very familiar and sensitive to the requirements of returning residents and offer sound advice whenever possible to avoid some of the pitfalls one to often hears about. If you are serious about returning to your beautiful Island and live in your dream home, I would recommend early personal consultation before committing any money to property purchase. Below is a general guideline of tips and traps:
1. Do get an independent survey done. Do not purchase on the strength of the survey report of the vendor or his goodwill.
2. Do some research and choose carefully the solicitor for the conveyancing. Do not share the same solicitor as the vendor, without question.
3. Do some research on your chosen location, e.g. the area could be prone to severe flooding, which may only occur every few years.
4. The normal deposit is 10% and the balance payable on completion, at which time keys are handed over. Ensure that this agreement is enforced and avoid succumbing to the request for early stage payments. The deposit forms a forfeit bond to prevent gazumping. If the buyer pulls out they will lose their deposit, if the vendor pulls out then double the deposit amount is refunded to the buyer.
5. Do not do business on trust, whether it involves family or friends; this is the biggest area of disappointment and often leads to shattered dreams.
6. Do employ reputable companies to handle your business. It may cost you up 25% more in fees, but will save you a fortune in avoiding costly repairs due to poor workmanship or paying inflated prices. Using reputable companies will also save you on a great deal of stress. You can do your own research or get an agent like myself to assist you.
