About St. Vincent

Living There 

With around a quarter of the population living in the capital, St. Vincent is an extremely safe island with the people warm and friendly. The islands have a thriving sporting and social community and the weather is remarkably pleasant throughout the year, with the average temperature standing at 27° C (81° F). The coolest months are between November and February. Rains are frequent, with the annual average rainfall being 380 cm inland and 200 cm on the coast. 

Economy 

The lifeblood of the economy is agriculture, which is dominated by banana production. In recent years, economic growth has been stimulated by developments in the construction and tourism sectors. Although he continuing dependence on a single crop stands as an obstacle to development, the islands seem poised for spectacular growth in the coming years, registering an annual GDP growth rate of approximately 4%. 

Politics 

The country is a parliamentary democracy within the British Commonwealth. Queen Elizabeth II is the Head of State and is represented by a governor general, who possesses ceremonial powers.

Buying Guide and Process 

Foreign nationals wishing to purchase property are required to obtain an alien land holding license. A lawyer then provides the abstract of title and prepares the deed of conveyance. The fee for registering the license is paid to the lawyer, while the cost of registration of the Deed of Conveyance (transfer tax) is paid directly to the Government. 

Investment Facts and Guide 

St. Vincent has emerged recently into the international property scene, due to its low cost of living and tax incentives that keep taxes low. Political stability and consistent economic growth, as well as low property prices in comparison with other Caribbean nations, have contributed to the island’s real estate market growth. Furthermore, with numerous stunning properties available to choose from, St Vincent remains a great bet for the investor. 

Price per Square Metre 

The average price for properties in the islands is US$2,300 per square metre. Considering the ongoing property development, prices are expected to rise in the future, stimulated further by an influx of tourists all year round. 

Rental Yields 

Rental yields are around 3.9% for properties in coastal areas. Although rental yields are predominantly seasonal, the growing realty market makes investment in these islands a profitable venture.

Rental Income Tax 

Residents of St. Vincent are liable to pay income tax on their worldwide income. Taxable income up to XCD(East Caribbean Dollar) 10,000 (US$3,710) is exempted from income tax. Gross rental income of non residents is taxed at a flat rate of 10%. Property taxes on residential properties are levied at 5% of the property value. 

Capital Gains Tax 

There are no capital gains or inheritance taxes.