Once you decide to purchase a property in Trinidad and Tobago, a sale agreement is should be signed and a ten percent deposit is usually paid into escrow, which is held by either the broker or lawyer involved in the transaction. Following this both parties are given 90 days to meet their end of the agreement. During this time it is advisable to hire a lawyer to do all the required searches on the property to ensure it has vacant possession and is free of all encumbrances, and to do the conveyancing of the property on your behalf.
Conveyance charges & costs (may vary depending on your attorney)
- Legal Fees (1.5%+)
- Search Fees (TT$1,000.00)
- Registration Fee (VAT exempt) (TT$100.00)
- Oath/Copies (TT$100.00)
- Preparing Contract (TT$600.00)
- Preparing Land Tax Return (TT$500.00)
- Valuation (on a dwelling) (TT$800.00)
- Obtaining Valuation Report (if needed) usually 0.5% of the value of the property
- Stamp Duty (no VAT charged on Stamp Duty)
- VAT (15%) is charged on all of the above, except on the registration fee and on the stamp duty.
* Please note that if you are purchasing a property with the help of a Mortgage, your legal fees will be higher than that shown above.
Purchase price below $850,000.00 – 0%
Greater than $850,000.00 but less than $1,250,000.00 – For every dollar of the first $400,000 in excess of $850,000.00, stamp duty will be 3%
Greater than $1,250,000.00 but less than $1,750,000.00 – For every dollar of the first $500,000 in excess of $1,250,000.00, stamp duty will be 5%
Greater than $1,750,000.00 – For every dollar thereafter stamp duty will be 7.5%
Residential Land Only
Purchase price below $450,000.00 – 0%
Greater than $450,000.00 but less than $650,000.00 – For every dollar of the first $200,000 in excess of $450,000.00, stamp duty will be 2%
Greater than $650,000.00 but less than $850,000.00 – For every dollar of the first $200,000 in excess of $650,000.00, stamp duty will be 5%
Greater than $850,000.00 – For every dollar thereafter stamp duty will be 7%