Letter from the Caribbean
Property sales in the Caribbean have been pretty challenging in the last few years, to put it mildly, but there is plenty of room for optimism for a better 2013.
A large proportion of the traditional holidaymakers and second home owners of the eastern Caribbean, the Brits, have been sorely treated by the government in recent years with very high Airline Passenger Duties. However, the continuing recovery of the US and Canadian economies allied to improved direct accessibility and brutal winters of recent years both in North America and Europe – and this has led to a great deal more interest in 2013 than in previous years from these markets. There are other markets that buy in the Caribbean, notably the Italians; with Armani, Berlusconi and Dolce and Gabanna all ensconced in beachfront palaces in Antigua.
The key to a successful Caribbean investment like anywhere is location. Despite its world famous beaches and turquoise seas there are actually very few beach and ocean-front properties for sale. Possibly, however, a new and rapidly growing area is that of economic citizenship. Essentially, if you buy in an approved development for a minimum price, and passes a stringent background check, you can qualify for a passport from that nation. St Kitts and Nevis have had a successful programme going for many years, and Antigua and Barbuda have, this year, enacted their version of the programme.
Another improving area is that of reducing the paperwork and bureaucracy that the Brits left as one of our legacies.
That is not to say the usual frustrations that one would expect in
such a “laid back” environment don’t still exist – they certainly do! There have been development failures in the region, some spectacular and some on-going, but the region does seem to have fi nally taken notice of the value of the second home market and have reacted by creating new laws. The Caribbean will always have its allure. Buyers and advisers do need to apply the same principles as anywhere else, though, which is sometimes forgotten.
Rufus Go�at
Director of Island Heights Ltd developing Tamarind Hills in Antigua and a Director of Cap Maison Resort & Spa in St Lucia
www.capmaison.com..
E:
rufus@tamarind-hills.com T: +1 268 736 4028 W:
www.tamarind-hills.com
Pina Collada 1 pt pineapple 1 pt coconut 2 pt rum
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