Understanding the Tax System in Saint Lucia
When selling real estate in St Lucia, here is all you need to know in understanding the tax system in Saint Lucia, Caribbean. From commercial property tax to residential property tax, stamp duty and more. A vendor who is a resident in St Lucia pays a maximum of up to 5% vendors tax while a non-resident pays twice that amount.
Commercial property tax
The yearly commercial property tax assessment is set at 0.4% of the property’s open market value. A commercial valuation determining the property’s open market worth must be obtained by the owner. A three-year exemption from commercial property tax is available for any newly constructed commercial structures that were finished after 1 April 2001.
Residential property tax in St Lucia
Residential real estate is subject to property taxes at a rate of 0.25 percent of open market value.
Stamp Duty
Any document that demonstrates a legal or commercial relationship between two or more parties is subject to stamp duty (also known as stamp tax). A lot of other business and legal documents also need to be stamped as proof that taxes have been paid. Depending on factors including the value of the transferred property, stamp tax may be assessed at an ad valorem rate or at a set rate.
Stamp duty rate in St Lucia
Transferring or selling real estate in St Lucia Caribbean (resident or non-resident purchaser) must pay 2% Stamp Duty.
Conveyance or sale of immovable property:
Non-resident vendor 10%
Resident vendor:
- XCD 50,000 to XCD 75,000 2.5%
- XCD 75,0001 to XCD 150,000 3.5%
- XCD 150,001 and over 5%
Conveyance or sale of debenture, stock, debt, or shares where less than 75% of assets comprise immovable property Greater of 0.5% of net assets of company or XCD 10
Conveyance or sale of debenture, stock, debt, or shares where more than 75% of assets comprise immovable property:
Non-resident vendor 10%
Resident vendor:
- XCD 50,000 to XCD 75,000 2.5%
- XCD 75,001 to XCD 150,000 3.5%
- XCD 150,001 and over 5%
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