About Margarita Island
A property buyers guide
Margarita Island
White sand beaches, 340 days of sunshine, natural parks, Margarita Island is an idyllic Caribbean getaway.
The Island
Useful information on flights, amenities and a guide to everyday living on this magical Caribbean paradise.
Finding a Property
We are proud to offer a variety of property on Margarita from apartments to beach side spa villas.
The Purchase Process
How do I buy? Information on taxes, legal fees and any other associated costs with buying on Margarita.
Growth & Rentals
Looking to invest for capital growth and rental returns? It’s time to consider the exciting property market of Margarita.
The Purchase Process
Once you have decided to buy a property on Margarita you should find a good lawyer for advice and assistance. Your Place Abroad local legal experts guide you through the purchase of foreign property including any fees and taxes that are applicable.
The lawyer will ensure that the property has no associated debts owing and that the investment is safe and secure.
Reservation and Deposit
Purchasing an off-plan property through Your Place Abroad is easy and secure. Our clients put down a £2,000 reservation fee to take their chosen property off sale.
The typical deposit on our Margarita developments is 50% which (minus the reservation fee) is then payable within 28 days of the reservation.
On completion of your property (usually an 18-24 month process) the remaining 50% of the purchase price is payable.
Lawyers
All Your Place Abroad developments have the full support of all government offices on the island. The development company has secured full legal title to the properties and land.
We are happy to recommend “Rowlands”, a well respected firm of solicitors based in Manchester, and with vast conveyance experience in the foreign property market. They have carried out due diligence on all of our Margarita developments. Visit their website, www.rowlands-solicitors.co.uk.
Rowlands Solicitors legal costs are currently a set figure of £2,300. Half (£1,150) paid to the lawyers when you pay the deposit with the final half paid when your property is completed.
To allow for complete client security:
- All deposits are lodged with your lawyers
- All development contracts are forwarded to our lawyers prior to release for their approval
Tax
Margarita Island is a tax and duty free zone. There is also no VAT on the island. The purchaser of a property pays a minimal property purchase tax of around £200.
Payment Schedule
Below is an example payment schedule for a £49,500 studio apartment at Marina Caribe with a two year build time which includes legal costs and property tax.
| Day | Event | Cost |
| 1 | Reservation Fee | £2,000 |
| 28 | Deposit (50% of the purchase price less reservation fee) |
£22,750 |
| 28 | Legal Fees 1 | £1,150 |
| 730 | Completion Fee (50% of the purchase price) | £24,750 |
| 730 | Legal Fees 2 | £1,150 |
| 730 | Property Purchase Tax | £200 |
Total Cost |
£52,000 |
