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"These islands are fiercely proud of their ancestry and have particular rules and regulations on acquiring land, property and citizenship. Some islands positively block or restrict the granting of citizenship to protect their own indigenous population, whilst others can’t wait to take you on board."
Similarly, because the Caribbean is a geographical rather than federational distinction (it's a disparate group of islands spread north to south from the tip of Florida, USA, to Venezuela, South America, covering 1,500 miles), there is no one set way of financing a purchase. It is possible, however, to take out a mortgage either with a local lender in the Caribbean, or with one in the UK.
"Mortgages are available for foreign nationals in almost all the major islands in the Caribbean except the Dominican Republic, where they are only available to US and Canadian nationals," says Jag Sodhi of The Fidentia Group.
"The important points to remember are that these are full documentation mortgages and the banks will require all the necessary information, including a credit report. Self-employed people can also get mortgages easily, but must show all relevant information including tax returns. Land lot loans, self-build loans and equity releases are also available. Basic details of mortgage terms are as follows:
- Max LTV (Loan To Value) of 60%-70% depending on the island
- Max term: 20 years
- Mortgages are available in US Dollars and Sterling; Dollar mortgages are the most popular
- Dollar interest rate is based on Libor and will be in the region of 8% depending on the island
- The first five years interest only is also available
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