Doing Real Estate in Trinidad & Tobago

Real Estate In Trinidad, the Foreign Investment Act, 1990 relaxed the restrictions on the foreign ownership of real estate by foreign investors and improved the conditions for investment. However, in Tobago, the Foreign Investment (Tobago Land Acquisition) Order, 2007 places some new restrictions on the foreign ownership of real estate. In this Chapter, Tiffanny Castillo, Senior Associate in the Property & Estates Group gives an overview of the following: • The provisions in the legislation which permits a foreign investor to acquire land for residential and commercial purposes in Trinidad; • The provisions in the legislation which permits a foreign investor to acquire land for residential and commercial purposes in Tobago; • Agreements for Sale of Property; • The two land title systems governing the ownership of land in Trinidad & Tobago; • The new system of land title which the Government proposes to bring into force and the process by which land is transferred under this new system; • The procedure involved to transfer real estate; • Transfer taxes which vary depending on the nature of the transfer and the purchase consideration; • The new Property Tax Regime; and • The requirements for land use and development. Acquisition of Real Estate In Trinidad Generally, the Foreign Investment Act, 1990 (sections 6 & 7) allows foreign investors in Trinidad (including individuals and companies) to purchase: · up to one (1) a cre of land for residential purposes; and · up to five (5) acres for commercial purposes. The Foreign Investment Act 1990 (Chapter 70:07) is available for download at the website of the Ministry of Legal Affairs at http://www.legalaffairs.gov.tt/ The purchase price for the acquisition by the foreign investor must be paid in an internationally traded currency through a bank or other entity authorized by law as a dealer in that currency. One exception is in the case of a company incorporated in Trinidad and Tobago where such consideration is financed out of capital reserves or retained earnings. Additionally, the foreigner must, through his Attorney/Agent, deliver to the Minister of

Doing Real Estate in Trinidad & Tobago

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