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Closing Costs and Taxes


What are the expected closing costs?


Upon the decision to purchase a home site, a lawyer must be hired to convey the property and do the necessary searches for the property in order to ensure that the property is being sold free of all encumbrances and with vacant possession.

  • Legal fees
  • Search Fees
  • Registration Fee (VAT Exempt)
  • Oath/Copies
  • Valuation of dwelling
  • Stamp Duty
  • Vat (15%) is charged on all expenses with exception of the Registration Fee, the Stamp Duty and Search Fee


How is Stamp Duty for Land calculated?


The consideration must be greater than TT$ 450,000.00 and is calculated as follows:

  • When the purchase price is below TT$450,000.00 – 0%
  • Between TT450,001.00 and TT$650,000.00 – 2% on every dollar in excess of TT$450,000.00
  • Between TT650,001.00 and TT$850,000.00 – 5% on every dollar in excess of TT$650,000.00
  • When the purchase price is over TT$850,000.00 – 7% on every dollar in excess of TT$850,000.00


Can non- Trinidad and Tobago residents purchase property in Tobago?


Foreigners are allowed to purchase property in Tobago but they must apply for a license before doing so.

Application guidelines and an application form can be found on the Trinidad and Tobago Ministry of Finance website at http://finance.gov.tt/wp-content/uploads/2014/05/51.pdf

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