Before any acquisition, there is a lot of research that is necessary with a real estate agent. Once the property is found, an offer is submitted to the owner. If the offer is accepted, the notary of the seller and the buyer get into contact and draw up the sales agreement.
For the sale of a property, it is mandatory to use the services of a notary. In contact with your real estate agent, the notary will also advise you, draw up and sign the preliminary sales agreement as well as the deed of sale with both parties.
In general, the waiting time is between 4 to 8 weeks for the preliminary sales agreement to be signed. This can take longer, depending on the reactivity of the two parties when it comes to submitting all the necessary documents. After which, comes the signing of the preliminary sales agreement and the final deed of sale, which takes minimum two months, and corresponds to the right of first refusal from the local “Collectivité” of Saint-Barth. If the offer is subject to a condition precedent of financing for example, the delay can be even longer depending on the response of the bank. Therefore, the minimum delay is three or four months for the acquisition, without condition precedent, of a property and that is depending on the reactivity of the parties concerned.
During the acquisition process, the buyer pays a defined amount between the parties (buyer, agency, and seller), in which the agency fees are usually included. When the price is mentioned as « HAI », the sales price takes into account the agency fees. The buyer needs to add approximately 6% of the acquisition price for the transfer rights, more commonly known as “notary fees”. In case of necessity to translate the notarized documents in a different language, the translation fees are added as well. It is to be noted that there is no property tax or council tax in Saint-Barthélemy if you’re an owner. A foreigner seller should be represented by a certified tax representative.
During the sale of a property, the seller can be subjected to capital gains tax, as well as taxes such as social security contributions or fees relating to the intervention of a fiscal representative. Unlike metropolitan France, the sale of a primary residence in Saint-Barthélemy can be subject to capital gains tax.
