Anyone can purchase property on either side of the island. There are no special laws or restrictions that apply to foreigners who own property on St. Maarten I St. Martin.
There are three types of deeds in St. Maarten:
1. Fee Simple
2. Government Long Lease
3. Private Long Lease
All deeds are transferred at an appointed notary, and registered at the Kadaster Office (Island registry)
Title is transferred through the office of an appointed Notary. All notaries on island are of legal backgrounds and they serve as a neutral party for the buyer and seller. The Notary is responsible for making sure title is transferred free and clear. Total closing cost is approximately 5% on Dutch side and ranges from 9 to 11% on the French Side (this includes all transfer fees, Notary cost and title search).
No you can assign power of attorney for someone to sign on your behalf, this applies to both buyer and seller.
On the Dutch side it is possible to purchase property in the name of a local corporation, or an offshore corporation.
Most transactions require between 4 to 6 weeks for ownership to be transferred. On the Dutch side it is possible to close within 1 or 2 weeks if no financing is required.
On the Dutch side you are only subject to the one time closing costs. THERE ARE NO ANNUAL PROPERTY TAXES AND NO CAPITAL GAINS TAXES!!! However if you are using your property for rental purposes you are subject to turn over tax and profit tax (it’s advisable to consult with an accountant for more details on this matter). On the French side there are annual taxes as well as capital gains taxes.
Yes, most banks on island will offer financing to locals and foreigners. Typically they will finance between 50 to 65% of the transaction.
Yes, you can get full coverage. A typical policy that covers you in almost ever circumstance will cost you between 1 – 2% of reconstruction cost.
There is a great market for vacation rentals on both sides of the island. Rentals may range from about
$1,000 a week to well over $50,000 per week. The peak season for rentals is between December 15th to April 15th.