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Cost of Buying Real Estate in TnT |
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| Stamp Duties in Trinidad and Tobago
Transfer Taxes
After your legal documentation is sorted out the next process is the
stamping of the documents by the Board of Inland Revenue. The present
law provides that where the property is or includes a dwelling house and
the property is for use wholly or mainly for residential purposes
(Residential Transfers) the stamp duty payable is as follows: |
| Residential Transfers With effect from October 1, 2008, the stamp duty applicable on
the transfer of residential properties will be as follows –
- Up to $850,000 - Exempt
- More than $850,000 but not exceeding $1,250,000 - 3.0% on excess
- More than $1,250,000 but not exceeding $1,750,000 - 5.0%
on excess
- More than $1,750,000 - 7.5% on excess
See our Stamp Duty Calculator
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| When the property is a commercial property or land only
(Non-Residential Transfers) the stamp duty payable is as follows: |
Non-Residential Transfers (Includes Commercial Properties And
Land)
Where the consideration for the sale:
- does not exceed $300,000.00 TT – 2%
- exceeds $300,000.00 TT but does not exceed $400,000.00 TT – 5%
- exceeds $400,000.00 TT – 7%.
Once the appropriate stamp duty has been paid, as certified by an
embossed stamp affixed by the Board of Inland Revenue, the original
transfer documents are lodged with the Registrar General’s Department
and a registered copy will be delivered to the Purchaser as proof of
his ownership of the land. The registration fee payable is typically
$100.00 TT. |
Land and Building Taxes
Land Tax
Real property owners are required to pay an annual land tax
of TTD10 (US$1.60) per acre.Buildings Tax
Buildings tax is levied at 7.5% of the annual capital value.
Property owners are liable to pay this tax.
Legal Fees:
Each party pays for their own lawyer. Legal fees are typically
at 0.5% to 1.5% plus 15% VAT. Legal fees may include various
registration costs which are quite minimal.
Real Estate Agent's Fee:
Real estate agents’ commission is usually at 3 - 5%.
Transaction Costs
Stamp Duty 5.0% - 10.0% paid by the Buyer
Legal Fees 0.5% - 1.5% (+ 15% VAT) paid by the Buyer and
Seller
Real Estate Agent's Commission 3.0% - 5.0% paid by the
Seller |
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Stamp Duty Calculator
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Buying Real Estate in TnT
