CAN FOREIGNERS BUY REAL ESTATE IN ST. MAARTEN?
Are you ready to call a Caribbean island your home? Come visit “The Friendly Island” and start searching the properties for sale in St. Maarten! St. Maarten is part of the Kingdom of the Netherlands that comprises approximately 13 sq. miles of tropical paradise with many beautiful communities where you can find your next home. St. Maarten has a large selection of properties for sale, including condos, commercial spaces, luxury villas, and vacant land.
If you’re ready to jumpstart your move, begin your St. Maarten real estate search the right way, with the knowledgeable real estate brokers at St. Maarten Investments (SMI). Contact us today to find out more about residential and commercial properties for sale in St. Maarten!
ARE FOREIGNERS ALLOWED TO BUY A HOME IN ST. MAARTEN?
You’re ready to make the move to paradise, but you may be wondering, “Can I buy real estate in St. Maarten as a foreigner?” The answer is YES, non-residents of the island are permitted to purchase property in St. Maarten! Buying a home in St. Maarten is just as simple as buying a property in Europe. It’s a good idea to start your search with a professional and reputable St. Maarten real estate company, like SMI, that has more than 30 years’ experience, hundreds of listings, and your best interest in mind. Whether you’re in the market for a condo, house, villa, or land, SMI will help you narrow down your St. Maarten real estate options and find you the property of your dreams.
WHAT ARE THE TYPES OF PROPERTY OWNERSHIP IN ST. MAARTEN?
There are three different property ownership deed types available when you buy a home or land in St. Maarten:
- Government long lease: With this type of ownership, the Dutch government leases the land to you for a 60-year term (which can be renewed). You are required to pay an annual canon fee per meter sq. to the Government of Sint Maarten. The lease can be revoked if you fail to pay the canon fee and you can terminate the lease at any time. The government has the ability to buy the land back from you at market value if it is deemed necessary for a government project, but this rarely occurs.
- Fee simple: This type of ownership means that you are the outright owner of the property and there are no restrictions or conditions that must be adhered to.
- Private long lease:In this type of ownership, a private individual or entity is the lessor and they lease the land to you to use for a fixed and extended period (minimum 10 years).
WHAT IS NEEDED TO BUY A HOME IN ST. MAARTEN?
Even though the process is relatively simple, foreigners are advised to consult an expert in St. Maarten real estate before buying property in St. Maarten. Your real estate broker should be able to direct you to the local notary public and a local established loan broker. Local banks are able to provide financing as long as you meet their mortgage application requirements and some of your own capital (10-25% of property purchase price). With the help of a reputable St. Maarten real estate broker, you can ensure that you meet all of the necessary criteria for your property purchase and none of the required documents are overlooked.
When purchasing property in St Maarten, several documents are needed before the sale can be completed:
- A purchase contract signed by both the buyer and the seller
- An appraisal report (no older than six months)
- A copy of the title deed
- Personal documents from buyer and seller (e.g., passport copies, registration form or utility bills, employment letter, last two pay stubs, etc.)
Both parties have three days after the signing of the purchase contract is witnessed by the civil law notary to change their minds and cancel the contract.
To learn more about what is needed to buy real estate in St. Maarten, contact SMI today, and one of our real estate brokers will be happy to assist you.
WHAT ARE THE BENEFITS OF BUYING ST. MAARTEN REAL ESTATE?
When people think about buying a home in St. Maarten, their first thoughts tend to be about how great the weather will be all year round. While this is definitely true, there are many more benefits that come with purchasing real estate in St. Maarten.
SIMPLE PROCESS: One of the major benefits when buying a home in Dutch St. Maarten is that the purchasing process is relatively simple, and all of the documents are prepared in English. The real estate broker you choose will be able to help you navigate smoothly through the entire process, from beginning to end.
LESS TAXES: St. Maarten does not have annual property taxes and when selling property, there are no capital gains taxes to be paid. Additionally, you will not be taxed for importing all of your personal belongings and furnishings for your new residence.
EARN RESIDENCY: As an investor or a retiree, when you buy property in St. Maarten, you have the opportunity to apply for your residency permit. Keep reading to find out how much you need to spend on St. Maarten real estate to be eligible to apply for residency.
ISLAND PERKS: Once you make the move to St. Maarten, you will have 24/7 access to all of the best things that our beautiful Caribbean island has to offer.
- Swim: Maarten is flanked by the Atlantic Ocean and the Caribbean Sea, so there is no shortage of beautiful white sand beaches to enjoy. In fact, there are 37 public beaches across the island available for you to explore. There are also many water-based activities for you to partake in once you move to St. Maarten. You can set sail on an island catamaran charter, jet-ski, paddleboard, kayak, parasail, kite surf, scuba dive and snorkel.
- Explore: Maarten offers many exciting land-based activities that will get your adrenaline pumping. You can enjoy beachside horseback riding, ziplining, hiking, ATV cruising, and of course, plane-spotting on the world-famous Maho Beach.
- Eat: Maarten has hundreds of restaurants featuring a variety of cuisine from around the world. Whatever you’re in the mood for – Lebanese, Chinese, Thai, Italian, or Caribbean cuisine – you can find it here on the island. Bon appétit!
- Shop: Maarten has a great selection of duty-free shopping available throughout the island. You can find clothing, hair and beauty, sports apparel, handbag, liquor, cheese, and jewelry stores in Philipsburg, Simpson Bay, and Maho. We also have big-box furniture and hardware stores available for when you’re making your new house in St. Maarten a home.
- Relax: Buying property in St. Maarten means you’ll be surrounded by a plethora of picturesque views. Take in sunrise or sunset or watch the night sky full of easily visible stars. Spend time enjoying the natural beauty of the island! There’s nothing quite like it!
- Party: Maarten has a buzzing nightlife scene, with many casinos, nightclubs, beach clubs, bars and lounges.
HOW MUCH SHOULD FOREIGNERS SPEND ON REAL ESTATE IN ST. MAARTEN?
There are properties for sale in St. Maarten to fit budgets from $150,000 to $10,000,000.
Foreigners can choose from a wide selection of apartments, condos, single-family homes, villas, vacant land, and commercial units. If you would like to apply for residency through a St. Maarten real estate purchase (as an investor), you need to spend a minimum of USD $510,000 on property before applying. As a retiree, you can apply for a temporary residency permit before making a real estate purchase, but you need to spend a minimum of USD $225,000 on property in St. Maarten within the first year of your temporary residency permit.
Keep in mind when purchasing a property in St. Maarten that you will need to account for the down payment, which by law, Maarten cannot exceed 10% of the property purchase price for residents and 20-25% for non-residents. Additionally, you will need to cover the property closing costs, which include the land transfer taxes and notary fees and are approximately 4-6% of the total purchase price.
ARE YOU READY TO BUY A HOME IN ST. MAARTEN?
If you’ve been dreaming of the perfect long-term Caribbean escape, now is the time to buy real estate in St. Maarten! Get in touch with the team at SMI to learn more about the properties available for sale in St. Maarten that match your lifestyle needs and fit your budget. Our professional and knowledgeable St. Maarten real estate brokers will help you make your dream of living in paradise a reality! Call or email us today!