Breathtaking views, sun-kissed shores, and tranquility, combined with the potential of a wise real estate investment, makes St. Maarten an irresistible destination for property enthusiasts and people looking to relocate to this unique island.
BrightPath Caribbean offers complete relocation solutions with our team of experts and professional referral partners. Book a consultation today and start a flawless transition from the USA to St. Maarten.
Now, let the expertise of American real estate attorney, André Williams, be your compass to the best direction with three tips if you have been contemplating relocation from the USA to St. Maarten while managing real estate assets.
Why does André Williams like St. Maarten? And what are his expert tips?
I am attracted to St. Maarten like you because of its perfect climate, azure ocean views, and secluded tranquility. It also affords an incredible opportunity to buy a primary or second home or purchase commercial property with a high rate of return. If you are seriously interested in purchasing a property in St. Maarten, you want to engage BrightPath Caribbean to help you find a property. Similarly, I am a real estate attorney and real estate investor so I can help you navigate the process of compliance with US tax rules and provide guidance on estate planning and corporate structuring for your real estate purchase in St. Maarten.
Finding a Property
You should think about purchasing property of any kind in St. Maarten much like pursuing a long-term relationship. You should research the demography of the island and its culture, visit the island and stay in a prospective location long enough to become familiar with the area. You may also want to explore the community of expatriates here and local customs. Vivian and her team at BrightPath Caribbean can help you learn the market and evaluate whether you are getting a “good deal”. The good news is that you have an excuse to pack your bags for this due diligence.
Foreign Ownership Rules
Many countries have specific limitations on foreign ownership of land. For example, in Mexico, there are limitations on foreign ownership of property within 31 miles of the coast. In other countries, non-citizens may be required to obtain special residence permits or register with a government agency prior to closing a home purchase.
St. Maarten has no restrictions on foreign ownership and encourages real estate investment by persons from other countries.
U.S. Tax Rules/ Estate Planning/ Corporate Structure
The last piece of foreign property ownership is accounting for any income or gain you may accrue due to the property. As a U.S. citizen, you are required to report to the IRS on your worldwide transactions. In addition, there are some other very onerous reporting requirements and penalties of $10,000 or more so please consult with me at the beginning of a transaction to ensure that your transaction is structured properly, and you are protected from exposure.
Foreign real estate can be a smart investment – as long as you do your due diligence upfront, consult with an experienced US-based real estate attorney and advisors, and keep good records as you go.
Do you have any questions?
Contact us today for a free consultation and let us guide you throughout the process!