The developer is
offering a guaranteed 10% rental return per annum -
net of all management fees - based on the purchase
price for the first two years, followed by a 5 year
50% room rate share. Therefore, for the first two
years after you take ownership of your property, you
are guaranteed a 10% back on the price you paid. After
this time, you will receive 50% of the profits
generated by your property and the rest will be place
back into the resort
Unlike some
other resorts, even though you are guaranteed a rental
return, you can still use your property free for up to
two weeks per year and one of those weeks can be in
high season.
Due to the
development being government backed, there are no
capital gains tax to pay in St Vincent and no income
tax to pay for the first 20 years!
All properties come fully
furnished (unless the client does not wish the
property to be entered into the rental scheme) to a standard expected of a five star
resort. The furnishings are being managed by the same
team who furnished Sandy Lane and the Colony Club in
Barbados and 'Le Sport' in St Lucia.
-
£1000
reservation fee will hold the apartment for 15 days
(subject to negotiation), whilst the client carries out
a viewing trip and/or checks out the contract.
This fee is refundable on completion.
-
10% deposit
upon signing contract (within the 15 day period).
-
20% payable
within 45 days from reservation.
-
The rest of
the payments will be paid on build stage of the resort:
25% Foundation, 25% Rough Structure, 15% Roof,
5% Completion
Finance (including stage payments) can be arranged up to 70% of the value of the
property subject to status
Finance can be
arranged up to 70% of the value of the property on the
final four payments. The developers are giving
clients the option by which after the first 30% has been
paid, the rest of the stage payments can be made as
follows:
They are
appointing an independent quantity surveyor who will be
inspecting the works undertaken at each stage and on
this report the bank will forward them the funds related
to the work undertaken. The customer will be
charged the interest only that relates to the amount of
money that the bank releases. The interest rate
will be the rate charged at the time by the bank
(currently 9.75% pegged to the US base rate).
This process gives you the peace of
mind that the work is progressing well and that the bank
is watching and looking after your investment.
Once the property is ready, a further
mortgage can be taken out from an alternative Caribbean
bank or the developer will continue their product on a
repayment basis.
Finance is also available for the
first 30% deposit, with the interest payments being paid
by the developer for you until the property is
completed. This amount is then placed on the final
mortgage, meaning you can buy a property in the
Caribbean without having to put any money down at all!
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