Renting a
Property in Antigua – Considerations, Costs and Legalities
Buying to
let/Rent your property
When buying a
property with the intention to rent in Antigua, there are a few
important factors you need to be aware of:
Long-term
rentals:
|
Property
management fees |
10% of
the rental value |
|
Rental
commissions |
8.33%
of the rental value of the contract. |
Rental
commission is equivalent to the first months rent on an annual
contract
On long-term contracts the Tenant usually pays utilities,
gardening, pool, maid service and all expenses.
Short-term Rentals
Short-term
rentals are those for terms of one month or less. On short-term
rentals the agency commission can vary from 15% to 30%, most
commonly 20%.
On short-term
rentals, the landlord pays for utilities, pool, gardening, and 6
days a week maid service. Chefs are available at an extra
charge. The tenant is usually expected to tip the staff at the
end of the visit.
You can hire
Automobiles
at the airport or other locations around the island.
Property
Management Services
Each property management company provides different services,
but generally, setting up the property on arrival for the
client, dealing with any problems while the property is let, and
dealing with the appropriate authorities on anything from paying
the electricity bill, to organising the gardener.
Rental
commissions
Rental
commissions are paid to cover the cost of marketing the property
for rent. This can be anything from Internet sites, to newspaper
adverts overseas depending upon the way the company is
structured.
Withholding
taxes
Withholding
taxes are due to the Antiguan Inland Revenue.
Withholding tax of 25% of the net rental value are applicable to
all non-residents. Net revenue is the revenue after all
deductions.
Rental Property:
To get an idea of some of the properties available for rent
currently in Antigua, and the rental prices visit,
click here.
Contributed by:
Geoffrey D. Pidduck, Tradewind Realty Limited,
Falmouth, Antigua. |
