two countries. One Island.
As you might know, Saint-Martin and Sint Maarten are two different countries on the same island. What does that mean? It means that each side has its own legislation and laws regarding real estate because you have two different territories within 1-hour drive.
you don’t need to be a resident
The first good news is that you don’t need to be a resident to purchase a property on either side of the island. Since SXM is known as the ‘friendly island’, all foreigners are welcome to invest because investing on the island also generates more money for the economy. Please, don’t hesitate if you fall in love with this beautiful place.
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Purchasing a property can be simple
Your real estate agent needs to be knowledgeable about the territory and the local notaries. Due to what we call “island time,” this process may seem a bit slower than what you’re used to in other parts of the world, but the ‘dynamic’ is easily managed when you understand the concept.
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Which is the best side?
Well, it will depend on your taste and your lifestyle. Both sides are amazing, and they offer different advantages, so my answer is: Go explore, and you find the answer. I know it can be overwhelming, especially for foreign investors, but I am here to help.
FAqs
The good thing about Sint Maarten is that there are no capital gains, so if you buy a property at a good price, you will not be taxed if you resell it for more.
Yes. The local banks offer loans for a secondary home. They usually request 50% as cash down and work with 15-year terms.
Yes. You can create a local company or use the company in your country to buy it. Before you decide, please seek an accountant for advice
Closing costs can range between 5.5% to 6.5% of the purchase price. The amount varies according to the property size.
You can hire a lawyer. You don’t have the obligation because the notary in Sint-Maarten has the legal obligation to transfer the property free and clear from any liens, debts, or anything that comes along.
We do not have official comps available. Each agency is responsible for collecting this information individually, getting informed about the latest sales, and being aware of the average price of the area.
We do not have an MLS system so all the property search needs to be done via an agent that knows where to get all the good listings. OR you can go to the 500 different real estate websites available.
Yes, we do. We can provide that easily, if necessary. Not all agents on the French side work with comps. That said, culturally, not everyone ‘accepts’ offers based on comps. That means that the comps are a reference, not a rule.
Closing costs on the French side are 9.2% of the purchase price + a 1,500 euros fee for the title registration. Example: If you buy a property at $1M, you will pay $92,000 in closing costs.
You can hire a lawyer. You don’t have the obligation because the notary in Saint-Martin has the legal obligation to transfer the property free and clear from any liens, debts, or anything that comes along.
Unfortunately, no. French banks do not finance foreigners.
You can negotiate the amount in dollars and send the money to the notary’s US dollar escrow account. As long as Buyers and Sellers agree with the transaction currency, you are fine.
Well, this can be tricky to answer but a ‘normal’ transaction can range from 3-4 months from the moment you sign the first offer until you get the keys
All transactions are required to be in French and you can use an official translator throughout the process but bear in mind that, since you are in French territory, English is not the first language.
Yes! Your agent needs to be bilingual to explain the transaction delay, offers in detail, listing agreement, etc. You can also use a translator when you sign the Sales and Purchase agreement at the notary.
