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. 

Purchasing a property can be simple

(if you work with the right person)

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.

Which is the best side?

(The one question I can’t answer)

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

Something that helps in this part of the island is that the transaction is done in English (unless you speak Dutch), so you will be able to read all the documents without an official translator
A typical transaction can take between one and two months depending on the workload of the local notaries and if the purchase is financed or paid cash.
What are the capital gains?

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.

Can I get financed by a local bank?

Yes. The local banks offer loans for a secondary home. They usually request 50% as cash down and work with 15-year terms.

Can I buy the property under a company?

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 

What are the closing costs?

Closing costs can range between 5.5% to 6.5% of the purchase price. The amount varies according to the property size.

Should I hire a lawyer? A title Company?

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.

Do you have comps?

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.

How do I find properties? Is there an MLS system?

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.

Something that helps in this part of the island is that the transaction is done in English (unless you speak Dutch), so you will be able to read all the documents without an official translator
A typical transaction can take between one and two months depending on the workload of the local notaries and if the purchase is financed or paid cash.
Do you have comps?

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.

What are the closing costs?

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.

Should I hire a lawyer? A title Company?

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.

Can I get financed by a local bank?

Unfortunately, no. French banks do not finance foreigners.

Can I buy it in US dollars, or do I need to use Euros?

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. 

What is the typical delay in buying a property?

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

Is the transaction done in French or English?

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.

I don’t speak French. Can I still buy it?

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.