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Housing in Montserrat

Foreigners can freely buy property without restrictions. Montserrat uses the East Caribbean Dollar at a fixed exchange rate of US$1=EC$2.70. However, US dollars are generally used in real estate transactions.

Purchasing a Montserrat property is a straightforward business. The first step in the process is to secure the services of a lawyer, who will draft the sales contract. An Alien Landholding Licence must be secured from government authorities. A sales contract is always conditional upon the application and approval of the licence. Approval can take between four to eight weeks. Upon signature of contract, 10% of the agreed price as down payment must be paid. The balance of the purchase price is payable usually within 30 days upon approval of the licence. The seller then signs a memorandum of transfer in your favour. Your lawyer, in turn, will have the title transferred to your name.

Do note that the real estate market is almost non-existent, as two-thirds of the island has been declared uninhabitable because of the volcano at Soufrière Hills.





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