One of the questions we often get from frequent visitors to our island is, “Can foreigners buy property in Roatan?” Happily, the answer to that question is, “Yes!” Foreigners have been able to own property in Roatan since 1991. To learn more about the possibility of owning a holiday home, a permanent residence, business property or land in Roatan, check out the information available in this post.
Are There Limits On Foreigners Buying Property In Roatan?
Foreign citizens are permitted to buy 3000 square meters (almost three-quarters of an acre) of land in Honduras to be used for residential use. For those who wish to buy more land or use it for business purposes, there are two ways to go about that:
Set Up A Honduran Corporation
One way for a non-Honduran citizen to buy more than 3000 square meters of land or to use their land for business purposes is to set up a Honduran corporation. This requires the services of a Honduran attorney with costs starting at $1500 USD. Once set up, this provides the administrator of the corporation with all the property-owning rights of a Honduran citizen.
Become A Honduran Resident
The other way to be able to buy more than 3000 square meters of land or to buy property intended for business use is to become a Honduran resident. A Honduran attorney must be retained for this process as well. There are five different pathways towards Honduran residency which range from relying on a foreign pension to marrying a local. It’s also possible to become a Honduran resident after setting up a Honduran corporation. Acquiring a Honduran residency permit can take six to 12 months with costs starting at $1500 USD.
How Do You Go About Buying Property In Roatan?
The first thing you should do when considering buying property in Roatan is to find a local realtor. They can help you find the type of property you’re looking for, guide you through the property buying process and give you advice on how to retain an attorney.
Offer To Purchase
Once you’ve decided on the property you want to buy you’ll need to put in an Offer To Purchase. This will identify the property in question and summarize the conditions of sale. An Offer To Purchase typically needs to be backed with a 1% deposit which can be used towards the 10% deposit required after acceptance by the seller. Real estate transactions in Roatan typically take 30 to 45 days to close.
Closing The Sale
Your real estate agent and attorney will work together to obtain all the documents required to close the sale. These can include property surveys, title searches, title copies, contracts and more. Once an agreement is reached between the buyer and the seller, a Notary Protocol is signed by the two parties and the transaction is finalized.
Closing Costs On Roatan Real Estate Deals
In Roatan real estate deals, closing costs are generally the responsibility of the buyer. These costs average around about 6% of the purchase price of the property. If the transaction takes place between the administrators of two Honduran corporations, these costs can be far less.
Find Out The Details About Buying Roatan Real Estate
To find out more details about buying real estate in Roatan, contact Roatan Executive Realty. We’re a boutique full-service realty firm with over 50 years of combined real estate experience that we use to help people achieve their Roatan real estate dreams.