FAQs about buying property in Margarita

• What are the procedures?
• How much does it cost?
• Taxes
• Can I let my property?

What is the process?

Anybody can buy property in Venezuela. You just need your passport, a tourist visa (the green form you fill out when you enter Venezuela). You will also need to register with the tax authority (SENIAT) and they will issue a R.I.F. (Registro de Información Fiscal) after you fill out the NIT-N-15 form. This takes about 40 minutes but has to be done in Spanish. We can obtain your R.I.F. for you with a notarized authorization.

Your lawyer will then register the sale, and make final payment. If you cannot be present at the agreed date and time, you can issue a power of attorney specifically to register on your behalf.

How much are legal fees?

You should allow for between GBP1000 and GBP1500 for legal and government fees.

What are connection fees?

New properties are connected to electricity, telephone and water supplies on the completion of the development and the utility companies charge each property an amount based on the cost of connecting the development. The cost varies depending on the area and the distance from the nearest supply but is rarely more than £500 in total.

Are there any service charges?

Most new developments of villas or apartments that have communal facilities now arrange maintenance and will charge an annual service charge.

Running Costs

• Annual Municipal Taxes are normally less than £100 p.a.
• Electricity supply is 120 volts AC 60Hz. The power supply is subject to disruption and we can supply back up generators or UPS systems on request.
• Drainage is via individual septic tanks which require servicing every 18-24 months at a typical cost of £25.
• Telephone lines can take several months to be connected but do provide International direct dialling. Internet connections are relatively cheap at no more than £10 p.m. Broadband is available by satellite but is expensive at present.
• Satellite (US) TV is available.

Taxes

There are virtually no taxes.

What are the holiday letting opportunities?

The Margarita holiday market is growing rapidly and there can be a shortage of hotel rooms at peak seasons. The letting market is therefore buoyant and we offer a management and letting service for our developments that should produce a healthy income.

Please call 0800 5 999 469 for more details

With the right people assisting you, purchasing an overseas property can be an enjoyable and rewarding affair ... one, we at Property Club International are familiar with. If you still have questions having read this section, please don’t hesitate to contact us!

Some of the information in these sections has been supplied by third parties and Property Club International Ltd and its associated companies cannot be held responsible for any errors or omissions. Professional advice should always be sought at the time of purchase. Please note that tax rates may differ from the examples given above,are subject to change and will be applied at the rate ruling at the time.