If you are looking to find a vacation home in the Caribbean, there are certain islands that have the most favorable tax rates over others.
But if you know you want to purchase in the Caribbean, where many countries don’t have income tax, you should seek local counsel about property or real estate taxes in each jurisdiction, Partner Kevin Packman recommended.
“Find a country where you enjoy spending time to buy a second house and don’t focus on taxes,” advised Partner Kevin Packman. In addition, many countries, particularly those with access to beaches or an ocean, require foreign owners to take the title through an entity, Mr. Packman said. This entity needs to be reported to the U.S. Internal Revenue Service.
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