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While the capital and other towns provide the comforts, elegance and sophistication of France, other parts of this highly-developed and popular tourist destination offer visitors the classic Caribbean vacation. There are flawless beaches - white sand on the south coast, black in the north; secluded coves for swimming and reefs for snorkeling; unspoiled fishing villages; hot springs, lush rainforests and woods; rugged peaks and gorges; and everywhere flowers and fruit - bougainvillea, orchids, lilies, bananas, pineapples, papaya and coconut palms.
Real Estate in Martinique
Martinique is one of four of the French West Indies, consisting of the islands of Martinique, Guadeloupe, St. Martin (the French side), and St. Barthelemy. With a land area of 50 miles long by almost 25 miles wide and a population of almost 400, 000, Martinique as in the other French West Indian islands is designated as an overseas department and region of France and part of the European Union.
With its currency the euro (€1 = US$1.56 = UK£0.79) and the official language French, Martinique is one of the showcases of the French Caribbean. And while in St. Martin and St. Barthelemy, English is widely spoken and U.S. currency completely accepted, in Martinique and Guadeloupe, this is just not so. You are in a mini France in Martinique. The capital, Fort de France, fully lives up to that description, celebrating every aspect of the island's all-encompassing French culture with style and panache. And if it weren't for the tropical climate, it could almost be Paris - and in some ways it is. The city's Schoelcher Library, a 19th century Romanesque-Byzantine masterpiece, was built in the French capital, dismantled and shipped to Martinique, where the entire building was re-assembled, down to the mosaics.
Situated between the islands of Dominica to the north, (with Guadeloupe north of Dominica) and St. Lucia to the south, Martinique is volcanic in origin, with a quiescent volcano, Mont Pelée in its mountainous north, where found within the Regional Park of Martinique there is superb hiking, rain forests and nature-watching. While the northern part of island lures the eco-tourist, the southern part of the island lures those seeking sophisticated pleasures with its fine shops to restaurants particularly in the capital Fort de France to the long luscious beaches and many great diving sites off pristine shores. On the East Coast, in contrast to its south and western shores, there is a wild, unexplored feel with rocky terrain and pounding Atlantic waves, where surfing is a favourite, particularly at the well known area of Presqu’île de Caravelle. The interior of the island is home to a luxurious array of- bananas, sugarcane, and pineapple fields. From shore to shore, Martinique is extremely beautiful.
As in France, there are no restrictions on foreign ownership of real estate in Martinique. So from its many neighborhoods with French-styled villas in upscale neighborhoods, to relatively isolated countryside locations either in the island's south; which is where the most beautiful beaches are to the north, which tends to be the most in demand and is reflected in the pricing, there are many real estate opportunities to find.
Martinique is governed from the much larger island of Guadeloupe and ultimately France, and is a fully recognized European territory and follows the same standards and laws as continental France. Thus buying property in St. Martin, you are protected by French law.
In purchasing real estate on Martinique as well as the other French West Indies islands, the European notary system is used and a Notaire (Notary) is responsible by law to handle all real estate legal transactions for both parties; both the buyer and the seller. A Notaire as opposed to a lawyer is a public official whose duty is to represent the French Government and is responsible for completing and obtaining all necessary documentation, thus a personal attorney is not necessary, let alone two different personal attorney’s.
There are no residency requirements or legal restrictions limiting foreign home ownership in Martinique. If you're planning to reside on the island for an extended period, you will need to obtain the necessary legal status for long-term stays and obtain a long-stay visa through the French Consulate or Embassy for visits extending past 90 days. You may stay in the country without a visa however for a stay of up to 90 days for citizens of the US, UK, Canada, the EU, Australia and New Zealand.
Expats wanting to purchase property to reside in Martinique/France must apply for permission and clearance. It is a process that takes about three months and includes background, economic and citizenship checks, registration with the Government, health checks and proof of income but this timing can coincide with the purchasing date. As there are definite advantages of becoming a resident of France such as health insurance amongst other benefits, this could be of interest.
Owners who are not residents of an EU country pay Capital Gains Tax of 33.3% (subject that is to any applicable double tax treaty). However, if a property is owned by the expat for 15 years, it is then free and clear of any Capital Gains Tax. Every year after the first 5 years of expat home ownership there is an allowance of 10% off the capital gains, thus by the 15th year zero capital gains is achieved. Rental income earned by nonresidents is taxed at a flat rate of 20%.
Getting to Martinique. Martinique’s international airport, Martinique-Aimé Césaire Airport, receives daily service on American from San Juan, Puerto Rico; and several flights a week with Air France, Air Caraïbes and Corsair. From Canada, West Jet and Air Canada service the island via St. Lucia from Calgary, and Toronto with Air Canada commencing a non-stop scheduled service between Montréal and Martinique in late 2009. Regionally LIAT, and Air Caraibes offer daily connections from and to other Caribbean islands.
As of mid 2009, there is also a catamaran high speed ferry between Martinique, Guadeloupe, Dominica, and Saint Lucia. So apart from another avenue in getting to Martinique is the added attraction that a vacation owner in Martinique can now conveniently visit neighboring islands.
St. Martin has so many appealing features from its European/Caribbean culture and comforts to its cosmopolitan lifestyle, budding nightlife, boundless water sports, duty free shopping on jewelry, perfumes, liquors, tobacco, its culinary delightful restaurants to its friendly and safe shores.
Come own your piece of paradise here. Come buy in Martinique, its pristine shores await. Merci.
Contact Whitten Caribbean Real Estate for all your real estate needs in Martinique.
Map of Martinique
Whitten Caribbean Real Estate
visit us here at www.multiplelistingservicecaribbean.com
visit WHITTEN CAPITAL GROUP at www.whittencapitalgroup.com
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