See the complete purchase—not only the asking price.
Organize the acquisition into cash required, professional verification, recurring ownership costs and a realistic reserve.
- 1Set total budget
- 2Model cash flow
- 3Confirm with advisers
- 4Keep a reserve
Yes, a non resident can get a mortgage in St. Maarten. What changes is the deposit, the paperwork and the time. Buyers who live abroad and borrow from a Dutch side bank are typically asked for 30 to 40 percent of the purchase price, and the file runs longer than a cash purchase.
There are three routes. A local bank, of which Windward Islands Bank (WIB), RBC, Republic Bank and Orco Bank are the names you will hear. A loan raised at home against assets you already own. Or finance from a developer. The cheapest option on paper is not always the one that closes, and that matters when a good Cupecoy listing has two buyers on it.
These are typical market conditions, not fixed terms. Rates and lending policy change and every bank prices every file on its own merits, so confirm your numbers with the lender and with the notary handling your purchase.
The three ways non residents finance a purchase here
1. A local bank on the Dutch side
WIB, RBC, Republic Bank and Orco Bank all lend on Dutch side property, including to buyers who live overseas. The advantage is local knowledge. The lender knows which associations in Cupecoy, Maho and Pelican Key hold healthy reserves, works with the same notaries every week, and registers its security at the Kadaster, the Land Registry that records your ownership.
The trade offs are a bigger deposit, a heavier document pack and a slower decision. Terms are often shorter than the thirty year products common in North America, and your age at the final payment matters. Expect property insurance including windstorm cover as a condition of the loan, and in many cases life cover assigned to it. Both belong in your monthly budget from the start.
2. Borrowing at home against assets you already own
Plenty of buyers never approach an island bank. They raise the money at home against a residence, a portfolio or a business, then buy here as a cash buyer. Three advantages follow.
- You negotiate as a cash buyer, which carries weight with a seller who has already lost one financed offer.
- You avoid the mortgage deed and its Kadaster registration, so your cost to complete stays at roughly 5 to 6 percent rather than 6 to 7 percent.
- Your lender already knows you, so underwriting takes days, not weeks.
The risk is that the security sits on an asset you rely on at home, and if you earn outside the US dollar you carry exchange rate exposure on the purchase itself.
3. Developer or seller finance
On newer projects, and Indigo Bay is the obvious example, a developer may offer a payment plan across construction or hold back part of the price for a fixed term after completion. Seller finance turns up occasionally on resale, usually where the owner holds free and clear and prefers income to a lump sum. Terms vary and there is no standard form. Have the notary review the security and the default provisions, because what protects you is whether the arrangement is registered at the Kadaster, not what a side letter promises.
What a local lender looks at
- Deposit. Commonly 30 to 40 percent of the price for a non resident.
- Income and its stability. Salaried applicants have the easiest story. Business owners are lendable but need more evidence.
- Existing debt. Mortgages, car finance and credit lines all reduce your capacity.
- The property. Construction date, roof, shutters or impact glass, and in a condo the association’s reserve.
- Running costs. GEBE electricity is expensive by regional standards, so dues, utilities and insurance are counted in your affordability.
- Source of funds. The same money laundering checks apply here as anywhere. Be ready to show where the deposit came from.
A note on rental income
Do not assume rental income will carry the loan. Many lenders discount it heavily or ignore it when the borrower lives abroad. The calendar here is seasonal: high season is roughly mid December to mid April, the Heineken Regatta in early March fills everything, and late August to October is quiet. Model it yourself with the rental yield calculator in our property tools, using conservative occupancy.
Key numbers
| Item | Typical figure |
|---|---|
| Deposit, non resident buyer | 30 to 40 percent |
| Transfer tax, Dutch side | 4 percent |
| Notary fee | 1 to 2 percent |
| Mortgage deed and Kadaster registration | About 1 percent |
| Total to complete, cash | 5 to 6 percent |
| Total to complete, with a local mortgage | 6 to 7 percent |
| Annual property tax, Dutch side | None |
| Capital gains tax on resale, Dutch side | None |
These ranges are typical rather than guaranteed. Your notary will confirm the exact figures for your file.
The documents you will be asked for
Assemble the pack before you make an offer. The commonest cause of delay is a buyer sending documents one at a time over six weeks.
- Passport copies for every buyer, certified if asked
- Proof of address, usually a utility bill or bank statement. A GEBE or TelEm bill works if you already own here
- Two or three years of tax returns
- Payslips, or company accounts and an accountant’s letter for a business owner
- Six to twelve months of bank statements
- A statement of assets and liabilities
- Evidence of the source of your deposit
- A credit report from your home country
- The signed purchase agreement
- Insurance quotations including windstorm cover
- For a company purchase, incorporation documents and details of the beneficial owners
Documents issued abroad may need legalising, and anything not in English or Dutch may need translation. Ask early, because it adds a week or two.
Currency: you are dealing in US dollars
The Netherlands Antillean guilder is official and pegged to the US dollar at about 1.79, but Dutch side property is priced, negotiated and paid in dollars, and local mortgages are normally in dollars too.
If you earn in euros, pounds or Canadian dollars, the exchange rate becomes part of your monthly cost. Buyers who mind about this keep a dollar account funded ahead, fix a rate for the deposit and the balance, and budget with room to absorb movement.
Cross to the French side and everything changes. A villa in Terres Basses is bought in euros, entry costs run about 8 to 10 percent, an annual taxe fonciere applies, and capital gains tax of up to 34 percent can arise on a profitable resale. Compare the two with the Dutch versus French tool before you decide which side to shop on.
What a mortgage adds to your closing costs
A cash purchase costs roughly 5 to 6 percent to complete: 4 percent transfer tax plus a notary fee of 1 to 2 percent. Borrow locally and the notary also drafts a mortgage deed and registers the lender’s charge at the Kadaster, adding in the region of 1 percent, so about 6 to 7 percent all in. Then budget for what the bank charges rather than the notary.
- An arrangement or handling fee
- A valuation of the property
- The first premium on property and windstorm insurance
- Life cover, where the lender requires it
Price all of it before you make an offer, not after.
A realistic timeline
The table is an illustration, not a promise. One seasonal point: hurricane season runs 1 June to 30 November with peak risk from August through October, and insurers bind new windstorm cover more slowly when a system is being tracked. Since the loan depends on that policy, an August closing can wait on the weather in a way a February closing does not.
| Stage | Typical time |
|---|---|
| First conversations with lenders | 1 to 2 weeks |
| Full application with documents | Depends on you, often the slowest part |
| Bank review, valuation and decision | 3 to 6 weeks |
| Formal offer issued and accepted | A few days |
| Kadaster title search and deed preparation | 2 to 4 weeks, usually in parallel |
| Signing, funding and registration | About 1 week |
| Whole purchase with a local mortgage | Commonly 2 to 4 months |
How to make your application stronger
- Approach two or three lenders and compare total cost, not the headline rate.
- Get an indication of what you can borrow before you view, so your offer is credible.
- Keep the deposit in one traceable account for several months rather than moving it around.
- Choose a property the bank will like: concrete, rebuilt to a documented standard after Irma, shutters or impact glass, clean insurance history.
- Send the whole document pack at once, and give the notary the lender’s contact details early.
When paying cash is the better answer
Holding costs here are light. No annual property tax, no capital gains tax on resale, so your recurring bills are association dues, insurance and GEBE. For some buyers the interest saved by paying cash outweighs keeping the money invested, particularly on a long hold. A common route is to buy with cash, close fast on better terms, then finance at home with no transaction clock running. Tax rules change, so confirm your position with the notary and with an adviser at home.
Veelgestelde vragen
Can a non resident really get a mortgage in St. Maarten?
Yes. There is no nationality restriction on ownership, and WIB, RBC, Republic Bank and Orco Bank lend to buyers who live abroad. The terms are simply more conservative than for a resident with local income.
How much deposit will I need?
Typically 30 to 40 percent of the price. The exact figure depends on the lender, the property and your profile, so treat that as a planning assumption rather than a rule.
What interest rate should I expect?
There is no single published rate for non resident buyers. Ask two or three lenders for written terms and compare the total cost of borrowing, including arrangement fees, valuation and any required insurance.
Does a mortgage change my closing costs?
Yes. Roughly 5 to 6 percent becomes about 6 to 7 percent once the mortgage deed is drafted and registered at the Kadaster.
How long does the whole process take?
Commonly two to four months with a local mortgage, against four to eight weeks for a cash purchase. The variable you control is how fast your documents arrive.
Where to start
Work out the total cash you need before you fall for a property. Run the closing cost and mortgage calculators in our property tools, then see what that budget buys, from a marina apartment at Porto Cupecoy to a hillside house in Almond Grove, in our current listings. Lending and tax rules change, so confirm your position with the notary and a tax adviser at home.
If you want an introduction to lenders who work with overseas buyers, and a straight view of which buildings they will lend against, contact Island Real Estate Team at info@ireteam.com or +1 721 544 42 40. You can meet the people who will handle your file on our team page.
