Buying property at Indigo Bay is easier than you think. You do not need to be a resident or be present at the time of closing. A local notary handles the closing of the transaction on your behalf. Benefits to buying on St Maarten also include no property taxes and no capital gains tax when selling the property. Foreign investment is strongly encouraged.
Yes, we do offer local architects and designers; however, you are able to choose your own architect as long as you follow the guidelines that the Indigo Bay development has created.
The US dollar is welcomed on both the Dutch and French sides. The official currency on the Dutch side is Antillean Guilders and one the French side is Euros.
All medical services are available including hospitals, pharmacies, physicians and dentists.
There are non stop flights to St Maarten from the US from New York, Charlotte, Houston and Miami. Four hour flights from Canada and eight hours from Paris.
We would be happy to connect you with the Senior Manager at Scotia Bank to obtain financing.
Yes, a 20% deposit is required when signing the purchase agreement. This is a binding contract and is refundable within 5 days of signing the agreement. The seller's notary holds the deposit in escrow except for pre-construction purchases, in which case the developer has the right to use all deposits for the financing of the project/development. The balance of the sale price will be paid to the seller’s notary upon completion of the property.
Generally 3 months on a tourist visa at which time non-residents must leave the island for a minimum of 24 hour period.
Rest assured that St Maarten is a very pet friendly island. St Maarten does not quarantine healthy pets but they must meet certain requirements. Contact a St Maarten veterinary clinic for further details.
Yes, Indigo Bay will have an onsite rental management company to assist you in obtaining rental income for your purchase.
The owners at Indigo Bay Estates are organized in and represented by Foundations, rather than Associations. Participation in the Foundations is mandatory, whereas membership in Home Owner Associations (HOA) traditionally has a more voluntary character.
In order to make sure that all the owners at Indigo Bay Estates will become and remain Participants and as such financial contributors in terms of carrying a prorated portion of the annual Longlease Rent as well as other dues & assessments (including “Maintenance Fees”); Foundations provide more stability and security than Associations do.
The Indigo Bay Master Foundation (“IBMF”) is the Homeowners Foundation representing the entire Indigo Bay Estates development. In addition to the IBMF, several Sub-Foundations have already been established for specific subdivisions. Per the MAP presented here following, the Indigo Bay Sunset Villas Foundation (“IBSVF”) represents owners in Phase 1; the Indigo Bay Skyline Foundation (“IBSF”) represents owners in Phase 2; the Indigo Bay Oceans Foundation (“IBOF”) represents owners in Phase 3 (the “Oceans” subdivision) and the Indigo Green Foundation represents owners in Phase 4 (the “Indigo Green” subdivision). Construction of villas, townhouses and condos is ongoing in all four (4) subdivisions.
All Buyers prior to the “Closing” (i.e. the notarial transfer of property) are required to pay a deposit (typically $3,000 per Lot) in escrow with the “Closing Agent” i.e. the licensed Civil Notary in St. Maarten in charge of the Closing, towards future prorated Longlease Rent and Foundation Dues as will need to be collected by the Sub-Foundations from all Participants. Except for prorated Longlease Rent, the deposit will remain in escrow even after a Closing has taken place; only to be released for use by the Indigo Foundations after the elected Boards of these Foundations request for these funds to be made available. The Indigo Developer (Cay Bay Development NV or “CBD”) as part of the Closing process will not receive, hold or manage deposits placed in escrow by any buyer for future use by the Indigo Foundations, except for prorated Longlease Rent.
The Sub-Foundations will pass on Longlease Rent and dues collected from Participants on behalf of the IBMF. The IBMF subsequently pays the Longlease Rent and expenses incurred by the overall development. From the remaining dues and assessments collected, the Sub-Foundations pay expenses attributed to services incurred for the benefit of Participants in each respective subdivision only, such as security; infrastructure upkeep/repairs etc.
The budgets for the IBMF and the Sub-Foundations are voted upon in a meeting of Participants to be held in December of each year. The first meetings of Participants for IBMF and the Sub-Foundations will take place in 2015.
Longlease Rent will be calculated and invoiced by the Indigo Foundations as follows:
The prorated annual Longlease Rent of $0.60 per M2 will remain in place from 2012 until 2018. From 2019 – 2028, the prorated annual Longlease Rent per M2 for Participants will be increased by 10% - i.e. from $0.60 to $0.66 per M2. From 2029-2088; the annual Longlease Rent per M2 will be $0.72 per M2.
These Maintenance Fees and/or Foundation dues will be invoiced to the Participants in advance on a quarterly basis, based on annual budgets for the following fiscal year as presented by the Boards of the IBMF and Sub-Foundations to the collective Owners (“Participants”) and approved by the Participants in December of each year. These budgets will include for example provisions for the following:
The annual budgets of the Foundations need to be approved by a majority vote of the Participants. The prorated contribution of each Owner (“Participant”) towards the overall maintenance fees and assessments charged by IBMF and the Sub-Foundations per approved budgets shall be based on the square meters area of the Lot of each Owner in addition to the interior square meters area of the building(s) thereupon. Voting rights shall be determined in the same manner, as further explained here following.
The number of votes each Owner is entitled to shall be laid down in a resolution of the Boards of the Foundations. The schedule of votes attributed to each Owner (“Participant”) shall be issued prior to each annual meeting. The Boards shall establish said number of votes in regards to the Building Lots on the basis of the square meter area of these Lots in addition to the square meter area of the building(s) on those lots. For the calculation of the area of said building(s), only the interior of the building(s) – of all levels of the building(s) - will be taken into account. The outside (covered) patios, balconies and terraces are not included.
For example: if on a Lot of 2,000 M2 an Owner has completed a villa with 400 M2 interior living space; total votes for this Owner as a Participant in the Foundations would be 2,000 + 400 = 2,400 votes.
As such, each year the voting list may change as additional votes will be added to the previous total number of votes after a new residential building has been completed. The first Board elections for IBMF and the Sub-Foundations will take place in 2015. Prior to said elections, the Developer will take decisions on behalf of the Foundations.