Buccament Bay Resort investor completions to bring in over $10 million
November 14, 2014
Buccament Bay Resort investor completions to bring in over $10 million

Following several months of work by local and Harlequin Hotels and Resorts solicitors, two Buccament Bay Resort investors have now completed on their overseas property investment at the luxury hotel, smoothing the path for around 120 other investors who are currently in line to join a “ground-breaking process” that will see well over EC$10 million injected into the St Vincent and the Grenadines economy.

By completing on their investments, investors become state registered owners of their own villasat the multi-award-winning resort {{more}}and receive rental returns when guests stay in it. Stamp duty is paid by the investor to the Government, providing a significant income stream for the country in a challenging post-recession environment.

A spokesman for Harlequin said: “The success of Buccament Bay Resort and these first of many completions clearly demonstrate that Harlequin will fulfil its promises to investors and the Caribbean countries where it develops, even under difficult circumstances.”

The Harlequin spokesman said that the company is confident that many more will follow in the coming months.

“The completion process has taken longer than expected, but it has to be remembered that what is being achieved in St Vincent is ground-breaking for both Harlequin and the country,” he insisted.

“St Vincent, and indeed Harlequin, has never provided completions on such a large scale before and the unique demands have provided added challenges; but we expect that the experience will simplify completions going forward.”

The investor whose completion was finalised last week expressed his delight at receiving the title for his property.

“My wife and I are happy to have completed on our lovely four-bedroom villa at Buccament Bay Resort, and we are excited about the future prospects of this beautiful resort and being part of its future for many years to come.”

Buccament Bay Resort, the flagship hotel of Harlequin Hotels and Resorts, was opened in 2010, and is located on the Leeward side of the island.