The Foreign Investment Act of 1990 allows a foreigner or a foreign company or non-resident to purchase up to one acre of residential land and/or up to five acres of commercial land in Trinidad & Tobago, without applying for a license. It is very difficult to locate land along the beach frontage in either island unless one is buying with development opportunity in mind. Most real estate along our coasts is owned as large estates ranging from 100 acres to 300 acres.
Owners are not willing to subdivide the real estate to sell. A number of these estates, however, have recently changed hands and quite a few projects came on stream in Tobago within the year, that would include sale of lands, townhouses, hotel sites.