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Everything you need to know about citizenship and residence programs around the globe.
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St Kitts & Nevis is a popular tourist destination in the Caribbean attracting more and more visitors every year thanks to its pristine nature, bounty beaches and cultural heritage.
At the turn of the last century, the islands offered mainly 3* and 4* accommodations. However, the government, with support from developers, decided to steer towards building a high-end luxury resort. Arrival of such 5-star hotels as Marriott and Park Hyatt has been attracting more tourists and foreign investment. This policy and thriving development market helped to survive the real estate crisis of 2008 without significant losses in sales figures. Currently, the market is stable, and mainly due to the Citizenship by Investment program.
We would like to give you an overview of St Kitts & Nevis real estate market so you can make an informed choice.
These Caribbean islands offer all kinds of properties for any goal and budget, holiday home, retirement home, investment under the Citizenship by Investment program or otherwise.
Residential properties include beachfront villas, condos, custom homesites, gated and resort communities, fractional ownership or simply lots of lands. All of these qualify under the St Kitts & Nevis CBI program, provided you meet the minimum value requirement of $200,000 or $400,000. Even berths in superyachts marinas, e.g. in Christophe Harbour, qualify under the program.
Apart from an opportunity to enjoy a good lifestyle in the Caribbean paradise with warm climate, this country attracts real estate investors with the following:
Closing a property deal on the islands is relatively easy and open to both Kittitians and Nevisians and also to foreign nationals. At the same time foreigners can become citizens of St Kitts & Nevis through acquiring a qualifying property on the islands under the CBI program.
It is advisable to use a local real estate agent who will help you choose a property and negotiate the price. Once your dream home is found, sign the purchase and sale agreement with the help of an attorney. Vendors normally ask for a 10-15% deposit to book the property until you obtain an Alien Land Holding License.
This license is only required for foreigners wishing to become real estate owners on the islands. The license will cost 10% of the purchase price and take around 3 months to get. To encourage investments, some developments are exempt from that requirement and some from the license fee.
When the Alien Land Holding License is approved, you can start closing the deal. Buyers have to undergo thorough background checks, pay the remaining balance of the price and other associated costs. This last phase can last for 2-4 months until the title is transferred to you. Let’s summarise all the fees and charges buyers have to pay:
However, if you decide to sell your property in the future, you will have to pay 5% to 10% stamp duty.
Property tax is charged on the market value of the property and rates depend on its location, size and type. The lowest rate is levied on residential property in Nevis, 0.156% building tax and 0.075% land tax. Home owners on St Kitts will be charged 0.2% tax.
Commercial property on St Kitts is taxed at 0.3%, on Nevis 0.3% building tax and 0.2% land tax.
Besides, the government offers allowances, benefits and exemptions. Deadline for payment of property tax – 30 June, penalty for non-or late payment — 12% per year on the unpaid taxes.
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