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Housing in St Kitts & Nevis
 
 
 

General

Real estate on St Kitts & Nevis are straight forward and generally low risk. However, real estate prices in St Kitts & Nevis have been increasing steadily for a decade, though they’re considerably less expensive than most islands in the Caribbean region.

In Calypso Bay Resort, St Kitts, resale prices of residential properties have quadrupled since it was launched in 2001.

A six-bedroom house in St Kitts sells for about EC$1.97 million ($730,000) while a three-bedroom house in Nevis sells for around EC$1.84 million ($680,000), according to recent Global Property Guide research.

In the past four years the pace of real estate developments has increased rapidly, spurred by the arrival of the Marriott Hotel in Frigate Bay and the increased number of airlifts in the islands. Since then, St Kitts & Nevis gained popularity among holiday travelers and wealthy foreign home-buyers.

It is best to hire a real estate lawyer on the islands to help out with your real estate dealings.

Buying a Property

Foreign ownership of property is allowed in St Kitts & Nevis. There are two ways of acquiring property:

1. through obtaining an Alien Land-holding Licence; and,
2. through Economic Citizenship.

To obtain an Alien Land-holding Licence, one must hire a lawyer for assistance. Once the licence is granted and a property has been chosen, and agreement of sale is drawn up by the seller and signed by both parties. The buyer will be required to pay a deposit of 10% to 15% of the sale price to reserve the property. Closing usually takes two to four months. This entails due diligence, the transfer of deed, and payment of government duties.

Recently, the Government of St Kitts & Nevis passed newly amended bills. This includes the Amended Stamp Bill, which postulates that the previous Stamp Duty of 12% being paid by the seller for freehold property will be replaced by a 6% Stamp Duty, paid by the buyer.

Stamp Duty is at 5% for condominiums, 14% in Special Development Areas, and 18.5% for the South East Peninsula. For freehold property, or for property whose seller is the Government, Stamp Duty is at 6% payable by the buyer.

The alternative route is to acquire an Economic Citizenship. This does not require the buyer to change citizenship status in his/her home country; dual citizenship is allowed.

An Economic Citizenship permits the buyer to hold a passport issued by St Kitts & Nevis. Full residency and work permit are also granted. The successful applicant will not be taxed on foreign income, capital gains, gift, wealth, and inheritance tax.

The applicant is required to invest $250,000 in government designated real estate or acquire Treasury Bonds from the Government of St Kitts & Nevis amounting to $200,000. $35,000 must be paid to the Government and may not be refunded. For each dependent, there is an additional payment of $15,000. A background check also requires a fee of $2,000.


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