To buy property on Nevis you must either hold citizenship, or obtain an Alien Land-holding License from the Government. This is done through a locally appointed lawyer, who will also oversee the agreement of sale that is drawn up by the seller and which must be signed by both parties. A 10% deposit is payable by the purchaser. To complete a sale you must receive the deeds and pay the appropriate government taxes whilst obtaining the Alien Land-holding license. The whole process should take about three or four months.
To become an economic citizen of St Kitts and Nevis you must invest at least US$350,000 into a government real estate project. You also have to pay US$2,000 for a background check, US$35,000 as the first family member and for each dependent there is a US$15,000 levy. Economic citizenship entitles you to apply for a second passport (subject to paying the required fees).
Land Assurance Fund
Buyers must pay an amount equivalent to 0.5% of property value for the national Land Assurance Fund. These are contributions for title assurance, a legal requirement in St. Kitts and Nevis.
|PROPERTY VALUE, (XCD)||VENDOR'S TAX FOR RESIDENTS|
New legislation has come through to change the former model of the vendor paying 12% on point of sale to the following that the buyer must pay:
5% for condominiums
6% for freehold property
14% for property in Special Development Areas
18.5% for properties in the South East Peninsula
Legal fees average out at around 2% of the purchase price but the percentage is worked on a sliding scale from 2.5% for the first US$25,000, 2% for the next US$25,000 and 1% on the remainder.
Agents' fees are usually 4-6% of the purchase price paid by the vendor.
Local mortgages are sometimes available for non-nationals up to 50% of the property value, with maximum terms limited by the age of the applicant. For property purchases you must provide estimates, approved building plans, clear title, your last two tax returns, job verification letter and a bankers' reference. For land purchases you may receive up to 10% of the land cost and must provide evidence of land by copy of parent title, survey plan from your solicitor, a letter from the vendor, your last two tax returns, your job verification letter and bankers references. We are happy to provide reliable contacts for financial advice and mortgage providers.
There are a few small villa management and rental businesses in Nevis although there are only three that we would recommend. Not surprisingly, unlike the bigger islands there is no company that is able to make a strong global marketing effort yet the villa rental business in Nevis is quite lively. We have good experience of Nevis rentals and will be happy to advise you.
Banking is fairly easy on Nevis as the island is so small. You can use most credit or debit cards to get EC Dollars from the ATM's. However, with exchange rates and consumer confidence in constant flux it can be a good idea to use currency exchange specialists to arrange the transfer of funds to your local bank account or lawyer.
For the past ten years we have recommended a couple of highly reputable currency specialists who are able to offer commercial rates to private purchasers, subject to a minimum of £2000. If you would like our assistance to save your time and money, please give us a call on 00 44 (0)7949 615 628.
About Caribbean Property International
We at Caribbean Property International are Caribbean property specialists working in partnership with the most established and reliable Caribbean real estate agents around the islands. We have affiliate offices in Antigua, Barbados, Grenada, Nevis, Tobago and St Lucia.
This website shows only a sample selection of the property we have at our fingertips but our local knowledge and good relations with all the best agents enables us to source and match properties with the requirements of discerning foreign buyers and returning residents.
Our team has had over 35 years experience in the Caribbean and over 25 years experience dealing with Caribbean property sales and rentals. If you are looking for a Caribbean property investment come to us and we will help you to achieve your goals.
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