With its beautiful beaches, magnificent mountains, tropical temperatures and more, St Kitts and Nevis’s reputation as a holiday hotspot is growing. However, not only are more people visiting to kick back and relax, but it’s also becoming widely known for its real estate market. This is prompting more investors from around the world to jump on the hype.
Here we break down what makes the country’s property sector so in demand, and offer guidance for those looking to invest in St Kitts and Nevis real estate themselves.
Pre-2010s, St Kitts and Nevis’s property market was largely defined by its range of three-star and four-star hotels. However, over the last couple of decades, the country’s government has made a concerted effort to revitalise the real estate industry.
Now, the country is home to various five-star resorts, such as Belle Mont Farm and Park Hyatt, in addition to an array of luxurious beachfront villas, yacht marinas, eco-resorts, and more. As well as tourist accommodation, St Kitts and Nevis’s real estate sector also boasts everything from high-class residential properties (including cottages, mansions and farmhouses) to extremely profitable commercial properties like bars, restaurants and offices.
Among the main benefits of investing in St Kitts and Nevis real estate are:
– More competitive prices than elsewhere in the Caribbean, particularly in Nevis.
– High rental rates thanks to St Kitts and Nevis’s thriving tourism industry.
– Huge resale profit potential, with the average real estate property in the country increasing in value by 4 per cent a year.
– Minimal taxation, with no income, capital gains, gift, wealth or inheritance taxes.
– Simplicity of buying property, with little red tape.
All the advantages of being a dual citizen should applicants invest via the Citizenship by Investment route.
Investors have two options when buying property in St Kitts and Nevis: by obtaining an Alien Landholding License (ALHL), or doing so via the country’s Citizenship by Investment programme.
In order to buy a property by applying for an ALHL, individuals must:
– Find a property and make an offer on it.
– Sign the agreement and pay a 10-15 per cent deposit.
– Submit an application for an ALHL licence. It usually takes around two to three months for this to be approved and requires a fee of 10 per cent of the property’s purchase price.
– Once the ALHL has been approved, the buyer must pay the balance of the purchase price.
– The final step is signing a Certificate of Title.
To purchase a property via the St Kitts and Nevis Citizenship by Investment programme, applicants need to:
– Compile an application by completing the required forms and gathering all the required documents.
– Submit the application to the Citizenship by Investment Unit (CIU) through an authorised agent.
– Wait for the application to be reviewed by the CIU — this should take around 90 days. Applicants may be required to attend an interview during this time.
– Choose an approved development to invest in and reserve it with a 10-15 per cent deposit. The minimum investment amount is $200,000.
– Pay all the relevant fees, including insurance fund contributions, conveyance fees, due diligence, and government fees for the applicant and their family members.
– When the application is approved, applicants have 90 days to purchase the real estate property. They’re also eligible for a St Kitts and Nevis passport at this point.
It’s important to note that investors are required to hold property bought through the Citizenship by Investment programme for at least seven years.
In addition, maintenance is handled on the applicant’s behalf if they buy a government-approved project property — otherwise, they’ll have to hire someone to carry this out for them.
Purchasing a property via St Kitts and Nevis’s Citizenship by Investment programme offers various benefits for buyers, including:
– Remote application and purchase.
– A route to St Kitts and Nevis citizenship for the investor and their family.
– A chance to live and work in one of the world’s most beautiful countries.
– Access to highly developed infrastructure, including state-of-the-art medical services.
– Visa-free travel to over almost 160 nations, including all nearby Caribbean nations.
CS Global Partners assists those who want to obtain St Kitts and Nevis citizenship, offering them guidance and help required to make a successful application. Once our clients have received this, we then ensure they apply for and receive St Kitts and Nevis passports should they wish to.
Find out more about what we do here, and don’t hesitate to make an enquiry at your nearest convenience.
