Have you ever thought about moving places, or about getting a vacation house somewhere far, and tropical? If so, how does St. Kitts and Nevis sound to you?! Did you know that they have a specialized program that was formed in 1984 and enables qualifying candidates to get citizenship and a passport in exchange for a monetary donation or investment in real estate of any kind in this region? The truth is that you can own a property, get a visa for it, and not invest or splurge way too much money. If you wish to know more about this tropical destination and this topic keep on reading!
7 Steps to Buying a Property in St Kitts & Nevis for Foreigners
1. So, can foreigners buy real estate?
Yes, you/they can! St. Kitts and Nevis permit foreign ownership of property and actively seek out foreign investors on regular bases. There is only one rule for you as a potential buyer to follow: the maximum lot size a single buyer can acquire is 0.5 acres. This is why and how everyone can get a piece of land. St. Kitts and Nevis’s government enables foreigners to purchase property on the island as well, as long as it is within this size. You will have to have funds prepared, along with a plan that works for you & your bank installment.
So long as you discover a property with the necessary capacity, you’re fine to proceed.
2. What are the different types of properties for you to choose from?
If you are a fan of variety and options, you will have them all over the island! On these Caribbean islands, you can find vacation houses, retirement communities, and investment properties.
Residential real estate includes different properties, such as seaside villas, custom home sites, gated resort communities, and even fractional ownership.
The reality is that you will adore and be overwhelmed by all the fun, vibrant, and chic options available. There is something for any parent, single guy or girl, or newly-wed couple in terms of style, size, and location.
3. Why you should invest in both St Kitts & Nevis
For starters, who wouldn’t want to live in a tropical paradise?
Among the reasons you may wish to invest are the following:
• The property has both rental and investment potential.
• There is a suitable and affordable tax structure.
• Your very own salary is not taxed.
• You can bring your entire family with you, all you have to do is get them passports (which are easy to obtain).
• Everything is affordable.
• You get to travel visa-free to countries across the world.
• There are marinas for superyachts with strict immigration and customs rules.
• There are always fresh and entertaining buildings/events being constructed.
4. There is a citizenship program for you to follow
Everything is easy to follow through and follow along. With a bit of help from their government and patience, you will end up in safe hands. The process requires non-citizens to make either a donation to the government or you can go a different route and invest in pre-approved real estate in Saint Kitts and Nevis to qualify for the passports. The process in itself takes from 2-4 months to complete, which is more than acceptable.
Once you get your approval, applicants can make investments in exchange for passports and citizenship documents. Also, a passport from St. Kitts and Nevis is regarded as one of the safest and best kinds to have. With it, you can travel visa-free to almost anywhere in the world (to 156 countries to be more precise).
5. How to buy it and what are the requirements like for citizens?
You might not know which way to sway, and what to pick out. Well, you should know that there are two alternatives for foreigners who wish to purchase property in St. Kitts and Nevis:
• You must first apply for an Alien Landholding License if you are not a citizen of the country and wish to own real estate there.
• You can also invest at least $200,000 in real estate over a period of seven years, or at least $400,000 in a single property.
• After five years, you will be authorized to resell the property and you will be its legal owner, allowing you to do whatever you please.
6. How to buy it and what are the requirements like for non-citizens?
Non-citizens must go through many steps in order to buy property in St. Kitts and Nevis.
However, none of it is scary or time-consuming, just requires patience and filling out some paperwork.
After identifying a desirable piece of real estate you will have to place a bid on it.
Once your application is accepted, you should have a local attorney evaluate the sale agreement and help with your specific case.
Now, it is up to you to make an initial 10% to 15% down payment.
Later, you will have to apply for an Alien Landholding License, which will take two to three months and is around 10% of the land’s value.
A certificate of title will be given upon receipt of your license, which is when you will finalize the sale.
7. What to know about property taxes?
The tax rate truly varies. You will have to take a look at your property’s location, size, and the kind that you got (family, suburb area, etc).
Tax rates are established on the property’s fair market value. In most cases, dwellings are subject to Nevis’s modest 0.156% construction tax and 0.070% land tax. Real estate in St. Kitts will be subject to a 0.2% tax.
Luckily and for you not to worry as much, the government offers tax credits, refunds, and other forms of financial help.
As you live there you get used to all the rules & down payment + the taxing system is more than acceptable.
So, do you feel like getting your hands on something and finding a home/vacation house that suits you and your entire family?
If you need help with buying a property and you want the best of the best, check out https://imperiallegal.com/real-estate-in-st-kitts-nevis/.