St. Kitts and Nevis real estate
Over the recent years, the real estate market trend in St. Kitts and Nevis has been driven by development projects and real estate sales linked to the St. Kitts and Nevis Citizenship by Investment (CBI) Program. The CBI program has upgraded its real estate offerings and now offers high-quality luxury homes, beachfront apartments, and hotel suites to investors. Some other factors that could be attributed to the flourishing real estate sector include the relative ease of ownership of property in the nation, the generally great value for the price of property as opposed to other countries in the region, and the highly attractive tax incentives. In particular, freedom from income tax, capital gains tax, inheritance tax, and gift tax have positively impacted the real estate sector. In addition, the growing tourism sector provides income-generating potential for property owners who chose to offer their homes up for rental.
Moreover, there are direct international flights to St. Kitts from the USA and the UK, and flights to Nevis via San Juan (Puerto Rico) or St. Maarten, allowing international investors to enjoy world class resorts, golf courses, restaurants, and spas all-year round.
Acquisition of property in St. Kitts and Nevis
Clients who are keen to proceed with the citizenship path should ensure that the selected property is a government-approved CBI project. If not, they should acquire an alien landholding license before purchasing the desired property. It is always advisable to obtain legal real estate representation, and it is strongly recommended that the clients visit the island where possible.
Are there any restrictions on the acquisition of real estate in St. Kitts and Nevis by foreign buyers?
There are no restrictions provided that the foreign buyers acquire pre-approved property or apply for an alien landholding license before buying property. Additionally, there no restrictions for property located in Frigate Bay. However, an alien landholding license is required for property located in other areas.
How can immovable property in St. Kitts and Nevis be acquired?
Immovable property in the country can be acquired through citizenship by investment or through private sales.
Does the applicant need to open a bank account in order to purchase property, and if so, what is the procedure?
No, the applicant does not have to open an account to purchase property.
What additional expenses will the real estate transaction incur?
Legal fees are around 1–2% of the purchase price, while property taxes are 0.002% per year. Also, escrow agent fees apply, which are generally charged at 1% of the purchase price.
What kind of returns can be expected from property investment in St. Kitts and Nevis?
Rental returns may vary. Some examples are given below:
- If clients choose to invest in a hotel, the expected return can be 2–4% per year, dependent on the location.
- If clients choose to invest in the local property, the best location would be near the college or the tourist area. Then the expected return can be over 4% per year.
How is rental income taxed?
There is zero income tax on the island.
What other immovable property-related taxes and charges are imposed in St. Kitts and Nevis?
Property taxes are charged per annum by the government. The residential property is charged at 0.2% of its value, and commercial property is 0.3% per year.
Also read https://citizenshiphubs.com/st-kitts-and-nevis-passport/ and https://citizenshiphubs.com/st-kitts-and-nevis-citizenship/
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