Are you looking to diversify your investments to international borders as well? Well, if so, buying a property in the very beautiful Caribbean St. Kitts is the best decision one can make. You can do so as a foreigner and obtain the benefits of international investments. There are several benefits as to why you should buy a property, particularly in St. Kitts.
Some of these include the booming tourist industry, optimal returns on the investments made, etc. Furthermore, Nevis and St Kitts are also running a few campaigns where they offer successful citizenship to people who take part in the investment programs. How cool is that? Besides the ones we just discussed, there are several other benefits that people get to obtain by buying a house in St. Kitts. Browse through the real estate market on the island and be mesmerized by the scenic beauty https://imperiallegal.com/real-estate-in-st-kitts-nevis.
To help you understand the whole fact and concept better, we today created a comprehensive guide today. Stay with us, as we discuss some facts about the process.
Buying A Property In St. Kitts
There are several reasons why people are after buying a property in St. Kitts. Not only do they enjoy greater returns from their investment, but also get to enjoy the mesmerizing views of a very beautiful island in the Caribbean. This island is the perfect vacation spot and this is why it experiences a huge tourist crowd during the vacation season.
Additionally, it has great connectivity to and from the airport, making travel easy and quick. Furthermore, the airport has a connection to the entire world, which means you can land on the island from any corner of the world. When looking for a property, you get to browse through several available options. The place has a huge variety of properties available for people to invest in one, based on their preferences and budget.
You can also buy a property either as a sole owner or in a joint partnership, even as a foreigner. This expands the investment opportunities and more and more people can obtain the advantages.
How To Buy A Property in St. Kitts
As a foreigner, there are two ways in which you can invest in a property on the island.
- The first way is that you will have to apply for the Alien Landholding License to be able to buy a property. This license applies to all nationals, meaning irrespective of the country or place you belong to, you will have to acquire this license to be able to carry out the transactions.
- Secondly, you can also buy a pre-approved property with the help of the Citizenship by Investment program. When opting this way round, you will not have to acquire the Alien Landholding License. There are further two ways of investing in a property this way;
- You can buy a property in joint ownership and invest a minimum of $200,000 for at least 7 years.
- Buy a property alone, and be a single owner, and in this case, you will have to invest $400,000. The property can be sold again only after a tenure of 5 years and not before.
If you are not willing to be a part of the Citizenship by Investment program and buy a property in St. Kitts, you can do so at any price. Though then you will need the license to be able to transact and the license will cost you around 10% of the property value.
There are a few steps that non-nationals have to follow when they are buying a property in St. Kitts.
- You can look for any kind of property of your choice and when you find the right one, an offer can be made to propose your interest.
- After the acceptance of the offer, it is recommended that you hire an attorney locally who will be responsible for reviewing the Sale and Purchase agreement. This is contingent on when the application gets approved for the Alien Landholding License.
- At the time of signing the contract, a deposit of around 10-15% is to be made to make sure that the decision is final.
- The license needs to be applied for thereafter, and it will take around 2-3 months for you to receive the license. The cost of it will be 10% of the total property value, as stated.
What Are The Real Estate Costs In St. Kitts And Nevis?
You must collectively invest at least two lakh dollars to qualify for the St. Kitts and Nevis real estate citizenship. You must invest at least four lakh dollars if you decide to purchase real estate as a single applicant.
You can buy real estate at any price if you do not want to participate in the St. Kitts and Nevis Citizenship by Investment program. Nevertheless, you must apply for the Alien Landholding License, which costs ten percent of the property’s worth.
The other option is to get an Economic Citizenship. This doesn’t mean that the buyer has to give up his or her citizenship in the buyer’s home country; people can have more than one citizenship.
A person who gets Economic Citizenship can get a passport from St. Kitts and Nevis. They are also given full residency and a work permit. If the application is passed, the applicant won’t have to pay taxes on their foreign income, capital gains, gifts, wealth, or inheritances.
The applicant must put three lakh dollars into government-approved real estate or buy two lakh dollars worth of Treasury Bonds from the Government of St. Kitts and Nevis. Thirty five thousand dollars must be given to the government, and it can’t be taken back. There is an extra payment of fifteen thousand dollars for each person who lives with the person. There is also a two thousand dollar fee for a background check.
This is all one needs to know about how to buy property in St Kitts. Follow the above mentioned steps to get the property of your dreams.