Owning Property in St Kitts and Nevis

View of St Kitts and Nevis, Caribbean IslandsAbout Buying Caribbean Real Estate in St Kitts and Nevis

Before you consider buying property in St Kitts and Nevis, it’s worth spending a few moments to consider the possible tax advantages of owning a villa here.

  • A property buyer, who is a non-citizen, needs an “Alien Land Holding License” to own property on St. Kitts, except in Frigate Bay, which is exempt. This should take about a month for approval and a few local real estate agents have application forms and can assist you with filling them out.

 

  • There is no personal Income Tax or Inheritance Tax. House Tax ranges from US $800 to US $2,000 per annum.
  • Closing costs are calculated as a percentage of the purchase price and are as follows:
  1.      Legal fees (estimated) 2%
  2.      Alien Land Holding License 10%
  3.      Total 12%
  • There are no private beaches. All beaches are public and have at least one established access.
  • Construction costs vary. US$110 per square foot of roofed area depending on location, design and quality of finish. A 2,000 square foot house takes about 10 to 12 months to build.
  • On St Kitts, There is a good Government water supply below the 800′ contour. Water costs EC $10 (US $3.70) per 1,000 gallons.
  • Electrical charges for an average family in a 3 bedroom house heating water with electricity is roughly EC $350 (US $130) per month.
  • Cable TV (42 channels) costs EC $87 (US $32) per month.
  • Grounds maintenance for 0.5 acre costs approximately EC $320 (US $120) per month.
  • A 3 bedroom house with pool (not on the beach) rents short-term for US $2500 to US $3000 per week in high season, US $1200 – US $1500 per week in low season. Rental commissions vary from 15% to as high as 25%. Long-term rental (3 months plus) from US $1000 to US $1600 per month and normally attract a 10% commission.
  • Maid services costs EC $15 (US $4.05) per hour.
  • Property insurance (fire, hurricane, earthquake) costs 1% of the sum insured.
  • The EC dollar is tied to the US dollar at a fixed rate of EC $2.70 to US $1.00. You can also have foreign currency accounts at most of the banks. If you wish to see a currency rate for the EC Dollar, US Dollar, Canadian Dollar or British Pound, use this free currency converter.
  • St. Kitts & Nevis have an excellent reputation as an offshore financial center with up-to-date legislation covering the formation of IBC’s and asset protection trusts.

•  An Economic Citizenship Program exists providing the possibility to qualify for citizenship through investing over US $350,000 in pre-approved real estate projects.FavoriteLoadingAdd to favorites

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