The property market in St Kitts and Nevis has continued to see strong demand. The greatest interest continues to be from North America and the United Kingdom. Generally, people who visit the islands continue to revisit and often end up purchasing a property there.
Obviously, the Citizenship Investor Programme also continues to drive sales, coupled with strong rental demand, to drive up yields on investments. It's been encouraging to note how quickly new properties on the market sell there.
The general style of architecture is extremely attractive, and clients that visit the islands are generally pleasantly surprised by the islands' infrastructure. The natural surroundings are extremely special including beautiful beaches and forests.
Some of the salient points regarding investing in St Kitts and Nevis property are:
- A Foreigner needs an Alien Land Holding License to own St Kitts & Nevis property, except in Frigate Bay, which is exempt.
- St Kitts & Nevis property closing costs are calculated as a percentage of the purchase price and are as follows:
- Legal fees (estimated) 2%
- Alien Land Holding License 10%
- Total 12%
- All beaches are public and have at least one established access.
- St Kitts & Nevis property fully serviced lots cost from US$80,000 to US$250,000 depending on the size and location.
- 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 months to build.
- 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.
- St Kitts Nevis property 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.
- There is no personal Income Tax or Inheritance Tax. St Kitts Nevis property house Tax ranges from US $800 to US $2,000 per annum.
- 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.
- 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 $400,000 in pre-approved real estate projects.
WE ARE ABLE TO OFFER YOU MOST OF THE PROPERTY FOR SALE IN ST KITTS & NEVIS. TO VIEW A SAMPLE OF ST KITTS & NEVIS PROPERTY CLICK HERE