About 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:
- Legal fees (estimated) 2%
- Alien Land Holding License 10%
- 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.