Suppose you randomly step upon the opportunity to invest your money in real estate at St Kitts and Nevis. In that case, consider it to be a viable idea. It is welcomed by many international investors that will help diversify your assets in various locations.
This country’s tourism industry is on the rise, and the rising awareness followed by the economic factors promises an excellent investment to this country and returns for both local and foreign investors. Apart from that, if you are considering relocating from your current location, this place can be one of your options. The idea behind it is that it is home to a prominent program that offers citizenship to an individual based on real estate investments. Also, you will get the passport in less time. However, all of this is possible if you deal in approved property.
Saint Kitts & Nevis is a unique destination tucked in the middle of the Atlantic Ocean and the Caribbean Sea in the form of a dual-island nation. It is spread over a wide area and has some beautiful attractions that draw their look from nature’s bounty. Be it historic sites or beaches, tourists have many things to do during their visit to this place. Also, the marinas are worth a visit. If you are a golf game fan, you have extra reasons to see what the courses here offer you.
But, whether these reasons are enough to convince you to consider buying real estate at this place.
If you are looking for more reasons, here are some things you should know about buying property here.
● The Caribbean Island offers a breathtaking view, and it is a must-buy for those who have a thing for nature and its magic.
● The airport connectivity is an added benefit.
● The investment returns are high, and if you qualify for the minimum requirements after investing in the property, you will also be eligible to apply for citizenship.
● Property types are immense; hence, you might find something for your need.
● If you are not considering applying for the process as a single applicant, you can explore joint ownership options.
● The tax regime is less. It does not include the inheritance or gift expenses.
These are buyable reasons to consider exploring the real estate options over here. If you are a first-time foreign buyer or have some experience but want tips to bag the best deals on this island nation, this article has something for you.
These tips will help you sail in the comfort boat and make your foreign real estate purchase a big hit.
● Licencing Requirements
The first tip coming your way for real estate investment in this place is related to the licensing requirements. The process will be different if you are a national belonging to this place. You need not apply for any separate license. However, if you are a non-national looking for investment opportunities, you should apply for the Alien Landholding Licence. It is a gateway for all non-nationals who want property under their name in this place. The approval time stands at 3 months. You can consider reaching out to professionals like https://imperiallegal.com/real-estate-in-st-kitts-nevis/.
However, there is no need for you to apply for the license in some cases. For example, if you are dealing in a pre-approved property that qualifies under the nation’s investment program and helps you get citizenship. Here is how you can do it.
● You have the option to become the joint owner of the proposed property. In this case, you must invest a minimum amount of USD 200,000. The investment should be for a minimum period of 7 years or more.
● If you want to be a single applicant for the property, the minimum investment amount is USD 400,000. Also, in this case, if you want to resell the property, you can unlock the option after half a decade only.
● Purchases Under The Citizenship Program Vs. Non-Citizenship Options
If you are considering buying property in the form of a joint or collective investment, the amount of the property should cross the market price of USD 200,000. Only then, it will make you eligible for becoming the applicant for the citizenship program. However, if you are not interested in getting citizenship, you can do purchases that make it to any amount. The bar is not set in that case. But, don’t forget to apply for the license that will cost you 10% of the value that the particular property you are interested in holds. The price for single ownership has been discussed. So, you need to check your budget and make the final decision.
● Legal Formalities, Attorney, And Title Deed
In both cases, you should hire a local attorney to help you review the agreement. Don’t make any moves until you get approval from your attorney. Once the purchase and sale license is approved, you should complete the transaction. The transaction will be complete if you deposit the balance amount. You can set a proper time frame to gain the property’s possession in time.
However, this is not the end. There is one more thing that you need to consider.
It is becoming the owner of the property. You can enjoy the ownership status after getting the Title deed or the Certificate of Title. Both the buying and selling parties should have them. As a buyer, you can get a copy of the same and store it in a secure place. Also, ensure that you have one more property that is kept at the office of the Registrar.
After the duly signed and acknowledged document is received, you can consider yourself the true owner of ownership and possession of the property.
Now, you can consider moving to this place for holidaying or as a permanent resident.
The tips are basic, yet many potential buyers interested in the properties of this place tend to oversee them, which causes issues later on. Hence, you can take time to go through everything step-by-step and make the final move. These tips will help you make the most of your property purchase in Saint Kitts and Nevis.
If you have any suggestions and queries you can contact us on the below details. We will be very happy to hear from you.
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