New option of the Saint Kitts and Nevis citizenship program: free choice of residential real estate

April 7, 2021
New St. Kitts and Nevis Citizenship Option: Purchase of Residential Property
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Participants in the citizenship program of St. Kitts and Nevis can now buy any home priced from $ 400,000. Previously, investors were offered only government-approved properties. We tell you about the conditions of the purchase of real estate under the new option.

The new option expands the options for investors who want to buy property in the Caribbean. According to the experience of Immigrant Invest real estate specialists, investors are often interested in the possibility of buying a detached single-family villa.

The cost of villas with a pool starts at 2 million dollars. So in practice, the new option means that investors are now free to choose properties in St. Kitts and Nevis.

Under the new rules of the program, an investor chooses one of two real estate investment options.

From 200 000 $

purchase of a share, apartment or villa in an approved project – a hotel or resort complex

From 400 000 $

purchase of any non-government-approved residential property in St. Kitts and Nevis

The option to purchase unapproved housing is time-limited. The program department will accept applications for the new option until November 1, 2022.

The terms of the residential property purchase are outlined in the April 6, 2021, official notice from the Department of Citizenship Program Manager.

Conditions for buying and owning housing under the program

Investors who choose the new option with the purchase of housing need to consider several conditions.

Amount of investment. To participate in the citizenship program, only the value of the house counts. It must exceed $400,000. If the investor buys a villa with a plot of land, the value of the land is not considered as an investment.

The investor wants to buy a villa with a garden, swimming pool, pier. The cost of the house – 1 million dollars, and the land for the garden and other facilities – 1.5 million dollars. The investor will pay $2.5 million under the purchase agreement. But the department of citizenship program will count as an investment of only 1 million dollars 一 the value of the house.

Proof of cost of housing. As proof, the investor provides one of two documents to the Department of Citizenship Programs:

  • A report from a certified real estate appraiser. The report must be prepared for the sale transaction;
  • A tax assessment statement showing the value of the property. The property must have been appraised no earlier than 6 months prior to submitting the application to the Citizenship Department.

The tax value and the appraiser’s report may not match. For example, the tax value of a home is $380,000 and the seller is asking for $450,000. In this case, you should get an opinion from a certified real estate appraiser. If the appraiser thinks the $450,000 price is fair, the program department will count the purchase of the home as a qualifying investment.

License to Buy Real Estate. If a foreigner wants to buy property in St. Kitts and Nevis, by law, he must obtain a special license. Its cost is 10% of the amount on the contract of sale.

Participants in the Citizenship by Investment program are not required to obtain a real estate license. The transaction is approved by the program department, which acts on behalf of the government of St. Kitts and Nevis.

The home buyer and owner must be one person – the investor who is the main applicant for the citizenship program. Under the terms of the program, the purchased housing is intended for one family. The purchase of an object for fractional ownership is not permitted.

If the object is an apartment building, the investor buys the whole building to participate in the citizenship program. Under the terms of the program, the investor cannot buy only one apartment or share: he must be the sole owner of the building.

The procedure for obtaining a passport under the new option. St. Kitts and Nevis will issue a certificate of naturalization and passport only after the program department receives proof of payment on the home purchase agreement.

1

The investor enters into an agreement to reserve the property, pays 10% of the cost

2

The licensed agent submits the investor’s application to the program department with a copy of the reservation agreement and proof of the value of the facility

3

Department approves investor application

4

The investor enters into a purchase and sale agreement and pays the full price of the property

5

The licensed agent submits to the program department documentary proof of payment under the purchase agreement

6

The program department issues a certificate of naturalization and a St. Kitts and Nevis passport

1

The investor enters into an agreement to reserve the property, pays 10% of the cost

2

The licensed agent submits the investor’s application to the program department with a copy of the reservation agreement and proof of the value of the facility

3

Department approves investor application

4

The investor enters into a purchase and sale agreement and pays the full price of the property

5

The licensed agent submits to the program department documentary proof of payment under the purchase agreement

6

The program department issues a certificate of naturalization and a St. Kitts and Nevis passport

The term of ownership of residential real estate is 5 years. At the end of this period, the investor can sell the house and return the money invested. The next homeowner will no longer be able to participate in the citizenship program.

Example of a villa to buy in St. Kitts and Nevis

Citizenship of St. Kitts and Nevis by purchasing real estate: an example of a villa
Two-bedroom Caribbean bungalow-style villa in Sandy Bank Bay.
Price - from $1.2 million

Citizens of St. Kitts and Nevis have the right to fly to the islands at any time. The country’s passport also grants visa-free entry to 156 countries, including Schengen, Great Britain, Singapore, and Hong Kong.

In April 2021, travel with a St. Kitts and Nevis passport is possible for a good reason: for business, family reunion, study or medical treatment. We talked about this in the article “How to travel with a Caribbean passport during a pandemic”.

Immigrant Invest is a licensed agent for St. Kitts and Nevis citizenship program by investment. If you want a second passport by purchasing real estate, seek advice from investment program experts.

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