Quick Guide to Buying St Kitts Real Estate
If someone is looking to purchase a property in St. Kitts there are a few ways that they can go about doing so. St. Kitts is a beautiful island with a lot to offer those who are looking to relocate to a tropical location. Anyone can shop for St Kitts real estate online using SKNRealEstate.com to find the latest real estate offerings in St. Kitts, if something is not found then it can be requested. When someone that is not native to St. Kitts is looking to purchase a piece of property they can do so by obtaining an Alien Landholding Lease or they can go about purchasing the property through the St. Kitts and Nevis Citizenship by Program. These are the two main ways to purchase real estate in St. Kitts.
To get the alien Landholding license a person is going to need a lawyer for assistance. They will need to first search the real estate sites and find a property that they are interested in. It is advised that they still have the property inspected before making a purchase. Once the property is decided upon the lawyer will apply for the Alien Land Holding license on the behalf of their client. The St Kitts real estate association will review this application and decide if they are going to grant such a license. When the license has been granted an agreement of sale is developed by the seller and their lawyer. Both parties are going to need to sign this once the terms are agreed upon. At this time the buyer is going to have to put down a deposit on the property. There are many people that are looking to purchase real estate in St. Kitts and the seller needs to know that the buyer is serious about making their purchase. Usually the deposit that is put down on the property is around 10 to 15 percent of the purchase price of the property.
After the deposit is put down on the real estate property in St. Kitts the application is reviewed and there is a lengthy closing process. This process will take between two and four months in order to be completed. This time period will include the transfer of the deed as well as the government duties and approval that are needed as part of this process.
There is another way that a person can purchase a piece of property that they have seen on St Kitts real estate sites. A person can apply for Economic Citizenship. When applying for this type of citizenship a person does not have to change their citizenship status in their home country. St. Kitts will allow a person to hold dual citizenship for real estate purposes.
The economic citizenship will allow the buyer of the home to be issues a passport that will be from the St. Kitts government. They will be granted full residency as well as a permit to work in St. Kitts. When a person applies for this they will not be taxed on income from their home country, or any gains, gifts, or inheritances from their home country. There are some requirements that a person will need to meet in order to go this route when purchasing St Kitts real estate. They will need to invest at least $250,000 in a piece of real estate that is designated by the government of St. Kitts. If the property is $200,000 the purchaser needs to get a Treasury Bond from the government of St. Kitts in this amount of money. For each person that is considered to be a dependant that is going to be living in the home there is going to be an additional fee of $15,000. There will be a background check that will need to be performed on the potential buyer before they are allowed to purchase the property. This amount is an additional $2,000.
In addition to the fees of purchasing the actual real estate in St. Kitts there are additional fees that are going to need to be paid by both the buyer and the seller of the property. These amounts are based off of the total selling price of the home. The buyer is going to need a lawyer and their legal fees are around 2.5 percent o the purchase price. They are also going to need to pay towards the St. Kitts Land Assurance Fund which is .20 percent of the purchase price of the property. There are additional taxes that a person will need to pay to the government as well and taxes on their property. The sellers is also going to need to pay some fees. They are going to need to pay a Stamp Duty tax which can range between 5 and 18 percent of the price of the home. They will need to pay their real estate agent commission. This will vary based on the agent that they use. The professional team at SKN Real Estate charges reasonable rates and want to make sure both the buyer and the seller are satisfied with the purchase and both are getting a fair deal.
There are some changes that are set to take place. Instead of the home seller paying the Stamp bill at 12 percent the government is looking to have the buyer pay this see as well at 6 percent of the total cost o the home. If the seller is the government the buyer is going to need to pay this fee as well.
These are two ways that a person can purchase a home in St. Kitts. While there are a number of fees involved St. Kitts is a great place to live. A person can enjoy nice weather as well as friendly people. St Kitts Real estate can even be searched over the internet. When a person finds the property that they want they have a direction in where to go to purchase the property. When buying St Kitts real estate the majority of them are not cheap and there are a number of fees that are associated with it. A potential home buyer needs to be prepared to pay closing costs and taxes as well.