International real estate investment is quite trending nowadays. St. Kitts is a famous and scenic destination that is considered for such investments. The major attractions are marinas, appealing beaches, historical sites, etc. It is a perfect location for spending a vacation with your family.
A massive real estate market is there in St. Kitts, and you may not be aware of it. In several countries, it is easy to invest in real estate properties only when you are a resident of it. But what about foreigners? You must know all the fascinating real estate facts about St. Kitts if you plan to invest your money in any beautiful properties here.
In this write-up, you will get details on whether you can purchase any property as a foreigner or not. This guide includes the method of purchasing any property with the tax concept. After 1984, the market of real estate got a boost by citizenship programs. Let us explore how it makes it quite possible for people to buy any property in St. Kitts.
Why Must One Invest in Any Property in St. Kitts?
Plenty of reasons are there for investing in real estate:
- Through a simple investment program of citizenship, one can get all the travel as well as tax benefits only when the person invests in an approved property. This program will help you obtain citizenship in this country, and you can travel to this place whenever you desire and live on your property.
- The tax incentives are pretty appealing because you do not have to give any taxes like income, capital gains, gifts, and inheritance.
- You can get a chance to invest in luxury properties, beachside apartments, etc. Within a small budget, you can own a luxury house and get all the resident benefits to stay here.
- This country’s tourism sector is growing rapidly, so one can easily generate a good income. You can invest money in buying homes and provide them with rentals to earn money.
- Many international flights are directed to this island without any connecting flight. It is easy to reach there and enjoy the scenic beauty of beaches and landscapes. Whenever you plan to have a vacation, you can take a flight and enjoy yourself with your family.
- Plenty of things are there to explore in St. Kitts like beaches, plantations, historical places, etc. You can explore all the sites and enjoy yourself a lot on your vacation.
- Here, you can get several facilities for entertainment like spas, world-class restaurants, golf courses, etc. You can enjoy and relax on this island.
Can Foreigners Purchase Any Property in St. Kitts?
You can purchase any property on this island, even if you are a foreigner. The government offers many investment options for worldwide buyers. An individual can buy half an acre, but if you already own any apartment over the half acre, then you can invest more.
But before you plan any investment, ensure that you own a license of ALHL. You need to give at least 10% of the purchasing price and wait for at least three months to get approval. If you consider any property investment on this island, you must visit https://imperiallegal.com/real-estate-in-st-kitts-nevis.
How Can One Purchase an Apartment in St. Kitts?
Two options are there to purchase any property on this island. You can either get an ALHL license which is applicable for foreigners. They can invest in real estate without being a citizen of this country.
Another way is to get enrolled in the citizenship program for investment. You can become an island resident and own any property through this program. There is no need to own an ALHL license if you have already become a resident.
What About the Taxes and Additional Fees?
A legal fee is mandatory to pay 1-2% of the apartment purchasing price. It is also necessary to pay taxes, which may lie between $800 to $20000 annually. Before considering an apartment investment, you must know about all the taxes and additional fees that are mandatory to pay. If you avoid paying taxes, you can lose the ownership of your property.
Method of Buying Any Property as a Foreign Investor
You have to follow some steps if you need to purchase any property on this island:
- The initial thing you must do is to find a suitable apartment on this island. You can search online and explore all the details easily. You can also contact any real estate agent who can share all the possible investment options for different properties.
- Once you search for a suitable property, you must ask for an offer. Now, you have to consider the budget in your head and try to compensate accordingly.
- If your offer is accepted, you must involve an attorney to handle the agreement and application process. As a foreigner, you need help getting the ALHL license, and an attorney can help get it.
- When you sign in to get the license, you must deposit at least 10-15% of the purchasing amount. After that, you have to submit the application.
- After submitting the application, you must wait for approval for at least three months. You need to pay an additional fee of 10% of the purchasing amount.
- When your license is approved, you must pay the balance and make a complete payment.
- You can complete the process of transfer by getting a Title certificate. The buyer will get a copy of the certificate, and it is also filed in the registry office.
The Bottom Line
If you need to invest in real estate in St. Kitts as a foreigner investor, the government allows you to do so. Initially, you must own an ALHL license and pay additional money to invest in any luxurious property in St. Kitts.
If you own any property on this island, you can visit your apartment whenever you desire and enjoy a vacation with your family. But you must keep patience while completing the purchase process because it can take a few months.