St. Kitts & Nevis CITIZENSHIP - Real Estate Option
The Federation expects tourism to be a pillar of its economy far into the future. In a move to increase tourism related development, infrastructure and services, the Citizenship by Investment program directs real estate acquisition into approved tourism related projects.
To qualify, the investor must enter into contract to purchase real estate with a minimum value of US$400k on either St. Kitts or Nevis. Once the purchase contract has been signed, and the developer has received initial deposit (usually 10-20 percent) the investor may apply for citizenship.
Qualifying real estate investments must be in completed, or under construction, houses, condos etc. Land only purchases do not qualify. The exception is the Mega-Development, Christophe Harbour, on the south peninsula of St. Kitts, where qualifying lots may be purchased at a minimum of US$700k. These lots are an exception, and do not have to be built on in any period of time to qualify. There are multiple marinas under development and marina slips also qualify, provided that they meet the minimum investment of US$400k.
Additional processing fees apply when choosing the real estate option; Investor US$50k, US$25k per spouse and dependent under 18yrs, US$50k per dependent 18yrs+.
Once citizenship has been approved, the real estate transaction will be completed. The only restriction is that the property may NOT be sold within five years. In theory, if the property is sold within the five-year restriction period, the citizenship may be revoked. After the five-year period has been completed, the real estate may be sold and citizenship retained by the original owner, and the new buyer may apply for citizenship.
Real estate developments on St. Kitts and Nevis cater to the Citizenship by Investment program, and try to make ownership as hassle-free as possible. Rental and property management programs take the stress out of owning vacation realty, and at least one development offers a guaranteed annual fixed return on investment of 4 percent of the purchase price, with the developer paying all the HOA fees, property taxes and property insurance.
Currently whole ownership is the norm, with the government-approved real estate developments. Recent modifications to the regulations state that two or more investors may apply for citizenship through the same property, as long as each investor contributes the required US$400k. This allows for fractional interest investment, and many of the developments are now offering or planning to offer fractional property soon.
The island of St. Kitts is experiencing quicker growth and enjoys more tourism infrastructure than Nevis. Approved projects dot the prime bays and beaches, ranging from exotic wood cottages on the beach, restored sugar plantations with traditional plantation-style homes, modern condominiums, marinas and golf courses. There are also ownership options at a mass-market beach resort with casino.
Nevis is the more laid back, less populated and smaller of the two islands, so it is no surprise that development on Nevis is much less evident. Although Nevis supports one of the few true 5-star resorts in the Caribbean, and a spectacular golf course, the island has retained a simple elegance. A new marina has begn construction in Nevis, and there are new projects on the way. Secluded development and old plantations offer the same real estate options as St. Kitts but on a more sublime level.