How to Buy Real Estate on Nevis

The tiny island of Nevis in the Caribbean is an area of less than 40 square miles, of which a significant portion is the central mountain or the public beaches. Consequently, Nevis has very little buildable land, yet it's a destination unspoiled by excessive tourism and a popular island with expatriates and retirees. If you're considering buying real estate on Nevis, there are a few things you need to know.

Instructions

Difficulty: Moderate

1. Realize that life on Nevis can be a little rustic if you're used to having every convenience available all the time. Some people find it necessary to keep a backup generator for brownouts. Medical care is basic, and treatment for long-term illnesses will likely need to be done elsewhere. And don't forget the hurricanes...
2. Decide if you want to build a new home or purchase an existing structure. A new home on Nevis, like anywhere, will cost less in upkeep. However, old homes on the island, built with colonial wood and stone architecture, are traditional and you won't have to wait on construction.
3. Visit Nevis, find a realtor and go house-hunting. Many realtors cater to foreigners, and some are even based in the U.S. or U.K. Sellers pay a commission to realtors, so some may take this fee into account when listing their sales price, but it's not advisable to try to buy property in a foreign country without the assistance of an expert unless you've done so before. A realtor not only can show you around as you shop for property, she can also refer you to all of the other professionals whose services you'll need.
4. Get a feel for the real estate market on Nevis. Land is expensive because there's so little of it, yet appreciation has been historically slow. The best beaches are on the west coast, but all beaches on Nevis are public--that is, none are available for building.
5. Negotiate a contract with the seller once you've chosen a property. Be prepared to deposit 10 percent of the sales price in escrow. Then ask your realtor to refer you to an attorney to help you begin Step 6.
6. Apply for an "Alien Landholder's License" if you're not investing at least US$250,000, or enroll in Nevis' "Citizen By Investment" program if you are. Your attorney will help you with the paperwork for whichever option suits you. The Alien Landholder's License costs 10 percent of the purchase price.