How to Buy Real Estate on St. Kitts
St. Kitts is a small Caribbean island where the major industry was sugar cane until 2005. Since then, St. Kitts has focused on tourism and the development of real estate, both for luxury hotels and resorts as well as private residences. Homes on St. Kitts range from $400 to $1 million. The purchase of property by non-nationals is welcomed, however it requires great patience. Make your dream of island living come true.
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Instructions
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Apply for an Alien Land Holder for permission to purchase property on St. Kitts. Land in the Frigate Bay area are exempt under a tourism development act.
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Wait 2 to 4 months for approval of the Alien Land Holder permit. The license is mainly a background check and depends upon the area or country from which the information is coming.
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Work with an island real estate agent to locate a suitable property. Pay local attorney fees of approximately 2 percent of the purchase price for transfer of the property title and the Alien Landing License.
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Expect to pay Residential Property taxes and Land House taxes based on purchase price and market value. These taxes vary depending on the area of the island. The annual tax is calculated by taking percentage of market value and then adding an additional percentage. A 25 percent rebate is given to owners who occupy their properties.
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Talk to locals and get recommendations for architects and builders. Ask to see home that architects have designed and builders have completed.
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Prepare to be to be patient with local builders. While coastal construction can be completed for about $5 a square foot, progress is slow.
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Tips & Warnings
St. Kitts is about 64 square miles and is home to approximately 45,000 residents.
Jimmy Buffet sometimes stayed across from St. Kitts in Qualie Bay to write his music.
Off-island developers plan to build a marina, golf courses, up-market homes and upscale restaurants in a 10-year development plan.
Costs can escalate as the project progresses. In 2001, two homes were built in a development of 25 lots. Four years later, only nine more homes had been completed.
