If you are a non-national of The Federation of St. Kitts and Nevis, you (or a company, etc..) must obtain an Alien Land Holder License to own property.
The costs of the Alien Land Holder License (ALHL) is typically based on the purchase price of the real estate or it may be based on the assessed value of the real estateby the Inland Revenue Department. In any event, the cost of the ALHL is 10%.
The standard cost for plans is $1,000
Legal fees are set by the Bar Association. However, fees may be negotiated on a case-by-case basis.
Summary of closing costs for buyer.
Summary of closing costs for seller.
After identifying the property you wish to purchase, offers must be made through your real estate agent. They will present the offer on your behalf: negotiation is to be expected.
After agreeing a purchase price, you must hire a attorney. We will provide a list of attorneys we can recommend based on your individual needs. Your attorney will prepare the Purchase and Sale Agreement (PSA).
Once the PSA has been signed by all parties, a deposit amounting to 10% of the purchase price must be placed in escrow.
Your attorney will submit the Alien Landholder License Application (ALHL) to the Nevis Island Administration (NIA). Simultaneously, the seller or their agent will submit a letter to the NIA requesting permission to sell the property if it is alienated.
Once the ALHL and permission to sell letter are approved, your attorney will prepare the Memorandum of Transfer for execution by the seller. A closing date will be set.
At closing, the purchaser will pay:
the balance of the purchase price (90%)
Alien Landholder License fee (10% of purchase price)
Assurance Fund (0.2% of purchase price)
Surveyor fee (US$1000) The seller will pay:
Stamp Duty (10% of purchase price)
Sales Commission (6% of purchase price)
Finally, the seller shall settle all obligations pertaining to the real estate including, but not limited to, utilities and property tax. On completion of the sale, the seller will deliver a Memorandum of Transfer to transfer the title to property free and clear of any encumbrances except for standard utility easements.