Nevis Style Realty

BUYING REAL ESTATE ON ST. KITTS AND NEVIS

BUYING REAL ESTATE ON ST. KITTS AND NEVIS

Alien Landholder License

  • If you are not a national of the Federation of St. Kitts and Nevis, you (or a company,etc..) must obtain an Alien Landholder License to own property.
  • The cost of the Alien Landholder License is typically based on the purchase price of the real estate or it may be based on the assessed value of the real estate by Inland Revenue. In any event, the cost of the license is 10%.


Assurance Fund

  • Contribution to the national Assurance Fund is a legal requirement on St. Kitts and Nevis. The contribution is 0.5% based on the purchase price or the assessed value of the real estate.


Surveyor Plans

  • The standard cost for plans is $1,000.00


Legal fees for Title Services and Conveyancing are as follows;

Legal fees are set by the bar association. However, fees may be negotiated on a case by case basis.


2 ½% of first                                       $50,000
2% of next                                          $100,000
1% of next                                          $850,000
½% of excess                                     (to be calculated)
Minimum                                            $1,500.00

Closing Costs

Summary of closing cost for the buyer;

Alien Landholder License                    10%

Assurance Fund                                   0.2%

Legal Fees                                           2.5% - 3%

Surveyor                                              $1,000

ALHL Appication                                  $800-$1,000


Summary of closing cost for the seller;

Stamp Duty                                       10%

Sales Commission                            5%-6%

Permission To Sell                            $372.00


PROCEDURE

1.) Once you have identified the property you wish to purchase, make an offer through your real estate agent. He/she will present the offer to the seller’s agent or directly to the seller. There is usually a small amount of negotiation between parties. Once the purchase price is agreed upon you will;


2.) Hire an attorney. There are many qualified attorneys to choose from. However, we will provide a list of attorneys who we recommend based on your needs. Your attorney will prepare the Purchase and Sale Agreement (PSA). Once the PSA has been signed by all parties and the 10% deposit for the purchase of the real estate is in escrow, your attorney will;


3.) Submit the Alien Landholder License Application (ALHL) to the Nevis Island Administration (NIA). Simultaneously, the seller or his agent will submit a letter to the NIA requesting permission to sell the property if the property is alienated. Once the ALHL and permission to sell letter are approved;


4.) Your attorney will prepare the Memorandum of Transfer for execution by the seller and set a closing date. At closing;

The purchaser will pay;

The balance of the purchase price (90%)
Alien Landholder License (10%)
Assurance Fund (0.2%)
Surveyor fee ($1,000)


The seller will pay;

Stamp Duty (10%)
Sales Commission (5%-6%)


5.) 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 title to property free and clear of any liens or encumbrances, except for standard utility easements.




St. Kitts and Nevis Real Estate Sales

Buying real estate on St Kitts or Nevis may be an astute investment, a lifestyle choice, or the culmination of a lifelong dream. Whatever your motivation, Nevis Style Realty will find the perfect property for you. In addition to our purchasing and listing services, our real estate expertise ensure that all legal aspects of buying, selling or renting homes are covered. Furthermore, we offer property management, holiday rentals, and car rental services with our sister company, Nevis Auto Rental Ltd.

OFFICE : 1-869-469-1120

INTERNATIONAL : 1-305-705-3345