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St. Kitts and Nevis Information
St Kitts - Nevis Real Estate Market
2010-04-12 18:54:06 by
The StKittsNevisObserver.com recently ran a story on the future of the St Kitts - Nevis real estate market. Their conclusion that - regardless of the doldrums of most of the world's markets - St Kitts and Nevis appear as one of the bright spots.
The article states, "Global Property Guide calls the Federation an 'emerging luxury property market,' noting that prices have risen steadily since the early 2000's, though costs are still lower than most Caribbean islands.
"According to research conducted in January, prices have remained steady, little affected by the global financial crisis. In St. Kitts, the average price for a two-bedroom condo or house is US$495,400. Three-bedroom residences go for approximately US$775,000 in St. Kitts and US$665,000 on Nevis."
The Economic Citizenship Program has had a positive effect on the high-end market in the Federation. The site reports, "The program has been in existence since 1984, and targets wealthy foreigners who can purchase real estate in prime Federation areas. After doing so, the individual - and his or her dependents - acquire citizenship instantly.
"It takes an initial investment of US $350,000, in addition to a cash payment of US$35,000 for the head of household and US$15,000 for each additional family member. Benefits include dual citizenship, without any need to reside in St. Kitts and Nevis; visa-free travel to more than 60 countries; full residency status and the right to work in the Federation; and tax free status on foreign income, capital gains, gift, wealth and inheritance tax.
"In addition, as a Commonwealth citizen, preferential treatment is given for entry into the United Kingdom, in that the applicant's children can study there without the need to apply for student visas. After completing their studies, they are allowed to work in the UK for two years without procuring a work permit."
Most professionals are optimistic about the real estate market on St Kitts and Nevis, agreeing that the conservative lending environment present in the Federation has contributed to market stability.
The article states, "Global Property Guide calls the Federation an 'emerging luxury property market,' noting that prices have risen steadily since the early 2000's, though costs are still lower than most Caribbean islands.
"According to research conducted in January, prices have remained steady, little affected by the global financial crisis. In St. Kitts, the average price for a two-bedroom condo or house is US$495,400. Three-bedroom residences go for approximately US$775,000 in St. Kitts and US$665,000 on Nevis."
The Economic Citizenship Program has had a positive effect on the high-end market in the Federation. The site reports, "The program has been in existence since 1984, and targets wealthy foreigners who can purchase real estate in prime Federation areas. After doing so, the individual - and his or her dependents - acquire citizenship instantly.
"It takes an initial investment of US $350,000, in addition to a cash payment of US$35,000 for the head of household and US$15,000 for each additional family member. Benefits include dual citizenship, without any need to reside in St. Kitts and Nevis; visa-free travel to more than 60 countries; full residency status and the right to work in the Federation; and tax free status on foreign income, capital gains, gift, wealth and inheritance tax.
"In addition, as a Commonwealth citizen, preferential treatment is given for entry into the United Kingdom, in that the applicant's children can study there without the need to apply for student visas. After completing their studies, they are allowed to work in the UK for two years without procuring a work permit."
Most professionals are optimistic about the real estate market on St Kitts and Nevis, agreeing that the conservative lending environment present in the Federation has contributed to market stability.