Purchasing a property in a foreign county is always an exciting time, right? Many things await you on this journey. Even if you have visited these places before, the chances of you being surprised with something are rather high. So, you need to educate yourself properly before making any decisions.
St. Kitts and Nevis are among the most interesting places in the world to invest. It is a small island country located in the Caribbean. Since this is the region of interest, you can count on certain things like beautiful beaches, friendly locals, a lot of music, and great Caribbean cuisine.
When you know all these things, nobody should be surprised by the number of foreigners who want to purchase property here. As we’ve already mentioned, this market, like any other market in the world comes with its own set of conditions. In case you’re interested in learning more about them, go to https://imperiallegal.com/real-estate-in-st-kitts-nevis/.
Now, let’s see some things you need to know before you acquire real estate in this country.
1. Connectivity
In some cases, island nations do not have proper connectivity with the rest of the world. You’ll be happy to see that this isn’t the case here. The airports in this country have a great connection both with states in both the Northern and Southern American continents, which is always good to know.
Why is this relevant for purchasing property? Well, it is rather simple to understand. You can revisit it relatively easily whenever you desire. Not to mention that this connectivity offers a higher chance of leasing the place to tourists that visit it. If you’re interested to relocate to the country, the connectivity makes it easy to travel to other places.
There are two airports here, one on each of these islands. The airport traffic between the two islands is frequent, so, you don’t need to worry about this aspect at all. Besides that, the tickets are relatively cheap for those who live here. We are certain that this is something that will relieve you of a great burden. Transpiration is key.
2. Easy to Purchase
In many countries in the world, foreigners are not allowed to invest in property. In this one, not only that it is allowed, but also the government encourages foreigners to do so. Overseas buyers are always welcomed here, and the procedure of acquiring the property is as simple as it can be.
According to the word of law, foreigners are allowed to buy up to half an acre. But, they are allowed to buy existing homes that are bigger in size. Practically the only document foreigners need is called ALI license. The fee is ten percent of the property’s worth.
The procedure of completing the documentation can last up to three months, which is a reasonable period, you will certainly agree. When you compare this process with some other cases, you will see that it is both much simpler and doesn’t require as much time as in other countries.
3. CBI
Citizenship by Investment, or CBI, is a category of buyers whose choice was permitted by the government. There are two main types of buying. The first one is individual and the second is joint ownership. The minimum for the first is $400k and $200k for the second type. Going below these limits is not possible. These standards need to be met.
What needs to be said is that the owner is required to wait for a certain time before reselling the property once again. The singular ownership, this period is five years. With joint ownership, you need to wait for seven years before placing the real estate up for sale. Citizenship can be retained in both cases.
4. Getting the Passport
Among the most significant things you need to worry about after investing in a country is that you need a passport of that particular country. In some cases, this procedure can last for quite a long time and people investors are not happy with this. In this country, your family can also receive passports in two months.
Naturally, this can be accredited to the simplified procedure for investors. People who just want to move to the country would need to wait much longer and they would need to fulfill a string of different conditions. Nobody should be surprised by this scenario. It is almost the same in every country.
Probably the biggest benefit is that your family can also count on receiving these documents as a part of the procedure. We are talking about that is not possible in many other places in the world. However, condition number one is investing, no matter if we are talking about business or real estate. It’s up to you to decide which one of these is going to be.
5. Tax Haven
The last element we want to discuss is this country is a tax haven, which means that locals and those who are about to invest here can count on many tax discounts. For example, you will be happy to see that you cannot receive any income tax. Also, there’s no gift tax included in the mix, and you don’t have to worry about this element.
Another great thing to hear is that inheritance here doesn’t exist. It is not something we can see in many other countries. Besides that, we can see that there are not many countries in this region that can offer the same conditions to investors. Without any doubt, this is good information to have in mind. It can motivate you to move here.
The Conclusion
The Caribbean is among the most beautiful regions in the world. So, finding a new home is a great opportunity for you. So, this country, in particular, represents a great place to start fresh. In this article of ours, you can find some interesting things you need to know about purchasing a property here. Without any doubt, we are certain you will find this insight helpful.
