CARIBBEAN
St Kitts & Nevis
Sandy Point and St Eustatius from Brimstone Hill, St Kitts
from Jackson Stops & Staff’s Derrick Ormonde. The other area for development
is the south-east peninsula, where Christophe Harbour – one of the most ambitious new projects in the Caribbean – is taking shape. Set over 2,500 acres 15 minutes from the airport, alongside six beaches, there will be 1,400 properties, with apartments costing from $750,000 (£455,000). Most foreign buyers opt
for properties on new-build developments, “but there are always more niche buyers wanting a fi xer upper, or something more commercially enterprising,” says Damian Hamp-Adams. One property to suit that type of buyer is The Haven at Brimstone Hill, a typically Kittitian three-bedroom villa in Sandy Point, on sale for $395,000 (£239,000) through St Kitts and Nevis Island Homes (
www.stkittsnevisisland
homes.com), with shaded verandas surrounding the house and an acre of lawns and fruit trees overlooking the Caribbean sea. Or there’s an attractive two-bedroom villa in Frigate Bay, with sea views from every room, for $420,000 (£255,000) through the same agent. If you want something characterful
on Nevis, at the lower end you could pay £335,000 for a 10-year-old, three-bedroom house near the beach, available through St Kitts and Nevis Island Homes. Or Savills is selling Zetlands Estate, a two-bedroom plantation house with a huge veranda overlooking the Peak and the sea for £424,000. Besides the small-town appeal and sense of familiarity that comes with buying on these smaller islands, the big benefi t to buyers is that property prices are still signifi cantly cheaper than elsewhere in the Caribbean – and the islands are far less developed than Barbados or St Lucia’s north coast. Another big sweetener for many
foreign investors is the Economic Citizenship programme, which entitles anyone who invests more than US $350,000 (£212,000) to become a St Kitts and Nevis citizen –
48 A PLACE IN THE SUN JUNE 2011
for a fee of $35,000 (£21,000). “You don’t need to live here, but
you can still have dual citizenship for life for you and eligible family members and tax-free status on foreign income, capital gains, gift, wealth and inheritance tax, plus the right to work here,” explains Walter Zephrin, founder of the Caribbean Marketing Company, which advises domestic companies on reaching new markets. “Most of the enquiries we are seeing are from the UK and Russia, particularly about relocating due to the 50 per cent tax threshold in the UK,” Zephrin adds. “St Kitts is seeing many new developments and resorts designed for overseas buyers, with villas costing from $500,000 (£303,000) to $3-million (£1.82m).” The property buying process on St Kitts is relatively simple for foreigners, too, says lawyer Shawna Lake, whose practice is based in Basseterre. “Legal services generally cost from one to two per cent of the purchase price, but transfer taxes are paid by the vendor. In some parts of the island, non-citizens require an alien holding licence to buy property, which costs ten per cent of the purchase price and takes about four months to obtain,” says Lake, “but most of the resorts and new developments, including Frigate Bay, are exempt.” Ensure you have a good, reputable
lawyer when buying on the islands. One group of investors in a supposedly boutique project by a British developer on St Kitts saw their funds transferred to a lawyer who was subsequently jailed for fraud, leaving the investors with an expensive legal case on their hands – and no properties. Also be prepared for high costs
when you come to sell – up to 20 per cent of the sales price, including a Government tax of 12 per cent (or 5 per cent for condominiums), estate agents fees of 6 per cent and legal fees. When you arrive, though, and
breathe in that beauty, selling will be the last thing on your mind.
FOR SALE ON ST KITTS & NEVIS
Where: Ocean’s Edge, Frigate Bay, St Kitts Price: from $370,000 (£224K)
Poolside hotel suites with guaranteed rental and six weeks’ annual usage. Contact: Select Resorts: 01202 765011;
www.selectresorts.co.uk.
Where: Silver Reef, St Kitts Price: from $300,000 (£182K)
One-bed apartments and two-bed, villas, close to golf course and ten minutes from the island’s capital.
Contact: Jackson Stops & Staff:
www.jackson-stops.co.uk.
Where: Nevis Price: $725,000 (£439K)
2,300-sq-foot home with two beds, courtyard with private spa, just steps from an 85-foot-long freeform pool.
Contact: Sugar Mill Real Estate:
www.nevishouses.com.
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