The Government of St Kitts and Nevis now officially allows residential private homes for sale under its Citizenship by investment (CBI) for a limited period of time. Previously residential properties were not allowed, only CIU approved resorts or hotels were eligible for CBI. The expansion of CBI program to private homes were previously announced in the 2021 Budget.
The new changes in CBI legislation makes it possible to get St Kitts and Nevis passport within 3-4 months for buying residential homes and private properties above US$400,000. Over the years, the mobility and reputation of SKN passport has increased dramatically. St Kitts passport remains a powerful passport from the Caribbean with visa free access to 155+ countries and territories which include UK, Russia, Schengen and other countries.
The coupling of CBI to housing sector is expected to revive demand and interest for residential property sales in the small island of St Kitts and Nevis
The Sale of qualifying private homes under the Citizenship by Investment Programme will be allowed for a limited period of two years, starting November 1st 2020 and ending November 1st 2022. All homes having an appraised value of more than USD 400,000 and that meet the other criteria may qualify for sale under this option.
Here are the rules and conditions for the property to qualify under CBI program
- All homes having an appraised value of more than USD 400,000
- The property shall be owned by certificate of title, by the vendor
- The value of the land shall not be included in determining the value of the home
- A single family home shall be sold as one unit and shall not be converted to apartments or condominiums or otherwise divided for sale under the Citizenship by Investment Programme
- An apartment building or more than one apartment buildings on the same piece of land shall be sold as one unit and shall not be divided
- The use of shares is prohibited
- A property purchased under the Private Home plan shall not be resold for a period of at least 5 years
- The sold property does not qualify for use in a subsequent Citizenship by Investment application
- Real Estate government fees apply to all sales of private property