The Cabinet of Saint Kitts and Nevis (SKN) has made sweeping changes to CBIm regulating all real estate investments from June 2023. The Government has implemented stricter rules for investing in real estate to protect the real estate sector from discounting and underselling.
Foreign investors can apply for following three property investment routes, which are eligible under Saint Kitts and Nevis Citizenship by Investment Regulations 2023.
- Developers Real Estate Investment – USD 400,000
- Single Family Private Homes – USD 800,000
- Public Benefit Project – USD 250,000
Any Approved Development and Approved homes is a real estate development must been approved by the Federal Cabinet as a qualified project for Citizenship by Investment pursuant to regulation 29. Real estate buyers should be aware of purchase costs (mainly compulsory insurance fund contributions and conveyance fees) and also post processing government fees levied for citizenship applications.
All candidates applying for SKN citizenship by real estate will be subjected to due diligence checks and interviews. Within 120 days of the date of acknowledgment by the Unit of a CBI application through the purchase of a real estate unit, the Unit shall notify the Authorised Agent on behalf of the main applicant, that the application has been— approved-in-principle; denied; or delayed for cause and is still being processed.
1.Developers Real Estate
Developers Real estate investments can be made physical land, structures, and resources attached to it, including condominiums, hotels and other immovable properties. The transfer of a real estate unit in the Approved Development is subjected to Stamp duty (paid by seller).
The Developers real estate units under approved development can be in the form of:
- Certificate of Title to real estate;
- A share in a company registered solely to own real property by Certificate of Title; or
- A time-share interest issued pursuant to the Saint Christopher and Nevis Vacation Plan and Time-Share Act, Cap. 10.22;
Resale / Holding Period
CBI application submitted to the Unit shall—
- not be resold until a period of seven years has elapsed after the date of issuance of the formal legal document issued in favour of the main applicant to be the registered owner of the real estate unit; and
- not be sold to another purchaser who wishes to acquire Citizenship by Investment unless the registered owner is successful in his or her application for the real estate unit to be sold as an Approved Private Home pursuant to Part VII of these Regulations.
Breach of Rule
Holders of Citizenship by Investment, seeks to sell or use real estate in contravention of above rule, the following sanctions shall be applicable—
(a) that person shall be liable to have his or her citizenship revoked;
(b) that person shall be disqualified from any further CBI application; and
(c) any transaction purporting to sell that real estate unit shall be null and void.
Private investors seeking SKN citizenship can buy land on which a single-family private dwelling home is constructed or a condominium unit, provided minimum value is US$ 800,000 and such sale of home is approved by government. The next buyer from resale can qualify for citizenship by investment under this route. Private homes shall be subject to the payment of Stamp Duty (paid by seller)
If a citizen wishes to sell private home or condominium , after the period, to a purchaser interested in applying for Citizenship by Investment, the citizen or his or her real estate agent shall apply to the Board of Governors for such real estate to be designated an Approved Private Home. Approved Private Homes shall not be converted from a single-family dwelling home into apartments or multi-family condominiums or otherwise subdivided.
To get an approval, the following documents are required
- A notarised copy of the Certificate of Title to the real estate in favour of the applicant owner
- A Report prepared by an appraiser of real estate approved by the Eastern Caribbean Central Bank containing details about the following—
- the estimated market value of the land, where applicable;
- the estimated market value of the real estate;
- the estimated or actual cost of construction of the real estate; (iv) photographs of the real estate, including land or common areas, where applicable;
- details as to all rooms and areas within the real estate;
- details as to all features of the real estate, including common areas, where applicable; and
- an estimate of the level of completion of the real estate.
3.Public Benefit Option
Public Benefit Option involves finance the construction of a real estate development project on State land; or construct a real estate development project on State land. The aim of this route is to bring substantial benefit to the people of Saint Christopher and Nevis and maximise local employment. An Approved Public Benefit Project shall qualify for Citizenship by Investment, if a minimum contribution of US$250,000. The sale of a public benefit unit shall not be subject to the payment of Stamp Duty pursuant to the provisions of the Stamps Act