A lot of people are interested in buying property in this country because of the ability to get full citizenship with that option. If you are interested in buying property in St Kitts and Nevis, there are some important details to learn about. First of all, the rules are not the same for people who have valid papers and those who are foreigners. Here are some legal steps to know if you want to buy a property as an expat.
1. Hire Assistance
When it comes to required assistance, you will need a good lawyer and estate agent that can help you find the right property. An attorney is needed because you will need a special license to get the approval to buy a real estate as a foreigner. Also, the best option for an agent is to find a local one that is reliable so you can learn more about the market and find a good deal.
2. Learn More About Official Regulations
There are two models where you can buy a property there. If you don’t want to deal with the process of becoming a citizen, which might be a much better option, you will need to apply for a license and pay around 10% tax upon completing the investment.
3. Check the Details Of the Process
There are some rules that you will have to follow, especially when it comes to additional fees. The rule for foreigners is to pay a deposit of around 10% of the value. There are some other things as well, like a legal tax that is 5%, an initial signing that is $1,000, and some other smaller fees.
Benefits of Choosing Citizenship By Investment
While there is an option to buy real estate there as someone without valid papers of this country, choosing this model is a much better option. The only benefit of the first one is that there are no limits related to selling, while the limit for the second one is to wait for at least five years after you buy the property.
On the other side, it can be a great business opportunity since this country has a rule where you don’t have to pay additional fees for profit made. Therefore, starting a business there can be a great choice. Besides that, the popularity is growing all the time, which is affecting the values to grow as well, and there are predictions that the values will become significantly higher in the future.
Also, it can be a great way to secure additional revenue by buying a property and then renting it on some popular platforms like Booking or Air Bnb. Having a passport from this country is also an advantage because they have great relations with many other places, and you can travel to more than 140 of them without a visa.
They are also part of the Commonwealth, which is great for families since they will be able to send their kids to universities in the UK, Canada, New Zealand, and Australia.