Investment in Caribbean real estate
The Caribbean islands traditionally attract people by easy process of getting the citizenship. Apart from the opportunity of permanent residence on the islands, Caribbean passport enables its citizens to travel/stay in more than 130 different countries including Schengen area countries, Great Britain, Hong Kong and etc. Investment in the real estate is one of the options of getting the second citizenship.
Saint Kitts and Nevis is a former British colony which gained independence in 1983 and is a member of the British Commonwealth now. The Federation is the smallest state of western hemisphere, both by area (261 square km) and by population (53 thousand of people in total, with 40 thousand living on the Saint Kitts island).
English is the official language of the colony. Economy is represented mostly by agriculture, tourism and light manufacturing. Recently the amount of foreign investment, particularly in resorts, significantly increased.
Warm tropical climate and sandy beaches attract more and more tourists. Direct flights to Saint Kitts and Nevis are available from London, Miami, New York, Toronto, Atlanta, Charlotte and San Juan. Many people come to this island every year to visit annual music festival featuring various musicians honored by Grammy and local musicians playing reggae, calypso, rhythm-and-blues. This festival takes place in summer, while during the period from the middle of December to the beginning of January annual Saint Kitts and Nevis Carnival is carried out. Lots of celebrations including parades, dancing on the streets, listening to various music are held during all year. Rhythm and life of joy on the islands raise a huge demand in booking hotels and renting real estate.
Investment in the real estate
Purchasing of real estate in Saint Kitts and Nevis gives the opportunity of getting the citizenship in case of buying the property in one of the projects approved by the government worth not less than 400 000 $US.
*Currency: East Caribbean dollar. The exchange rate is stable: 1 USD = 2.70 ECD.
There is a limited projects list of finished property items or items under construction which are approved by the government as a reason for obtaining a citizenship. The real estate may be rent out or sold in five years after getting the passport.
Residential property in Saint Kitts and Nevis is sold at the price from 300 000 to several million dollars. You should pay attention to apartments and villas worth not less than 400 000 dollars. OLIESERVE professionals recommend considering two investment projects:
Koi Resort & Residences и Kittitian Hill
|Koi Resort & Residences||Kittitian Hill|
|Ownership type||Contract on registration of ownership||Percentage holding in company|
|Stamp fee at resale||5%||5%|
|The amount of shares for property item||2 – 3||6 – 10|
|Closeness to local pubs and shops||Yes||No|
|Closeness to airport||Yes||No|
|Right of occupancy||5 weeks||2 weeks|
|Guaranteed return on investment||Yes (5-8%)||Yes (2-4%)|
The comparison of fractional share in property of resorts
Koi Resort & Residences project
Five-star hotel resort Koi Resort & Residences, a luxe class hotel is located on 15 acres of Saint Kitts on the coast and includes various luxe class villas and apartments. The project is under construction now with 2 queues. The first stage of constructing began in June 2013 and is planned to put into service in October 2015! On the first stage of 5-storied complex you will find beach club, restaurant, “Ultra Lounge” pub, fitness centre, SPA and swimming pool, boutiques and staff areas. In two units, A and B, 20 one-room apartments and 20 apartments with one bedroom will be located.
The second stage will make constructional and core works from January 2015 to October 2017 in 11 blocks!
- ML Block consists of Casino, restaurant, bar, conference hall and 2 penthouses with 3 bedrooms.
- Five-storied C block will be equipped with fitness center, SPA and boutiques on the ground floor, while from the second to the fifth floor 20 one-room apartments and 20 apartments with one bedroom will be located.
- Second-storied H block is designed for 12 beach villas (6 villas with 2 bedrooms and 6 with four).
- D block will include 20 one-room apartments and 20 apartments with one bedroom from the second to the fifth floor.
- 25 one-room apartments and 25 apartments with one bedroom will occupy E and F blocks.
- Block G, like H, is represented by 6 beach villas with 2 bedrooms and 6 beach villas with 4 bedrooms.
- W and V villas will consist of 12 villas with swimming pools.
- Blocks I and J will consist of beach cafe and pub.
Every owner of real estate share is eligible for 14 days of using the property item in the high season (from November 1 to April 30) and 21 days of residency in low season (from May 1 to October 31). In case of full purchasing of the apartment, the total amount of days increases.
Owners can use household services and services on preparing room for the sleep, concierge services and access to a fitness center, swimming pool, tennis court, a beach club and a library. Other services cost the same as for all hotel guests.
Now the Koi resort offers for sale residential units to be built during the first phase of construction.
|Property item type||Part ownership||Price for the whole property item|
|One-room apartment||$400 000||$800 000|
|Apartment with one bedroom||$400 000||$1 200 000|
There are two important reasons confirming that your capital will be returned and you will receive financial gain.The owners can gain income from renting the property out in the amount of 5 – 8% after payment of expenses that meet corresponding industry standards.
- Firstly, there exist a certain range of potential customers, as the owner can resell his share to another buyer, interested in the citizenship by investment program.
- Secondly, the property market of Saint Kitts and Nevis remains stable even during the recession of economy. Over a period from 2005 to 2012 the average growth of property prices was 18% annually.
Kittitian Hill Project
Kittitian Hill is a real fairy tale on Saint Kitts island! The project for getting the economic citizenship was approved by Saint Kitts and Nevis Federation. Kittitian Hill lies in wonderful hilled country 160 ha in area; it is designed as exclusive development consisting of well planned elite villas, amazing cottages and stylish terraced houses. All Kittitian Hill buildings are developed by world known architect Bill Bensley, who belongs to Architectural Digest’sTop 100 among architects and interior designers.
The advantages of Kittitian Hill project:
- Kittitian Hill project is the part of Preferred Residences program. This means that you get biometric passport, Caribbean citizenship, villa ownership and the opportunity to spend several weeks in a year on the best resorts of the USA, Latin America, Caribbean Islands, Europe, Canada, the Middle East and Africa.
- You can either sell your investment in property in 5 years without losing the citizenship of Saint Kitts and Nevis or keep it and spend a couple of weeks on the best resorts of the world every year within this exchange program.
- Owners of property in this project get free membership in Kittitian Hill golf and tennis clubs. Club members receive priority access to a golf course, tennis courts, fitness center and many other services. Golf course has 18 holes that were designed by architect Ian Woosnam.
You can buy a cottage, a part of a villa or a whole villa. The process is quite simple and consists of 7 stages:
Stage 1 – Client must choose the real estate on the territory for purchasing
Stage 2 – Client (main applicant) signs an agreement for real estate reservation and pays non-refundable reservation deposit in the amount of 10 000 $US (this amount is deducted from the purchase price).
Stage 3 – The project owner sends the second original copies of documents, which are the part of legal documentation package, to the client, including all corresponding purchasing documents. The client returns signed purchasing documentation to the project owner who signs it and sends to the agent on documents processing.
Stage 4 – Processing of application of obtaining the citizenship. Client is responsible for paying the government all fees for application processing.
Stage 5 – After receiving the notification of «approval in principle» (AIP) client informs the project owner and pays the overall cost during 60 days (excluding deposit) to the manager of qualified deposit account.
Stage 6 – After confirmation of the transfer of the required sum to qualified deposit account real estate purchasing is considered to be completed and client receives the certificate of ownership (Title Deed). Manager of qualified deposit account transfers 35% of purchase price to the project owner account and client receives the certificate confirming his right of ownership.
Stage 7 – Balance of the purchase price, maintained on the qualified deposit account, is partially paid out to the project owner according to the following scheme:
• 25% is paid out after finishing of foundation laying;
• 25% is paid out after finishing of roofing work;
• 15% (excluding tax on real estate reservation in the amount of 10 000 $US) is paid out after conveyance of property and drawing up of an act of building approval in service.
Owner receives annual reports and notifications on payoff according to the conditions of «Annexes to the proposition of capital investment».
Investment program includes the following advantages:
- Opportunity to get guaranteed annual interest rate 2% for all means from receipt of Certificate of Registration and Certificate of Occupancy.
- Opportunity to get guaranteed annual income 4% from the purchase price since the approval of Certificate of Occupancy and up to the end of five-year period necessary ownership.
- Apartments «The Village Apartments» offer an excellent opportunity to get guaranteed interest rate 4% from the purchase price since the moment of obtaining.
Investment program provides the owner with the following rights:
- Owners of Villa Fraction, apartments “Village Suite” and “Village Apartments” are eligible to stay 14 nights during high season.
- Owners of Whole Villa are eligible to stay 42 days in high season.
“Kittitian Hill reflects our confidence in the fact that new buildings in Caribbean area countries should not be isolated from places where they are located, as they may be perfectly planned considering their harmonious mergence with the past and future outside world” – told Denzil D, Prime Minister of Saint Kitts and Nevis.
Investment in real estate is an effective and reliable tool not only for gaining income but for a number of other opportunities: the second citizenship, visa-free entry to more than 130 countries in the world, free rest in any season. Profit combined with satisfaction is the thing which we try to get but always hesitate to take a step forward. That is why our professional team offers you wide range of services in this area. Contact us to get additional information, qualified help and support while investing in the real estate of unique projects Koi Resort & Residences and Kittitian Hill and as a great bonus obtain the second citizenship of Saint Kitts and Nevis Federation.
Address: Office 4C, Roussos Limassol Tower, Kiriakou Matsi 3, Limassol 3040, Cyprus
Phone number: +357 25 316119