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Nevis Property - How to Buy Property in Nevis
Nevis Property Buying Information
Nevis Alien Land Holders License
A foreign national who wishes to acquire Nevis property will need to apply for an alien land holding license, as stipulated by the Nevis Alien Land Holding Regulation Act Cap. 102. If the person is seeking to become an economic citizen of St. Kitts & Nevis, the acquisition of property that qualifies for this purpose is limited to selected developments. See St. Kitts Economic Citizenship
Nevis Property Title Deeds
There are two different systems of transferring and showing proof of ownership to property. Under the British deed system inherited from the colonial period, title to property can be transferred with a deed in accordance with the Conveyancing and Law of Property Act, which requires a search at the Registry of Deeds for upwards of 35 years.
A second option is to acquire property by means of a Certificate of Title based on land surveying plans and subsequent entry in a title register on the basis of the Title by Registration Act. The acquisition of title to a property via a deed is less secure because the deed applies only to the seller and buyer and does not preclude a third party from asserting a better title. A valid property title can be acquired only if the basis of the current property title can be demonstrated to go back 35 years by submitting proof of an unbroken ownership chain. A Certificate of Title is preferable to a deed. A title certificate gives the buyer a government guarantee and also displays all encumbrances, such as mortgages, on the property. If a property is acquired by means of a deed, the buyer or owner may subsequently request registration under the Title by Registration Act at any time by applying to the Registrar of Titles. St. Kitts & Nevis is a small country in which lawsuits concerning disputes of ownership title to property are very rare. Before every acquisition, a lawyer will naturally check whether the ownership title is correct and unencumbered, and any problems will usually come to light in the course of these enquiries and resolved in advance
Property Buying Costs
Various acquisition costs are payable when buying property. Whilst there is no purchase tax in Nevis, there is a 0.5 % contribution to the National Assurance Fund. These are contributions to a title assurance which is a legal requirement on St. Kitts & Nevis. The preparation of plans costs about another US$ 300 and the mandatory lawyer will charge a conveyance fee of about 2.5 % of the purchase price. Accordingly, the total real estate acquisition costs amount to approximately 3% of the purchase price.
All furniture and fittings can be imported duty-free.Nevis Property Taxes
The Comptroller of Customs assesses the annual rental value of the property and a 5 % land tax is levied annually on this rental value. However, in most cases that tax does not amount to more than about US$ 1,000 per year. No other running taxes are due. If the property is rented, any rental income is tax-free for the owner. In the event of a sale, there is no capital gains tax to pay either. The tax system on St. Kitts & Nevis is also financially interesting to those who wish to become resident there. This is because income is not taxed and there are no wealth taxes either.
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Our local representative for properties in Nevis can be contacted by emailing us through our Contact Us page.
Old Sugar Mill on Nevis
Nevis General Information
Some general information on Nevis can be found on this page.
- Climate: Yearly average temperature is 79 degrees; annual rainfall averages 55 inches; humidity is low, and constant northeast trade winds keep the islands cool
- Capital: Charleston
- Currency: Eastern Caribbean $; US$1=EC$2.68
- Official language: English
- Political status: independent nation as St. Kitts and Nevis, member of the Commonwealth
- Entry requirements: Passport
- Nevis 36 square miles (93 square kilometres)
- Religion: Mainly Roman Catholic and Anglican
- Business: St.Kitts and Nevis - Banks are open 8am-3pm, Monday to Thursday; 8am-5pm on Fridays. On Saturdays the Bank of Nova Scotia (Bird Rock Branch) is open 8.30am-noon, and the Bank of Nevis 8.30am-11am. The main banks are Barclays Bank, Royal Bank of Canada, Bank of Nova Scotia, St. Kitts-Nevis-Anguilla National Bank, Nevis Co-operative Bank, Bank of Nevis. Shops open on weekdays, 8.30am-noon, and 1pm-4pm. Payment cards accepted in tourist areas.
First settled by the British in 1623, St. Kitts, Nevis and Anguilla became an associated state with full internal autonomy in 1967. The island of Anguilla rebelled and was allowed to secede in 1971. Saint Kitts and Nevis achieved independence in 1983. In 1998, a vote in Nevis on a referendum to separate from Saint Kitts fell short of the two-thirds majority needed. Nevis is once more trying to separate from Saint Kitts.
Nevis has 93 sq km of land, is predominantly black in ethnicity with some British, Portuguese, and Lebanese, and is English speaking.
The Nevis legal system is based on English common law and the government consists of an Executive Branch and a Legislative Branch. The non-elected Executive Branch consists of a chief of state: Queen ELIZABETH II (since 6 February 1952), represented by the Governor General, head of government: a Prime Minister and a Deputy Prime Minister and a cabinet which is appointed by the governor general in consultation with the prime minister.
Legislative branch is a unicameral National Assembly (14 seats, 3 appointed and 11 popularly elected from single-member constituencies; members serve five-year terms) elections: last held 6 March 2000 (next to be held by July 2005) election results: percent of vote by party - NA; seats by party - SKNLP 8, CCM 2, NRP 1.
Sugar was the traditional mainstay of the Saint Kitts & Nevis economy until the 1970s. Although the crop still dominates the agricultural sector, activities such as tourism, export-oriented manufacturing, and offshore banking have assumed larger roles in the economy. As tourism revenues are now the chief source of the islands foreign exchange, a decline in stopover tourist arrivals following the 11 September 2001 terrorist attacks has eroded government finances. The opening of a 1,000+ bed Marriott hotel in February 2003 has helped to bring in much-needed revenue. Although this has hit the natural resources such as water with unexpected problems.
Currency in Nevis is the Eastern Caribbean Dollar, although the US dollar is accepted in many places.
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Our local representative in Nevis can be contacted by emailing us through our Contact Us page.
Please note that the information on this page is subject to constant change and revision and may not be fully up to date. Users are advised to verify any information that could effect their decision on buying a property, visiting this country or any other matter of importance.
Copyright 2007 Text and Images - Caribbean Land and Property
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