Purchasing real estate has specific requirements for those who were not born native to the Federation of St. Kitts and Nevis. There are basically two options: the first is to obtain an alien land holding license, and the other is to become an economic citizen (citizenship by investment). Once the appropriate requirements have been met, you can proceed with selecting a home and ultimately completing the deed transfer.
Land Holding License versus Citizenship
The Nevis Alien Land Holding Regulation Act Cap. 102 outline the requirements for applying for an alien land holding license. Basically, you will need to complete the required applications forms and submit them for approval. The application process takes about two months and you should consult legal counsel when filling out the forms. Once you are approved and awarded the license, you are free to buy property in Nevis.
There is a bit more involved if you would like to become a citizen. The Citizenship by Investment program is run by the government and you will need to meet the requirements of the program. You will also need to submit a substantial registration fee for yourself and any dependants such as a spouse and children (separately). You will have to also submit vital records and pass an HIV test. Once the process is complete, you will not only be a citizen, but you will have a passport, visa-free access to about 70 different countries and you will be free to own property.
Title Deeds
You can transfer the proof of ownership on a property in two ways. One way is to obtain a Certificate of Title as outlined under the Title by Registration Act. The certificate is based on land surveying plans and involves succeeding entries in a title register. With the Certificate of Title, the buyer is provided a guarantee from the government and any impediments on the property are displayed.
The other method of transferring proof of ownership is a bit less secure. This involves the colonial British system outlined in the Conveyance and Law of Property Act. In this case the deed only applies to the buyer and seller, thus it does not prevent someone else from presenting a better title. Titles are only valid if they submit proof of 35 years worth or ownership records without gaps. Under the Title by Registration Act, the new owner can request a new title after acquiring the property via the deed system. คอนโดมือสอง This would create a more secure ownership record.
Additional Costs
Nevis real estate does not charge sales/purchase tax on the property, but it is required by law that a 0.5% donation be submitted to the National Assurance Fund. There are mandatory legal fees of about 2.5% of the purchase price, making the additional real estate transaction costs approximately 3% of the price of the property as it is sold. After the purchase is complete, an annual tax valued at 5% of the property value is due. There are no other property related taxes levied, and rental income is non-taxable.
ไม่มีความคิดเห็น:
แสดงความคิดเห็น