ST KITTS & NEVIS Trends and Developments Contributed by: Dahlia Joseph Rowe and Daisy Joseph Andall, Joseph Rowe, Attorneys-at-Law
The CSI programme offers real estate development financing opportunities Obtaining financing for tourism hospitality con - struction or renovation projects in the Caribbean can be expensive and challenging. This is where the CSI programme holds measurable benefits for prospective developers, whether large or small. Where a developer or prospective developer of land in St Kitts and Nevis (i) owns the land or has entered into a binding purchase and sale agreement; (ii) has approval in principle for development of the land from the local authori - ties; and (iii) wishes to sell real estate units in that development to purchasers interested in acquiring citizenship, then that developer can apply for an Approved Development under the CSI Regulations. The St Kitts Investment Promotion Agency (SKI - PA) is responsible for reviewing applications by developers and for making recommendations to the governing body under the CSI Regula - tions for that development to be designated an Approved Development. For anyone reading this article and considering real estate development opportunities in St Kitts and Nevis, here are some useful tips before you approach SKIPA. Your proposal should contain: • a description of the project including size, capital investment, concept and layout designs; • good source and proof of financing; • a realistic projection for completion of the project or each phase of the project, if appli - cable; • a statement on the impact your real estate development project will positively impact the St Kitts and Nevis economy, whether through
• land on which a single-family private dwelling home is constructed; or • a condominium unit: (a) previously sold as the subject of CBI application; and (b) for which the statutory timeframe for resale has elapsed, and wishes to sell such real estate to a purchas - er seeking to apply for citizenship under the CSI Regulations, the citizen or their real estate agent shall apply to the governing body for such real estate to be designated as an Approved Private Home. The Private Home Sales Investment Option allows CBI applicants to acquire citizenship by making a minimum investment of USD800,000 (previously USD400,000) in a private dwelling house or USD400,000 (previously USD200,000) for a single-family condominium unit designated as an Approved Private Home. An investment in one private home can only be used to support a CSI application for one family (up to three gener - ations), even if the investment amount exceeds the minimum investment by several multiples. Under the current CSI Regulations, an Approved Private Home is subject to the following condi - tions. • It can only be resold after seven years from issuance of the formal title document to the new owner. • It can only be resold to another purchaser seeking to apply for citizenship if the Federal Cabinet is satisfied that substantial further investment was injected by way of further construction, renovation or otherwise. • It cannot be converted into apartments or multi-family condominiums or otherwise subdivided.
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