ST KITTS & NEVIS Trends and Developments Contributed by: Dahlia Joseph Rowe and Daisy Joseph Andall, Joseph Rowe, Attorneys-at-Law
introduction of innovations, creation of jobs, skills development, etc; • a five-year pro forma cash flow statement; • an Environment Impact Assessment; • a comprehensive list clearly identifying the licences or concessions required for the real estate development project; and • due diligence information on all natural per - sons who are involved in the management or ownership of any corporate entity involved in your project. Be prepared to have copies of all supporting documents notarised and apostilled, if applica - ble. Based on the type of real estate development being undertaken, there may be additional con - siderations. As a first step, it would be prudent for any potential investor to retain knowledge - able and credible professionals locally. This is relevant whether for a simple purchase of a sin - gle family dwelling home or a multi-phase resort development. The Public Benefit Option The Public Benefit Option (PBO) is gaining momentum in St Kitts and Nevis. This option was also legislated under the July 2024 CSI Regulations and is an alternative for those seek - ing to do real estate development outside of the traditional hotel or condominium structures. Innovative investors wishing to develop a project which brings substantial benefit to the people of St Kitts and Nevis can apply to be desig - nated as an Approved Public Benefactor. These investors can then apply for their projects to be designated as Approved Public Benefit Projects qualified for sale to persons seeking citizenship under the PBO.
PBOs can be linked to real estate developments, but likely require some element of technology and capacity building, in addition to job creation and other aspects of “public benefit”. Under the Public Benefit Option, each individual seeking citizenship under the St Kitts and Nevis CSI programme is required to make a mini - mum contribution of USD250,000 in a unit of an Approved Public Benefit Project, to be paid to the relevant Approved Public Benefactor. Ultimately, the St Kitts and Nevis CSI programme is a less expensive means of financing a real estate development project when compared to traditional financing options. Importantly, it offers benefits to potential real estate purchasers, developers and to the state that exceed those generated in traditional real estate transactions. There remain several intriguing sites, both in St Kitts and in Nevis, that have the potential to be prime opportunities for real estate development. From the charming but neglected boutique hotels of yesteryear to modern eco-friendly large-scale mixed-use properties, potential investors are likely to find a gem. The authors have found that the market has remained a buyer’s market into the second quarter of 2024. There are signs that a shift to a competitive seller’s market is on the horizon. For those who are not considering citizenship at this time, purchasing real estate in St Kitts and Nevis can be quite seamless, even for non-nationals. The process for obtaining an Alien Landholding License is straightforward and a licence can be obtained in a reasonable timeframe. Additionally, as mentioned earlier in this article, certain areas in St Kitts have been exempted from the Alien Landholding License requirement. Accordingly, persons desirous of
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