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(Editor’s Note: What’s so special about international real estate? A dwelling in the right offshore jurisdiction not only offers the potential for profit, but also offers you a safe alternative if things go bad at home. Since real estate you own offshore will never show up in a domestic asset search, it also provides practical privacy and asset protection advantages.  If these rewards aren’t compelling enough, in one of the Caribbean’s most beautiful jurisdictions—St. Kitts & Nevis—when you purchase qualifying real estate, you’re eligible for a remarkable—and almost instant—benefit: an alternative citizenship and passport. A passport from a peaceful, neutral and non-controversial country such as St. Kitts & Nevis carries many benefits. It lets you travel more freely and discreetly; protect yourself and your affairs from privacy invaders; and, in some cases, even provides tax advantages. And if you’re ever in the hands of someone with a grudge against your home nation, being able to present yourself as a citizen of another country may even save your life. Ordinarily, unless you qualify for a second passport because of family ties or marriage, the only way to obtain one is after a period of extended residence in another country. St. Kitts & Nevis is a very rare exception. Christian Kälin, a member of The Sovereign Society Council of Experts and a leading authority on tax-advantaged residency and citizenship law of key jurisdictions, and his St. Kitts-based colleague, Vernon S. Veira, explain.) St. Kitts & Nevis Source: http://www.odci.gov/cia/publications/factbook/geos/sc.html Here’s a way to combine two great offshore benefits into one very appealing package: international real estate investing and a second passport. Both come from a stunningly beautiful and peaceful Caribbean tropical paradise—St. Kitts & Nevis. These two sister islands form a federation that has been independent from Great Britain since 1983. Located about 1,400 miles southeast of Miami, world travelers often describe them as a corner of the South Pacific in the Caribbean. Densely forested mountains, waterfalls, brilliant tropical flowers and crystal-clear waters abound. The truly appropriate motto of the local tourism authority is: Two Islands–One Paradise.

The Sovereign Society, headquartered in Waterford, Ireland, was founded in 1998 to provide proven legal strategies for individuals to protect their wealth and privacy, lower their taxes and to help improve their personal freedom and liberty. The Society's highly qualified contacts recommend only carefully chosen banks and investment advisors as well as financial and legal professionals located in select tax and asset haven jurisdictions around the world. The Society provides advice concerning the establishement and operation of offshore bank accounts, asset protection trusts, international business corporations (IBCs), private foundations, second citizenships and foreign residency, as well as practical safeguards for financial, Internet and personal privacy. The Sovereign Society stands alone in fulfilling this singular, international offshore service role for its members. To learn more about our organization and how you too can become a member, please click here.

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Poolside on Nevis

The World’s Leading Citizenship-By-Investment Program Since 1984, the St. Kitts & Nevis Citizenship Act has allowed foreign investors who acquire qualifying real estate to obtain citizenship and a passport. This makes it the oldest existing citizenship-by-investment program. To apply for citizenship, you must invest a minimum of US$250,000 in real estate. In addition, government fees of US$35,000 or more apply, depending on the number of applicants. But this is hardly a sacrifice, because St. Kitts & Nevis has some of the Caribbean’s most stunning beaches…and some beautiful real estate developments, with prices steadily rising in recent years. From its inception, the St. Kitts & Nevis economic citizenship program has been one of the most expensive. But it is also one of the only two programs that remain in existence (the other being Dominica). Most of the discontinued programs have been shut down because of scandal, resulting in a diminished reputation for the passports of the issuing countries. However, the St. Kitts & Nevis program has always been operated to the highest standards. It has never been easy to qualify—all applicants must undergo a thorough background check—and the relatively high cost of the program means that only a small number of passports have been issued. Among other requirements, applicants must provide bank references and letters of recommendation and demonstrate a clean police record (extract from the register of criminal convictions) of their home country.

As a citizen of St. Kitts & Nevis, you can live and work in the islands anytime, although there is no obligation to do so. You also enjoy special rights and privileges in the United Kingdom. You are not liable to taxation in St. Kitts & Nevis as there is no income tax, capital gains tax, wealth tax or inheritance tax!

The whole procedure—from submitting the application up to the issue of the citizenship certificate and passport—takes about three months. You don’t need to travel to St. Kitts & Nevis for this purpose, but we highly recommend that you do so that you may personally choose the property you would like to invest in.

Your real estate purchase is contingent upon approval of the citizenship application, and all monies are kept in an escrow account pending approval. If the government doesn’t grant you citizenship, you’ll receive a refund of all monies except a small portion for due diligence fees.

Buying Real Estate In Paradise

While real estate in St. Kitts & Nevis is not inexpensive, prices are quite reasonable in contrast to the price of oceanfront property on the U.S. coast or on comparable Caribbean islands. While the minimum investment is US$250,000, you should expect to spend at least US$300,000 for a quality-built single-family home in a well-tended residential estate. For about US$400,000, you can purchase a substantial villa with its own swimming pool. 

In addition to these costs, you should budget about another 9% to cover real-estate transfer taxes, conveyance fees and title insurance. Furnishing your home will be an additional expense. However, you can import all furniture and fittings duty-free.

While there are no personal taxes in St. Kitts & Nevis, there is an annual 5% tax on the rental value of property based on an assessment of its annual rental value. This tax rarely exceeds US$1,000/year, and if you do rent out the property, your actual rental income is tax-free.

Not all real estate in St. Kitts & Nevis is considered a qualifying investment for purposes of acquiring economic citizenship. You must purchase real estate in developments that possess a corresponding special authorization issued by the government. However, practically all projects desirable to foreign investors have this authorization.1 

For More Information
 

In an unsettled world, acquiring real estate outside your home country, along with an alternative citizenship and passport, is a wise investment in your personal security, freedom and privacy. It also returns countless other benefits for life. If you’re interested in learning more about the St. Kitts & Nevis citizenship through real estate investment program, contact: Henley & Partners, P.O. Box 481, 3 Church Street Basseterre, St. Kitts West Indies Tel.: +1 (869) 465-1711 Fax: +1 (869) 465-1004   E-mail: vernon.veira@henleyglobal.com, christian.kalin@henleyglobal.com Link: http://www.henleyglobal.com/stkittsnevis

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