Real Estate in Nevis

For many reasons, the real estate market on Nevis is in full bloom. Many developments are
underway; others are planned on paper, and ground breakings, like spring flowers, will soon begin to pop up all over the island.

The lure of Nevis is clear: peaceful, quiet, safe, and most of all, beautiful. It seems that the time is right for Nevis. This stable, tropical island has so much to offer the first, second, and even thirdhome buyer that many people have decided to call it home either full time or part of the year. With its quiet lifestyle and intrinsic beauty, Nevis has become the choice for many from the U.S., Canada, and countries in Europe. The island is ripe for development with many acres of vacant land, beautiful scenery, and economic benefits for landowners. Throughout the island, small developments are cropping up and individual villas continue to be built. In addition, there are dozens of well-built older homes that are resales throughout the island.

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And at present, there are a handful of condominium projects underway—a relatively new form of ownership on Nevis.

Along the west coast beach, the Condos at Nelson’s Spring is a partially completed development by local contractor Deon Daniel. The two and three-bedroom oceanfront condominiums will include a large pool and a spa for the guests. Shops and a restaurant have been completed across the main road to serve the community and the island.

Many individual villas have been built at Cliffdwellers, and 16 more are underway
named The Beach Houses at Cliffdwellers. These will surround a newly reconstructed large pool that for many years has been a hallmark of the property. The development will include a restaurant, three shops, plus a tennis court, fitness centre, and a boathouse on the waterfront.

The project at Hamilton continues with the building of 88 condominiums, and 21 villa lots. Carino Nevis Ltd, a Norwegian company, is the force behind it.

At Four Seasons Resort Estates, the sales in the newest neighbourhood, Clarke’s Estate, just south of Sunset Hill, has been launched, and nine new lots are available. Meanwhile, sales continue at Stewarts Estate, while sales at Palm Grove are completed and the 36 homes there are nearing completion.

On the East side of Four Seasons Resort Estates is Pinney's Estate, now owned by the Newfound Group. The plan for the project envisages a 150 room luxury hotel and
villas all with outstanding sea views, including a spa and wellness facility, tennis courts,
restaurants, shops, pools, water sports facilities and all the amenities of a five star luxury
resort. Site work is expected to begin in summer of 2007.

Individual custom homes are being built in Jones Estate, particularly at Red Hawk
Ridge, and the building boom continues in Fern Hill Estates, another Deon Daniel
development, made up of homes on half-acre and one-acre wooded lots near the rain
forest.

Buying real estate on Nevis is quite easy. Purchasers who are not from the Federation must apply for an Alien Landholders License from the government for permission to buy. The cost of the license, once approved, is 10 percent of the purchase price. For certain developments, the licenses have been waived.
Processing the application takes about 30 to 90 days. The license fee is levied on the whole property if the house is already built. However, if the buyers are purchasing land, the license fee is based on the price of the land only. But once the home is purchased, the annual real estate property taxes are relatively low.

By purchasing property, owners can become eligible for the Federation’s Citizenship by
Investment Program, provided for in the Citizenship Act 1984. Economic citizenship is available through a program to those who spend at least $250,000 on a property that is pre-approved for citizenship. The registration fees applicable for citizenship are $35,000 US for the head of household; $15,000 US for either spouse, and $15,000 US for each child under 18. On Nevis, there are seven projects that are preapproved for citizenship: Mount
Nevis Hotel Condominiums, Cliffdwellers, Jones Estate and Red Hawk Ridge, Condos at Nelson Spring, Fern Hill Estates, Four Seasons Resort Estates, and The Hermitage Plantation Inn Villas and Estates.

Owning a home on the island is relative easy as well. Many homeowners decide to rent out
their homes for vacationers, to help defray the costs of owning a home. Homeowners often hire local property managers to pay bills, oversee maintenance, and welcome renters to the house. Other costs would include utilities, gardeners, housekeepers, and annual taxes,
which are generally low.