Purchasing Real Estate on Nevis
PURCHASING YOUR NEVIS SANDS RESIDENCE
Owning a Nevis Sands Villa or Home is relatively easy. The following information will help you get started and know what to expect in the process.
Once your residence is selected, a Nevis Sands reservation form and a refundable deposit on 15,000 USD should be submitted to guarantee your choice. At this time, we will indicate when you can expect a Nevis Sands Purchase and Sales Agreement to finalize your purchase.
Reservation deposit, less any applicable bank charges are fully refundable at any time prior to submittal of Purchase and Sales Agreement.
Once received, you have ten days to return your completed Nevis Sands Purchase and Sales Agreement along with the balance due on your escrow deposit.
As a non-Nevis resident, an Alien Land Holding License is required from the government for permission to buy. The License can be obtained with the assistance of a local attorney, the process taking approximately two to four months for approval of your application.
Upon receipt of your Alien Land Holding License, scheduled progress payments are required through completion of your residence, with the balance due at closing.
At closing the following costs can be expected:
- Attorney Fees: Estimated at US$9,500.00.
- Registration Fee: $7.20 EC ($3 US)
- Assurance Fund: 1 EC cent for every $5 EC of price (Similar to a title insurance, paid to the government)
WAIVER OF ALIEN LAND HOLDING LICENSE FEE
The standard Alien Land Holding License fee of 10% of the purchase price has been waived by the Nevis Island Administration for Nevis Sands.
A required stamp duty is fully paid for by Nevis Sands.
Nevis Sands residences are condominiums registered under the Condominium Act of 1976, sold as such and subject to the Declaration of Covenants, Conditions, and Restrictions for the houses