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Ocean's Edge
St. Kitts - Caribbean
Economic Citizenship Programme
Visa-free access to Europe
GLOBAL PROPERTY GUIDE
Ocean's Edge
a perfect paradise
Ocean's Edge - a perfect paradise
Ocean's Edge is an exclusive St Kitts beachfront community of hillside
apartments, beachfront apartments, poolside residences and individual villas,
spread around the superb beachfront of Frigate Bay in St Kitts.
Covering almost 40 acres, the resort enjoys a real sense of seclusion and
intimacy thanks to the bay's curved beach and the dramatic hillside rising
steeply from the shoreline. With fantastic views of the Atlantic Ocean and
located just yards from the renowned Royal St. Kitts Golf Course, the luxury
St Kitts real estate resort of Ocean's Edge sets new standards for design,
construction and lifestyle on this beautiful, understated Caribbean island.
The Global Property Guide recently interviewed Pauline Bonanni, director
of Select Resorts (Savills International)
Is the Ocean's Edge development nearly sold out?
Not quite yet! Phase One (16 hillside apartments) and Phase Two (14 hillside
and 16 beachfront apartments) are both sold out now.
Phase Three commences construction in early 2011, and will complete
mid/late 2013. There are beachfront studios and apartments, hillside
apartments and poolside residences. These include poolside residences
with a guaranteed income and a free furniture pack offer.
Phase Four is expected to start construction autumn 2013 and will complete
in 2015. Here there will be the remaining poolside and beachfront apartments
to sell. This will complete the project.
GLOBAL PROPERTY GUIDE
Ocean's Edge
a perfect paradise
The Economic Citizenship Programme is important?
Yes! It is a tax-oriented programme really. Purchasers making a minimum
investment of US$350,000 in a unit or villa will be entitled to apply for
Citizenship of the Federation of St Kitts and Nevis. The benefits include:
Citizenship for life for applicant and eligible family members.
Applicant not required to reside in St Kitts
Passports issued to successful applicants and any eligible dependants
Visa Free Travel to a number of countries including European Schengen
Countries
Full residency status
Tax free status on foreign income, capital gains, gift, wealth and inheritance
tax
The right to work in St Kitts
Visa free travel across Schengen countries is one of the main attractions,
particularly to Russian, Middle East and Chinese clients.
The tax regime is attractive to European, US and Canadian clients i.e. the tax
free status on foreign income as above.
It must be noted that the Kittitian Government do vet all applicants very
carefully.
GLOBAL PROPERTY GUIDE
Ocean's Edge
a perfect paradise
The Financial Crisis has not affected Demand / Buyers?
Not at all. In fact there are more buyers all the time. This is because of several
factors - the growth in tourism, easy access to the island, and because of the
Economic Citizenship Programme.
St Kitts has become more accessible, with British Airways adding a second
weekly flight from London Gatwick into Robert Bradshaw Airport (St Kitts),
from March 2010. Richard Tams, head of UK and Ireland Sales at British
Airways, has identified St Kitts as a leading long haul destination for British
travellers and predicted that arrivals into St Kitts would increase:
'It's not all doom and gloom for travel in the current economic climate, as
destinations such as Dubai and the Caribbean islands of St. Kitts and St. Lucia
continue to experience growth and investment, so we anticipate greater
numbers of customers wanting to travel there,' says Tams.
In addition, American Airlines has increased its scheduled flights between
St. Kitts and Miami to a daily flight and introduced a twice-weekly flight from
New York.
St Kitts and Nevis Prime Minister Hon. Dr. Denzil L. Douglas noted that this
increased access to St. Kitts has brought more tourism, and St. Kitts has seen
new ships come to the island.
GLOBAL PROPERTY GUIDE
Ocean's Edge
a perfect paradise
The market for Oceans Edge is global and the Economic Citizenship
Programme attracts buyers; so the recession has not really had an effect.
Last year prices went up between 5 and 10% and demand and transaction
volumes remained the same.
Is there rental demand?
We have seen that as accessibility to St. Kittshas become easier, and tourism
has grown on the island, there's been a growing need for 4 and 5 star
accommodation for these visitors.
The government, having closed the sugar cane industry in July 2005, is
committed to developing tourism as its economic growth strategy. The plan is
clear and focuses on sustainable expansion as part of a move to make St. Kitts
an upmarket destination.
The administration intends to preserve the character of the island and remain
sensitive to its cultural heritage by allowing only a small number of exclusive
boutique developments, such as Oceans Edge.
How would the owner rent?
Ocean's Edge Resort is offering an interim rental / management program
which provides services to owners whose properties are due for completion
prior to the resort operator coming on board as the rental management
company.
GLOBAL PROPERTY GUIDE
Ocean's Edge
a perfect paradise
The in-house program targets the growing demand on the island for
long-term rental accommodation, and is being coordinated through the
Ocean's Edge onsite sales office.
St. Kitts has put everything into developing tourism; they need tourists,
therefore they need the flights coming in and somewhere for people to stay
when they arrive.
Buying costs?
Oceans Edge benefits from having the Aliens Licence fee of 10% waived by
government for the North Frigate Bay area. Therefore, the legal and buying
costs represent approximately 2% of the purchase price.
Your final conclusion?
Ocean's Edge represents an unprecedented opportunity to invest in an island
whose property market is expected to show substantial appreciation in the
near future.
www.OceansEdgeStKitts.com
[email protected]
Tel: +44 1202 765011
Fax: +44 (0)1202 763615
GLOBAL PROPERTY GUIDE
Ocean's Edge
a perfect paradise
Purchasing at Ocean's Edge
Purchase costs at Ocean's Edge are unusually favourable, due to a tax
concession by the Inland Revenue.
Normally the Alien's Landholding License would be 10% of the purchase
price, but purchasers at Oceans Edge are completely exempt - a significant
cost-reduction, compared to most properties in the islands. There is a EC$50
fee in lieu, payable to the Inland Revenue.
The purchase costs depend on whether the client has a mortgage
WITHOUT MORTGAGE:
Legal fees payable to lawyer are based on the purchase price
2.5% of first EC$ 25,000 (USD 9,328)
2% of next EC$ 25,000 (USD 9,328)
1% of next EC$ 950,000(USD 354,478)
0.5% of remainder
Assurance Fund 0.2% of assessed value (ensures good title to property)
Registration fee for assurance fund = EC$7.20
Inland Revenue Admin Fee EC$ 50.00
WITH MORTGAGE:
all of the above, plus:
Legal fees payable to bank for mortgage admin are based on the loan amount
2.5% of first EC$ 25,000 (USD 9,328)
2% of next EC$ 25, 000 (USD 9,328)
1% of next EC$ 950,000 (USD 354,478)
0.5% of remainder
1% Stamp Duty (on value of loan)
payable to Government
1% Commitment Fee (on value of loan)
payable to bank
Valuation Fee payable to surveyor