Financing

Banking Information

Financing Your Purchase is easier than you think in St. Kitts and Nevis. Our Local and International Banks stand willing and able to assist, providing applicants meet the set criteria as dictated by the individual Bank. At St.Kitts and Nevis Island Homes we have built strong business relationships with several Banking Institutions, who respond swiftly and readily to our client referrals. Once the necessary documentation/information is obtained by the Banker, approval is usually obtained within three business weeks. Mortgage rates though generally set, can be negotiated based on the client’s credit worthiness. A detailed list of items required by all Banking Institutions has been compiled for general information, bearing in mind the Mortgage criteria changes with the overall economic environment.

Identification: (two valid pieces)
- Passport
- Drivers License
- Country Identification Card

Verification of Employment
- Letter of employment confirming income and time on the job
- Two months’ pay slips for salaried employees
- A copy of current years accountant-prepared financial statement for self-employed customers

Verification of Income
Three years tax returns.
- For US customers, this is the IRS Certified tax return, including 1040 and/ or W2
- For Canadian customers, this is the Notice of Assessment, including T1 and/or T2
- For UK customers this is the Income Tax return, including P60 and/or SA1000

References
- A letter of reference from your current Bank. This should be an original document, addressed to the specific Bank.
- A Character reference from professional acquaintance (i.e. lawyer, doctor, accountant). This should be an original document, addressed to specific Bank and should state length of relationship.
- Two copies of public utility bills of your current primary residence (e.g. water, phone, electricity)

Assets & Liabilities
- Fully completed and signed Bank application with a detailed asset and liability statement
- Proof of down payment

Property Information
- Purchase Agreement
- Appraisal Report
- Copy of Deed or Certificate of Title
- Up-to-date Land and Building taxes and water rates
- Adequate fire and all-perils insurance over the property, with Lender noted as Mortgagee/Loss Payee. (For condominiums, evidence of satisfactory strata insurance is required.)

For Construction Loans we require the following:
- Approved building plans
- Builder’s Detailed Estimate
- Building Contract
- Quantity Surveyor’s Report
- Appraisal Report

Financing for Residential Mortgage
3 & 5 years term are available
a. USD 0 - $500,000 75% Loan to Value, 25 yrs amortization
b. USD $500,001 - $1,500,000 70% Loan to Value, 25 yrs amortization

Financing for Lot Purchase
3 & 5 years term are available
a. USD 0 - $750,000 50% Loan to Value, 15 yrs amortization
Lot loans must be converted to a Home Builder Loan or paid out at end of initial 3 or 5 year term.


Legal costs associated witht the transfer of titles on property

  1. Transfer tax of 12% except on the South East Peninsula where it is 18.5% of the purchase price to be paid by the Vendor according to the Stamp Act of St. Kitts. This is applicable to property held by Title or Deed.
  2. Assurance Fund of .2% of the purchase price (only applicable to land held by Title)
  3. Registration fee of $7.20 (only applicable to land held by Title)

  4. Survey plan copies are usually $350.00 for title forms. If an actual survey has to be done costs can range between $500.00- $1,000.00.

  5. Legal costs on transfers are $1,125.00 for the first $50,000.00 and 1% of the balance up to $1 million. It is 0.5% on amounts in excess of $1 million.


If purchaser is not a citizen of St. Kitts and Nevis he/she will in some cases require an alien landholding licence.. A licence fee is payable on such a license except for land situated at Port Zante or on the South East Peninsula. The license fee is 10% of the sale price or $750.00 whichever is greater. The legal cost of obtaining the licence is $1,000.00.

NB: All the above costs are for the account of the purchaser except the transfer tax which is to be paid by the Vendor. All amounts are stated in Eastern Caribbean Currency. The official exchange rate is US$1 to EC$2.6882.