The Cabinet of the Nevis Island Administration met with realtors on Nevis and conducted a discussion which is mainly based on the ways to make the purchase of real estate cheaper
Nevis: The Cabinet of the Nevis Island Administration met with realtors on Nevis and conducted a discussion which is mainly based on the ways to make the purchase of real estate cheaper.
Through her social media, the Premier of Nevis and the leader of the Concerned Citizens Movement, Mark Brantley, penned down the sales of the real estate and stated that the Cabinet approved the waiver of the 10 percent alien land holding license fee.
Premier Mark Brantley said that despite being devastated by the effects of the COVID-19 pandemic, Nevis had recorded unprecedented sales on the purchase of the real states.
He noted, “As part of our post-COVID-19 recovery effort, the Cabinet of the Nevis Island Administration met with realtors on Nevis and sought to find ways to make the purchase of real estate cheaper and easier on the island. As a result of such consultations, the Cabinet approved the waiver of the 10% alien land holding license fee.”
Shedding upon the official data, Premier Brantley outlined that his policy has been tremendously successful, resulting in a boom in real estate sales. As of June 14, 2022 some 76 villas have benefitted from this waiver resulting in sales of EC$108,013,471.40 and stamp duties to the NIA of EC$8,031,386.54 thus far.
What is now happening also is that many purchasers of villas are engaging local architects and contractors to redesign and renovate these villas resulting in a corresponding boom in construction.
This waiver was set to expire on June 30, 2022, but has now been extended to December 31, 2022 by the Cabinet. Another excellent example of thoughtful policies making a real impact on the Nevisian economy.
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