NIA CHARLESTOWN NEVIS (September 01, 2020) — The Nevis Island Administration (NIA) has announced a waiver of the Alien Land Holders License fee on the purchase of homes or properties on Nevis for a three-month period.
The waiver takes effect on September 01, 2020, and ends December 31, 2020.
Hon. Mark Brantley, Premier of Nevis who is also responsible for Finance, made the announcement at his monthly press conference on August 27, 2020.He said the NIA Cabinet and Ministry of Finance made the decision to waive the fee coming out of discussions with realtors.
“We had representation from some realtors that there was an issue that we had a lot of stock of homes, properties that were not selling, and the concern they thought was perhaps because of the additional taxes that, that was a problem.
“So we have decided to waive the Alien Land Holders License fee on the purchase of homes and existing buildings. Ordinarily, if you are a non-national you would have to pay an additional 10 percent,” he said.
According to the Alien Land Holding Regulation Act Cap 10, any non-national wishing to purchase property in Nevis must apply for an Alien Land Holders License. The cost of the license is 10percent of either the purchase price or the value of the property as assessed by government (whichever is greater).
Premier Brantley said the objective of the fee waiver is help spur economic activity, namely the sale of property on Nevis, to the benefit of those in the realty business.
“We are hopeful that those who say that they have real estate that has not moved, and can move that that real estate, will move in the next three months,and we can get some activity in the real estate market,” he said.
Mr. Wayne Tyson, a realtor with Nevis Style Realty said he views the waiver as a positive move by the Nevis government.
“We definitely see this as a positive thing. We’re certainly grateful that the premier and his cabinet did this.
“Most realtors have already sent out social posts, email campaigns about the waiver, speaking with clients about moving forward with purchases. Hopefully we can get a few sales in,” he said.
Mr. Colin Dore, Permanent Secretary in the Ministry of Finance, explained that even though the Alien Land Holders License fee has been waived, persons are still required to apply for the license at the Ministry of Agriculture, Land and Housing.
Mr. Dore said in order to qualify for the waiver, applications for the license fee must be submitted by December 31, 2020. He noted that processing time is usually seven to 10 days.
END
Disclaimer: This article was posted in its entirety as received by SKN PULSE. This media house does not correct any spelling or grammatical errors within press releases and or commentaries. The views contained within are not necessarily those of SKN PULSE.
