St. Kitts Facts and Questions
THE RESORT
- Where is St. Kitts
- What is the development concept of Ocean’s Edge?
- Who are the owners of the Ocean’s Edge project?
- Who are the developers of Ocean’s Edge?
- Who is the architect?
THE PROPERTIES
- How many properties will be for sale?
- What construction guarantees are available?
- Will the properties be built to withstand hurricanes?
- How much does the furniture package cost and when is payment due?
- Tax in St. Kitts
THE RESORT
The Federation of St. Christopher (St. Kitts) and Nevis is an independent English-speaking island state situated in the northern part of the Leeward Islands in the Eastern Caribbean. It is approximately 1,300 miles (2,092 km) from Miami, 2,000 miles (3,218 km) from New York, 4,000 miles (6,437 km) from London and about an hour by plane from Puerto Rico and the US Virgin Islands.
The Federation is made up of two islands, St. Kitts and the smaller Nevis, which are separated by a channel two miles wide. It is a former British colony and a member of the Commonwealth of Nations (British Commonwealth) as well as the United Nations and Caricom.
What is the development concept of Ocean’s Edge?
Ocean’s Edge is a luxury Caribbean resort project from Newfound NV. Covering approximately 40 acres, overlooking the ocean and neighbouring the fabulous Royal St Kitts Golf Course, the development of 190 luxury apartments and cottages and 32 villa lots will comprise one and two bedroom beachfront apartments, one and three bedroom beachfront apartments, two and three bedroom poolside cottages, two bedroom hillside apartments and a selection of villa plots for bespoke villas.
A variety of leisure and entertainment facilities is planned, including a clubhouse, recreation centre with fitness facility, restaurants, several pools, tennis courts plus concierge and housekeeping services.
Who are the owners of the Ocean’s Edge project?
Ocean’s Edge is owned by The Cable Bay Hotel Development Company Limited, a St. Kitts registered corporation owned by a consortium of stakeholders comprised of Newfound NV and locally based partners TDC Ltd., Mansha Ltd. and SKNA National Bank Ltd.
Who are the developers of Ocean’s Edge?
Newfound NV is a private property development company registered in the Netherlands with its head office in London and project office in the Caribbean. In St. Kitts, Newfound NV has brought together a specialist team of property professionals with the right mix of international and local know-how to create the inspirational and market leading Ocean’s Edge development.
OBM has been the premier design-consulting firm in the Caribbean for 68 years. The company now specializes in architecture and resort design and has projects throughout Europe, Africa, the United States, Caribbean and Latin America. OBM’s creative team members, centralised structure and dedication to quality will ensure an outstanding resort design at Ocean’s Edge.
THE PROPERTIES
How many properties will be for sale?
- 60 one bedroom Beachfront Apartments.
Flanking the beach overlooking the ocean.
- 12 two bedroom Beachfront Apartments.
Flanking the beach overlooking the ocean.
- 4 three bedroom Penthouse Beachfront Apartments.
Flanking the beach overlooking the ocean.
- 66 two bedroom Hillside Apartments with private plunge pools.
Hillside positions with differing views over the Atlantic Ocean and Frigate Bay.
- 48 two & three bedroom Poolside Cottages with private plunge pools.
Spacious, semi-detached cottages located around an ornamental pool.
- 32 executive villa plots
What construction guarantees are available?
All properties will be sold with a 12 month construction quality guarantee as per the standard terms currently offered in the Caribbean region. There will be extended warranties for termite treatment (5 years), roofs (5 years), PVC doors (10 years), windows (10 years), solid wood floors (25 years) and air conditioning (5 years).
Will the properties be built to withstand hurricanes?
The properties will be built to Dade County, Florida equivalent standard. Dade County standard is the building code for Dade County in South Florida. Building codes specify standards of workmanship and materials which for South Florida includes protection against hurricanes. For example, it specifies the type of fixings and straps, and their proximity, for attaching a roof to the structure of the building.
Our Architects, OBMI, are based in Miami (Dade County) and their design will necessarily be to Dade County standards. Our contractors, NH International, are regional contractors and are used to building to hurricane specifications.
How much does the furniture package cost and when is payment due?
There is a set furniture package for each unit which can be purchased upon completion of the unit. A furniture package will also be available for villa owners. The cost of the package for one bedroom units will be USD $30,000 and USD $45,000 for two bedroom units.
Tax in St. Kitts
Capital Gains
20% is applicable when selling property within the first year of ownership. Otherwise it is not applicable.
Income Tax
Not Applicable
Inheritance Tax
Not Applicable
VAT
This tax does not exist in St. Kitts.
Annual Property Tax
Approximately 0.2% of assessed market value of the property owned.
Aliends Landholder License
Normally 10% of the purchase price but purchasers at Ocean;s Edge are exempt due to an agreement for the Frigate Bay area. There is a EC$50 fee in lieu of this.
Costs Associated with Purchase
Approximately 1.5% in taxes, plus an additional 1% if a mortgage is taken, plus legal fees.
