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Section 1 - Silver Reef Development

Who are the developers of Silver Reef – St. Kitts?

Fort Tyson Ltd. which is a Single Purpose Vehicle (S.P.V) Kittitian company, formed in 2006 exclusively for the purpose of procuring the 3.5 acre site and developing this project.The Construction Director, Mr. Sebastian Mottram has been responsible for significant projects in the Caribbean and the UK and has recruited local expertise to complete the construction.

 

Where is the company registered?

Fort Tyson Ltd. is a Kittitian company registered and incorporated in St Kitts and Nevis. Registration Number 004420

 

What is the concept of the development?

Silver Reef – St. Kitts has been designed as a private community living with high consideration given to ecoefficient detail. It comprises 3 bed apartments set in a tropical landscape featuring native vegetation in the heart of the tourist district of Frigate Bay.

 

What facilities will be available at Silver Reef St Kitts?

There are two swimming pools set in natural landscaped gardens in phase one and a freeform pool around which the three buildings of phase two are set. Silver Reef is a 5 minute walk to the nearest beach and 2 minutes from the nearest restaurant.

 

How large is the development?

It stands on a site of 3.5 acres.

 

Are the properties being sold as leasehold?

No they are Freehold with a Condominium Association agreement.

 

Who does the final registration of the property?

The choice of legal advisor is entirely at the purchasers’ discretion.

 

What is an Alien Land Holding License?

This is a license that all non-nationals must possess when acquiring an interest in land or real property in St. Kitts. Purchasers of Silver Reef units, by virtue of the resort’s location in the Frigate Bay area, are exempt from the standard alien landholder’s license requirements and accordingly buyers are not required to pay the otherwise standard 10% fee on the purchase price of property.

 

Is there a management company?

Yes. Indigo Properties Plus is a dedicated management company already in place and is responsible for managing the rental programme and maintenance of the property on behalf of Owners.

 

Are the properties insured against hurricanes?

Yes. The property insurance includes such perils. All properties are required to conform to a standard code known as the Dade County (Florida) Code. In practice the Caribbean standards are higher and buildings are designed to withstand 160 mph winds.

 

How far is the nearest hospital?

The nearest hospital is located in the main town and capital of Basseterre, which is a ten minute drive away.

 

Section 2 - St Kitts

What is the climate/location of St Kitts?

Saint Christopher (St. Kitts) and Nevis form an island federation located in the northern part of the Lesser Antilles chain of islands in the Eastern Caribbean. St. Kitts, with an area of 68 square miles (168 square kilometres) has a population of about 34000. It is located at 17°15′ North latitude and 62°45′ West longitude. This places St. Kitts approximately 1300 miles from Miami (3 hr. flight), 2000 miles from New York (4 hr. flight), and 4000 miles from London (8 hr. flight). Nevis, with an area of 36 square miles (93 square kilometres) has a population of about 9500. The two islands are separated by a channel which is two miles wide. St. Kitts and Nevis are four hours behind Greenwich Mean Time (GMT -4). Average air temperature is 79°F (26°C) and humidity 71.5% with extremes in temperature and humidity tempered by breezes from the north-east trade winds. The average sea water temperature is 80°F (27°C). Average annual rainfall is 55 inches (1397 mm).

 

How do I get to St. Kitts – what airlines?

Direct flights to St. Kitts are scheduled as follows: From San Juan, Puerto Rico daily with American Eagle From Miami, Fl daily with American Airlines From London, Gatwick twice per week (Saturday & Tuesday) with British Airways From New York (JFK) twice per week (Wednesday and Sunday) with American Airlines From Charlotte, NC once per week (Saturday) with US Airways From Atlanta once per week (Saturday) with Delta Airlines Other operators, including Continental Express, British Airways, Caribbean Airways, Air France, Lufthansa, KLM and Air Canada offer non-direct flights. Service is usually to San Juan, Puerto Rico, St Maarten, Guadeloupe, Virgin Islands or Antigua, with transfers to lighter aircraft for the final flight to St. Kitts. These schedules and carriers are subject to change.

 

What is the Kittitian Currency System?

Eastern Caribbean Dollar and US dollar. The EC dollar is pegged to the US dollar at a rate of 2.69 EC to 1 US dollar.

 

What language is spoken in St Kitts?

The spoken and official language of St. Kitts & Nevis is English. The education system has been rated very highly by the World Bank in its report on the Access, Quality and Efficiency in Caribbean Education. With 98%, St. Kitts & Nevis has the highest level of literacy in the region and its CXC and GCE results are among the highest in the English speaking Caribbean.

 

Is it safe and easy to travel around the island?

There is one main road which circumnavigates the island which is fully paved and easy to negotiate and navigate. Some of the roads serving the smaller settlements are unpaved and not always easy to tackle without a vehicle with good clearance. A round island drive takes approximately 3 hours at a very leisurely pace. The secret is to drive slowly and always be ready to stop short as many drivers will stop with no warning to chat with someone. Also be aware of the swales built across the road in the country as they can be devastating if you do not slow down first.

 

Can I use a UK driving licence in St Kitts?

You will be required to purchase a temporary license for about $25US on presentation of your UK driver’s license. Rental vehicles are readily available (cars, vans, 4x4s, scooters). Driving is on the left hand side.

 

Are there any legal safeguards for foreign investors?

Yes, the system of land title is based on the UK’s. The legal profession is represented in St. Kitts & Nevis by Barristers and Solicitors of the High Court. They alone have the right to practice before the Courts of St. Kitts & Nevis, and may give advice on local law within the Federation. Several major international auditing firms, are represented in St. Kitts.

 

What is the Government system in St Kitts?

St. Kitts and Nevis is a parliamentary democracy within the Commonwealth of Nations. Her Majesty, Queen Elizabeth II, is Head of State and is represented on the islands by a Governor-General. Basseterre is the capital of St. Kitts and at the same time, the administrative capital of the Federation. The capital of Nevis is Charlestown.

 

What is there to do in St Kitts?

St Kitts is blessed with a diverse and stunning combination of rain forested mountains and great beaches. The green and unspoilt nature of the island lends itself to varied activities. To follow are just a few: Sailing, diving, trekking, golf, rainforests, hiking, bird watching, tourist visits, and cultural events. Basseterre, the capital, has a good mix of historical sights such as museums and churches as well as a thriving local community of market vendors and modern shops.

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Section 3 - Taxation

What taxes and other costs are involved with the purchase of property at Silver Reef St Kitts?

Purchase costs:

Stump duty Tax 10%, Assurance Fund 0.2%, Legal Fee 1%, VAT on Legal Fee 17%, Registration Fee US 2.70.

All Taxes and Fees are determined as a percentage of Property Price.

Purchasing with a mortgage will incur additional costs. 

 

Can I avoid tax if I use an off shore company to buy the Kittitian company?

It is recommended that you take advice from a specialist tax advisor with regard to your personal requirements as there are many different taxes that may or may not be applicable surrounding the purchase depending on your individual circumstances.

 

What is the capital gains tax applicable to the appreciated differential between the purchase price and sale price of the lease?

There is a capital gains tax of 20% on profits or gains derived from a transaction relating to assets located in the Federation which are disposed of within one year of the date of their aquisition i.e. no capital gains tax to be paid after 1 year of ownership.

 

Are there any Tax Credits?

No.

 

Is there an annual property tax?

The property tax is calculated and billed by the Government's Inland Revenue department. It is calculated as 0.002 of  the value of the  property.

 

Is there tax on any rental income I accrue?

There is no income tax per se in St Kitts. Rental income, where paid to foreign nationals, is subject to a 10% withholding tax.

 

Are there any estate duties in St Kitts?

There is no Inheritance Tax.

 

Section 4 - Payment Terms

What are the payment terms for purchasing at Silver Reef?

Silver Reef Payment Plan:

10% reservation fee
20% deposit on signing contract
70% balance upon completion

Please contact us for more information.

 

In what currency are payments made?

Payment is made in USD.

 

Section 5 - Construction

What kind of building standards are used in the building?

The buildings conform to the East Caribbean Building Code which makes special allowances for the prevailing conditions in the region.

 

Do the buildings have lifts?

No. Each apartment is accessed by partially covered flights of stairs.

 

What are the general building specifications?

Concrete framed structural frame and floors, block in-filled walls, timber framed roofs, tiled floors, rendered walls, single glazed impact resistant windows, solid, hard-wood doors.

 

What is the date of completion for the development?

Phase One is complete and occupied. Phase Two is well progressed with construction on site due for completion in October - November, 2015.

Block K is still about a month ahead of Block L.

Possibilities:

(a) ‘breaking ground‘ January 2015.

(b) structure up to roof ridge (K in June, L in July).

(c) shell completed (roof complete and windows in) (K in June, L in July).

(d) internally fitted out and fully equipped and rooms furnished ready for occupation (K in October, L in November).

 

Kalypso and Leeward Houses are scheduled to complete in October and November,  2015.

 

 

Section 6 - The Properties

How high are the ceilings in the properties?

Upper floor:

(1) eaves height 10'-07'' (3.26 m.) (Minimum)

(2) height to the peak (under ridge) 16' (4.88 m.) (Maximum)

 

Do I need to furnish my apartment?

No. The apartments will come with certain fixtures and fittings such as taps, baths, showers, basins, wcs, cooker, hob, dishwasher and fridge.  Furniture included. 

 

Are the bathrooms be fully fitted?

Yes. Each bathroom will include vanity, towel rails, robe hook, loo roll holder and bathtub. The floors and splashback areas are tiled. All bathrooms have mirrors.

 

Do the apartments have an air-conditioning system?

Yes. Rooms will be individually air conditioned allowing each one to be controlled autonomously and shut off when not required in specific areas. All buildings have been especially aligned in such a way as to catch the trade wind breezes. Units in the main rooms will be 24,000 BTU’s and 12,000 BTU’s in the bedrooms. The penthouse great rooms will be 36,000 BTU’s.

 

Are the properties insulated (walls/windows)?

The roof is insulated and the main structure is designed to be shaded to reduce solar gain and to be through ventilated.

 

What direction do the properties face? Will the patios get sun and what will the views be like?

Leeward and Kalypso Houses  apartments have patios with views to the south overlooking the golf course towards the Atlantic Ocean together with patios with westerly views towards the Caribbean Sea.

 

Are there internet, phone lines and cable TV installed in the properties?

Each unit is  constructed to have cable TV, phone and high speed wireless internet access. Connections and choice of service providers are at the discretion and cost of the individual owners.

 

What is a “Condominium Association”

A Condominium Association is defined by the St. Kitts and Nevis Condominium Act 1976 as a building or complex in which units of property, such as apartments, are owned by individuals. Common parts of the property, such as the grounds and building structure, are owned and maintained jointly by the unit owners.

 

Who is responsible for the property’s running costs?

The owner of the apartments is responsible for the running costs of the apartment. However, when there is a long term tenant, the occupant of the apartment pays the elecricity.  For short term rentals, i.e. nightly or weekly stays, all utilities and included in the nightly rate. Running costs such as Condo fees, Property Insurance, Property Tax are the responsibility of the Owner of the unit.

 

 

What are the annual fees and running costs for each type of property?

Annual running fees are Property Insurance and Property Tax are both paid annually. The Homeowners Association bills owners quarterly for Condo fees.

The Property Tax is calculated and billed by the Government's Inland Revenue department. It is calculated as 0.002 of the value of the property. 

The Property Insurance has reached a rate of approximately US$1.03 per square foot in 2015.

 

Do I have to participate in the rental programme?

No. The rental pool is optional.

 

Can I rent my property privately instead of using it myself?

Yes

 

Can I use my property for more than the allocated period?

There is no allocated period. You can use your property whenever you wish.

 

Do I have a storage area for personal belongings?

Yes. There is a lockable closet provided for  'owners personal terms'  and additional basement storage ares can be provided at low cost. Your Condominium Manager will make arrangements for you on site subject to availability and your needs.

 

 

 

 

Section 7 - Services

Does St Kitts suffer from water shortages?

Currently the Frigate Bay area is well supplied with a Government 4” main with no reported or anticipated supply issues. There is generally a good Government water supply below the 800' contour. Water costs EC $10 (US $3.70) per 1,000 gallons.

However, as part of our self-sustaining policy we are making provision for future higher demands. Waste water is collected by an underground system and pumped to an off-site treatment plant where it is recycled for irrigation and fertilization of the golf course.

 

Who supplies the electricity?

The Ministry of Utilities (electricity department) is responsible for the power supply. Power is 220V but units will have 110V plugs as well.

 

Are there enough parking spaces with the properties?

Each apartment unit has 1 parking space allocated and area for visitors.

 

 

 

Section 8 - Rental Information

Who pays for minor repairs and maintenance?

The owner is responsible for minor repairs unless caused by neglect or abuse by the tenant.

 

What deductions are made from the gross revenue?

This is normally around 10%  for long and short term rentals.

 

How much are my condominium fees?

 

The Condominium Fees at Silver Reef is presently US$0.20 per square foot per month. However, the HOA Board has proposed an increase to US$0.25 per square foot per mounth when the construction is complete.

 

Section 9 - Citizenship by Invesment

What is the Citizenship by Investment Program?

St. Kitts is one of the countries of the Eastern Caribbean where there is a well-functioning government sponsored citizenship by investment program, allowing foreign nationals a fast track to full citizenship through investment in approved projects on the island. Under this program, persons making a minimum investment of USD $400,000 in an approved project are eligible to apply for citizenship in the Federation. Properties purchased through the program can be sold and used for subsequent applications after 5 years.

Silver Reef St. Kitts is one of these approved projects which allow purchasers the option of seeking citizenship in St. Kitts and Nevis. Applicants are required to retain the services of a lawyer based in St. Kitts to prepare their application. The review process normally takes between 4 to 6 weeks, but applicants are not required to personally attend any interviews in St.Kitts.

Government fees are $50,000.00 for the main applicant, and $25,000.00 for spouse and minor dependents, and $50,000.00 for dependents over 18 years. The due diligence fee is $7,500.00.

 

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