Mark Brantley says NIA cabinet approved waiver of 10% alien land holding license fee

Premier of Nevis Mark Brantley stated that as part of post COVID19 recovery effort, the Cabinet of the Nevis Island Administration.

Monday, 20th June 2022

Charlestown, Nevis: Premier of Nevis Mark Brantley stated that as part of post COVID19 recovery effort, the Cabinet of the Nevis Island Administration met with realtors on Nevis. The Cabinet 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.

Premier Mark Brantley stated that this 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," said Brantley.

He stated that the waiver was set to expire on June 30, 2022, but has now been extended to December 31, 2022, by the Cabinet. He called it another excellent example of thoughtful policies making a tangible impact on the Nevisian economy.