BASSETERRE, St Kitts – The Government of St Kitts and Nevis through the Ministry of Sustainable Development has announced a series of changes related to land ownership.
Following the Prime Minister’s Statement during the sitting of the National Assembly, on 18th September 2023, which he announced as part of an Independence 40 Reset, he said that as of the 30th September 2023, several changes, improvements, and price structures will become effective as it relates to the L.A.N.D 2023 Initiative.
The following is an excerpt from the Prime Minister’s statement highlighting the improvements:
Reduction in Interest Rates: The interest rate on residential lands has been reduced from 12% per annum to 6% annually.
Removal of Interest on Payments: Interest built up on lots between the years 1998-2022, will be removed. All payments will therefore be assigned to the main balance. (Effective September 30th no additional interest will be added to lands distributed/sold between 1998-2022. Hence applicants are encouraged to pay off the outstanding amounts owing.)
Extension in period for application of new interest rates: Interest rate waivers have been extended from two years after allotment to three years after allotment. Interest will therefore be applied to lots three years after allotment.
In other words, persons who currently have lots will begin payment at the reduced interest rate of 6% per annum, as of October 2026.
The new reduction would therefore mean that all residential land applicants with outstanding balances will now have a grace period of three years, beginning October 1st, 2023, to September 31st, 2026, to settle their outstanding balances WITHOUT added interest to their principal.
Extension of Period for Making Deposit on Land: All NEW landowners will have an extended period of 6 months without interest.
That is instead of the traditional 3 months, to make the required 25% deposit on new land purchases, Citizens will now be given 6 months to make the 25% deposit.
New Terms of Payment by Direct Deposits: Given the new terms for the interest waivers on land payments and the extension in the payment period the Ministry has determined that going forward land payments will be guided by the following:
New applicants will have 7 to 10 years maximum to complete land payment.
New applicants must complete land payments through salary or wage deductions and direct deposits.
Special applicants will access land ownership through special bank arrangements where applicable.
Persons assigned land in 2022: The Ministry will proceed with the regularization of land for these lots by analyzing each development.