NIA CHARLESTOWN NEVIS – Home and business owners on Nevis stand to benefit significantly from new initiatives announced by the Nevis Island Administration (NIA) aimed at further incentivising the construction sector.
Speaking during his 2024 Budget Address for the fiscal year 2025, the Premier of Nevis and Minister of Finance and Economic Planning, the Honourable Mark Brantley, unveiled the new initiatives aimed at stimulating economic growth and employment.
He said effective 2025, the NIA will be offering expanded concessions on building materials to home and business owners undertaking property renovations, expansions, or new developments.
“We recognise that sometimes people start and they have a two-bedroom house, but perhaps as they get two or three children, they need to expand. The concession as it stood only allowed them to get help when they built the house originally but thereafter provided no further assistance.
“We are saying now that we will try to provide additional assistance if they want to expand that home.”
The expanded programme also targets investors developing rental properties or undertaking commercial construction.
“Also, there may be people who want to invest in a second or third house, to perhaps rent property, and we feel that it’s appropriate that they too receive some assistance, all in an intention to spur construction activity. We will also extend concessions to commercial construction as we remain committed to growing Nevis together,” Premier Brantley stated.
The expanded programme grants exemptions on Customs Duties and reduces building costs by requiring only VAT payments on building materials.
The Honourable Premier highlighted the critical role of the construction sector in the island’s economic development.
“The construction sector continues to play a vital support role in our economic development. Our economy weighed heavily on this pillar during the COVID era while we were awaiting the rebound of activities in the Tourism Sector. It was the first sector to resume full employment even while the other sectors remained closed during the midst of the pandemic. This pillar has not waned even after the pandemic and continues to grow,” he remarked.
According to the Department of Physical Planning, 226 construction applications were received from January to October 2024. These ranged from new home construction and property renovations to apartment buildings, commercial properties, and perimeter fencing projects. Of these, 144 permits were approved, and construction commenced on 112 projects.
Premier Brantley credited this sustained growth to the NIA’s incentive programme, such as the first-time homeowners’ initiative.
Additionally, the NIA reaffirmed its commitment to protecting property owners by implementing the Nevis Contractors Registration and Regulation Ordinance 2021, which ensures contractors meet specific licensing and skillset requirements. This legislation, which will come into full operation in 2025, aims to maintain high construction standards and safeguard property investments.
Premier Brantley concluded by emphasising the government’s dedication to leveraging the construction sector for economic growth and employment creation.
“We remain committed to growing Nevis together. These incentive policies are not only strengthening our construction sector but also creating jobs and opportunities for our people.”
The NIA’s initiatives reaffirm Nevis’ commitment to fostering a robust and inclusive economic environment, solidifying the construction sector as a key driver of growth and development on the island.