Homeowners in St Kitts and Nevis benefit from Build and Thrive Incentive
The Building Materials Reset is also dubbed the Build and Thrive Incentive. Under this initiative, first-time homeowners with a mortgage of up to EC$500,000 and homeowners wanting to renovate their homes will benefit greatly.
For First-Time Homeowners there will be no import duty, no Customs service charge, and reduced Value Added Tax (VAT) to 13% for one year from the start date of project approval.
Homeowners who wish to renovate or repair their homes incurring an amount up to EC$500,000 will receive similar benefits, that is, no import duty, no Customs service charge, and reduced VAT to 13% until December 31st, 2024.
Prime Minister Drew emphasized that these initiatives represent the St. Kitts-Nevis Labour Party Administration’s commitment to the well-being of its citizens and the sustainable development of Saint Kitts and Nevis. “Independence 40 Reset” is a bold step towards creating a brighter and more prosperous future for all.
