British Virgin Islands Property and Homes for Purchase or Vacation

BVI Realty has 2 and 3 Bedroom Private Homes Available

The BVI is one of the most popular sailing destinations in the world and many passing boaters fall in love with the area wanting to spend more time on the islands. The British Virgin Islands have some of the most spectacular sandy beaches and dive sites in the Caribbean.

Buying a property in the BVI is something that many people consider, but you may be wondering if it makes financial sense? Although the real estate market here is fairly small, it has been unique in its steady growth and stability over the last 20 years and while it may not be one of the most liquid investments, it can still one at a relatively low risk.

Facts about the British Virgin Islands:

• The BVI is an British Dependent Territory
• English law is the Basis of its Land Ownership System
• The islands have a stable government
• Local currency is the US dollar

The BVI has one of the strongest offshore financial service industries in the world, and with so few people living here (indigenous population of around 15,000) the islands have not had to sell land to private developers to survive. In fact a high proportion of land is owned by BV islanders and the local government has made sure that development is kept at the right pace for the economy which has helped in maintaining the natural beauty of the islands.

Important facts for buying land in the BVI

• When buying land in the BVI, it must be built on within three years (this policy is designed to deter speculators who might otherwise have driven up land prices while adding little to the economy).
• A Land holding License has to be issued giving you permission to own a specific property.
• It will take around 6 months to close on a property.
• Total closing costs for purchasers is around 14% which includes 12% Stamp duty and 2% in legal fees, surveys etc .
• Annual property tax is typically less than $1000 per year on a $1m home.
• When purchasing land, Stamp Duty is only paid on the land, not on the property.
• There is no capital gains tax or inheritance tax in the BVI.

Property purchase methods in the BVI

Although the process of purchasing property in the BVI may not be as quick as some would like, it is relatively straightforward as noted:

• Find your dream home or parcel of land and negotiate a price with the seller
• Apply to the BVI Government for a “Non belonger's Land Holding License” (this gives you permission to own that particular property)
• Produce your Police certificate, bank statements, character and financial references
• Select a good BVI Real Estate Lawyer to take you through the purchase process
• The process will be complete within 6 months

BVI property investment is not for those who want to make a quick buck, it is for those who want to spend more time on the islands enjoying the culture and relaxed lifestyle. There are plenty of properties to choose from such as condos with 2 to 4 bedrooms, 2, 3, 4 and 5 bedroom villas, luxurious beachfront properties and hillside homes. If you are considering a vacation to the BVI, we have a huge selection of vacation rentals and private rentals and our concierge service will ensure that your stay is exactly as you want it to be. Services such as car rental, boat rental, sailing charters private chefs and in villa spa services can all be arranged for you, whatever it takes to make your BVI vacation perfect.