Last week we discussed economic sectors helping to strengthen real estate in BVI. The same article in Global Property Guide discusses the requirements to purchase property in BVI, and the best places to consider.
All overseas buyers need to obtain a Non-Belonger Land Holding License (NBLHL) to purchase property in the BVI. The process takes about one year, from application to closing. The NBLHL application is administered by the Ministry of Natural Resources and Labour.
‘Existing homes, apartments, condominiums, home sites and raw lands are available for purchase. Since belongers have the first choice of any property for sale in the BVI, the Ministry requires that the property the foreigner wishes to purchase must first be advertised locally for four consecutive weeks in a local newspaper.
‘A stamp duty of 12% is levied on property transactions.
‘If a foreigner wants to buy undeveloped land, he is required to build a single-family home, worth not less than US$250,000, within two to three years. If he fails to do so, the government can impose a fine up to 40% of the sales price.
‘Undeveloped land cannot be resold until the development commitment has been fulfilled, or a penalty is paid to the government.’
Although several developments are underway on Tortola, such as Raffles, Cooten Bay, Scrub Island resort on the island of that same name, and Sands Hotel on Anegada, the article promotes Virgin Gorda as ‘The choice of the wealthy who want ultimate privacy. Prices for luxury villas typically range from US$1.2 million to US$3.5 million. Properties priced over US$10 million are also available.
‘Three-bedroom waterfront villas in Long Bay are priced at US$2,950,000. In Nail Bay luxury villa resort, a four-bedroom home starts at US3.5 million.
‘The newly opened Oil Nut Bay offers beachfront and hillside homes, and 27 estate lots ranging from 1.5 to 10 acres.’
You have many choices for luxury real estate in the British Virgin Islands. Contact any of our agents to discuss your options and how to buy in the BVI.