If you want to buy property in the British Virgin Islands, and are a ‘non-belonger’ or non-resident, you must obtain a NBLHL (Non-Belonger Land Holding License) specific to the property you want to purchase.
You apply for this after your offer to the seller has been approved, and use the same attorney helping you with the real estate purchse. You will need various documents, references, survey, and more for the application, the fee for which is $200 for each person who will be named on title, and $300 for companies. The steps can take 8-14 months before you receive the NBLHL.
The fee to collect the final document is $600 for each person,or each company director or shareholder.
If you do not build what you said you would, in your application, and you want to sell, there is a 40% penalty you will pay on the sales price.
Sounds a bit confusing? Contact our local Coldwell Banker office to discuss how you can purchase in the BVI.
