Here's How to Buy in The British Virgin Islands
If you are considering purchasing property in the Caribbean, the BVI must surely be near, if not at, the top of your list. Prices, which still compare very favourably with our neighbours in terms of value for money, have been rising steadily and are forecast to continue to do so. If you bring with you, along with the necessary financial wherewithal, a love of the BVI lifestyle and culture and a willingness to join and contribute to our community, you will be warmly welcomed.
Here’s the process for buying property in the BVI…
1. Let Coldwell Banker Real Estate BVI, part of one of the world’s largest and most experienced professional real estate organisations, help you find your perfect property.
2. Appoint a BVI lawyer to assist you with the purchase. Again, Coldwell Banker can help with recommendations.
3. Submit your Offer along with a 10% earnest deposit, which will be held in escrow pending acceptance and completion.
4. If your offer is accepted, you will enter into an Agreement for Sale and Purchase with the Seller.
5. If you are not a BVIslander the property must then be advertised for four weeks in the local press to give any local person the opportunity to purchase the property on the same terms.
6. If applicable, your lawyer will help you apply to the BVI Government for a “Non Belonger’s Land Holding Licence”. Approval of this licence gives you permission to own the particular property*.
7. Completion and transfer of title typically happens 30 days after the Governor of the BVI has signed your Licence.
*Take note, if your Licence takes a little longer to be approved than you might have expected, don’t panic. Whilst completing and submitting your application is not particularly complicated, it can take a while to work its way through the system and a wait of several months is not unusual. Consider this to be your first test of your ability to live on island time! After all, good things are worth waiting for.