Long regarded as one of the world’s greatest getaways, Rosewood Little Dix Bay offers a level of refinement unrivaled in the Caribbean. An eco-tourism destination long before the term was ever coined, the exclusive resort, developed by conservationist Laurance Rockefeller over half a century ago, celebrates Virgin Gorda’s untamed natural beauty.
There are limited opportunities to own your own heavenly hammock spot within the Little Dix Bay Estate including a choice of villas and vacant lots, all of which offer simply breath-taking ocean and island views. All provide easy access to the water and to the first class facilities Little Dix Bay has to offer.
Your home in good hands
Whether you choose to buy an existing Villa or build your a home from scratch, you will be in good and capable hands. The team at Little Dix Bay can provide full property management services to keep your home in the condition that befits a residence within a world class Rosewood Resort.
If you decide to buy a Lot and build, there is plenty of flexibility in terms of the design of your Caribbean dream home . You are encouraged, however, to design within the Rockefeller ethos of blending with nature. Help is on hand from a team of expert Architects, Project Managers and Contractors, all of whom have lots of experience building luxury homes in the British Virgin Islands.
Your Caribbean Sanctuary
Because your home at Little Dix Bay is your personal sanctuary in the islands, it’s entirely your choice to place your home in the optional rental program or not. If you want to live there year round, you can. If you choose to rent your home, the program is designed to ensure the income can go a long way to offsetting the costs of ownership.
The Buying Process
We understand that merely the thought of buying property on a small Caribbean island might result in a few sleepless nights so we will be sure to hold your hand through the entire process. It’s not complicated but there are a few hoops to jump through.
Offer and Deposit
We will ask you to submit a written offer along with a 10% deposit which will sit in an escrow account and will be returned to you if you don’t enter into an Agreement for Sale with the Seller. If you do enter into such an agreement, the deposit becomes subject to the terms of the agreement.
Non Belonger’s Land Holding Licence
If you are not from the British Virgin Islands, you will need to apply to the BVI Government for a “Non Belonger’s Land Holding Licence”. The Licence gives you permission to own the specific property you are interested in. You’ll need a police certificate to show you are not a criminal, bank statements to show you can afford it and some references. You can buy the property in your own name or as a company. The process is pretty much the same.
Buying a Lot
If you are buying a Lot, you will need to describe in your Licence application what it is you intend to build (eg; a 3 bedroom villa with a pool) and approximately how much you intend to spend. We will introduce you to a team of highly professional Architects and Construction Managers at an early stage so that you have a good sense of what is possible and how much it will cost. You can always make amendments later on if your plans change.
Legal Advice
It is important to us that you are comfortable that you have received independent, sound legal advice. We will recommend a BVI lawyer to advise you and help with the Agreement for Sale, your application for the Licence and closing. The Licence costs a few hundred dollars. Legal fees are typically 2% of the first $50k and 1 to 1.5% of everything over that.
Appraisal
You will need an appraisal to accompany the Licence application and that costs approx. 0.1% of the purchase price. Stamp duty, paid by the Purchaser at closing, is 12% of the higher of the sale price or appraised value. So along with the legal fees, appraisal and surveys, if any, you can estimate that closing costs will be in the region of 14% in total.
Typically closing occurs within 30 days of the Governor of the BVI signing your Licence. Currently the entire process is taking around 5 months. We are, of course, in the Caribbean and the pace of life is a little slower so don’t panic if it takes a little longer. After all, isn’t that the whole point of wanting to spend more time in the islands?
Revenues and Costs of Ownership
Home owners at Rosewood Little Dix Bay can benefit from an attractive and competitive rental program. It is entirely optional but many owners choose to opt in to the rental program to offset the costs of ownership. If you do decide to join, there are no restrictions on how often you can use your home.
Revenue Split
After an administration fee of 20%, the balance is split 50/50 between the Resort and the home owner. Owning a property in the rental pool not only gives you access to typical resort services such as housekeeping. It also comes with a dedicated butler, access to provisioning from the resort stores for home owners as well as complimentary usage of fitness and tennis coaches not to mention 3 outstanding restaurants, In-room dining, full beach service and a Rosewood Sense Spa. The investment that the Resort owners have made into Little Dix Bay since 2015, and the exceptional levels of service that are unique to this Rosewood property, means that Little Dix has been restored to its former glory as one of the premier luxury resorts in the Caribbean. Its achievable nightly rates have therefore risen considerably.
Expenses
HOA fees are in currently the region of $5k per month. Villa specific expenses include the following:
•Annual Property Insurance - rates are currently running at approx. 1.3% of the replacement value of the home. This includes hurricanes, earthquakes and flood cover.
•Annual Property tax on a Villa at Little Dix Bay is likely to be in the region of only $1500 per year.
•Pool and garden maintenance varies depending on the landscaping but a $1000 to $1500 per month is a good budget number to work with.
•Pest Control, garbage disposal, sewage disposal, Cable TV etc. amount to approx. $500 per month.
