Long Bay Residences Buyer's Guide 2023

Buyer’s Guide

An Opportunity to Own Your Own Piece of Paradise

A truly unique and exclusive opportunity to own your piece of paradise with membership access to the full service resort and amenities. Nestled on the picturesque shore of Long Bay Beach, relax in nature and experience the laid back luxury of the Caribbean at this scenic hideaway.

A multi-million dollar renovation to its pools, tennis courts, spa and restaurants is nearing completion, all while being voted one of the best boutique hotels in the Caribbean, makes the decision to choose Long Bay Resort as your second home a simple one.

Little Secret

Why Choose Long Bay?

The British Virgin Islands are comprised of over 50 islands, each with their own unique settings. Tortola, Virgin Gorda, Jost Van Dyke, and Anegada are home to some of the most breathtaking views on earth. The BVI is a marvel of luxury, natural beauty, and seclusion; the perfect location for your new home.

For A Less Taxing Life, Own A Home At Long Bay

Long Bay Villas come in both 2 and 3 bedroom floor plans. Total square feet is either 2,364 sqft or 3,238 sqft. All villas are equipped with plunge pools, luxurious living spaces, and top of the line appliances.

Owner Benefits

Worry-free ownership with experienced operators.

Entirely optional rental program with no restrictions on owner usage.

Multiple amenities included, such as a resort pool with a swim up bar, tennis courts, conference and event centers, as well as multiple restaurants on the property.

Turn Key units with full property management, marketing, reservations, and concierge services. Fully furnished package options available.

Passive rental income opportunities offsetting expenses or potentially generating passive income depending on down payment amount.

Revenues and Cost of Ownership

The Long Bay Residences rental program is designed to offset the cost of ownership and to be as flexibile and stress-free for owners as possible. Because it is your home; it is entirely optional. If you do decide to join, there are no restrictions on how often you can use your own residences. You simply book yourself in.

2 Bed Expenses and Assumptions

LBR Membership*

Utilities (Electric/WiFi/Cable)

Insurance Property Tax

Total:

Projected Income:

**

**

*Long Bay Membership includes HOA, road maintenance, common area utilities, landscaping, sewer, and full resort amenity access: Pool, Tennis, Restaurant, Johnny’s Hideaway and LBR Coffee. **assumes60%of$1,799pernight@35%occupancyrate.ThehotelroomsatLongBayResortran over60%occupancyin2022.

Revenue

Long Bay Resort takes care of all the marketing, reservations, maintenance, operations, as well as all the expenses realted to a guest’s stay, such as commisions, maid services and concierge services. The revenue will be a 60/40% split between the Villa Owner (60%) and the Resort (40%).

Priced from $1.25M-$1.5M USD 2,364 total square feet (1,526 sqft of interior + 838 sqft of exterior space)

2 Bedroom 2 ½ Bath Villa with Private Plunge Pool 2

3 Bedroom 2 ½ Bath Villa with Private Plunge Pool

Priced from $1.7M-$2.1M USD 3,238 total square feet (2,119 sqft of interior + 1,119 sqft of exterior space)

The Buying and Construction Process

We understand that merely the thought of buying property on a small Caribbean island might result in many questions or stress, so we are here to guide you through the entire process.

Here’s The Deal.

1. Put down a $20k fully refundable deposit to stick a pin in your chosen Villa toreserve it for 60 days.

2. Ifyouchoosetoproceed,you’llenterintoanAgreementforSalefortheLot and a Construction Agreement for the Villa.

3. You’ll be asked to top up the deposit to 10% of the full purchase price.

4. To get things moving promptly, construction can begin at this point.

5. During the build, you’ll be asked to pay 4 construction stage payments with each stage being independently verified as completed.

6. The fifth and final stage payment will be due upon the issuance of a Certificate of Completion.

Non-Belonger’s Land Holding License

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 lot 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 purchase the property in your own name or as a company. The process is pretty much the same.

Currently the Licence process is taking around 6-9 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?

However, the deal is structured so that construction can progress whilst the Licence application process happens in the background. Subject to the weather, etc, etc, if all goes well, you should receive the keys to your new completed home in the islands within approx. 18 months from contract signing.*

Legal Advice and Closing Costs

It is important to us that you are comfortable and 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. Your closing costs will be in the region of 14% including stamp duty, legal fees, Licence fees, appraisals and surveys.

*Note: In the really, really unlikely event that your Licence is not approved, you’ll be able to use the Villas as yours until it is sold on, enabling you to get your money back. The alternative is to wait until the Licence is approved before construction begins.