LAND Words and photography courtesy of Bonnie Dougall, Principal Dougall Real Estate BVI
For an introduction to this forum, please see Dec 14/Jan 15 issue of Virgin Islands Property and Yacht or log on to bvipropertyyacht. com, and visit the VI Property Advice section under the Property tab on the homepage. Any queries, please contact vipy@alookingglass.com or the editor directly Stephen@alookingglass.com
Can I buy property in the BVI? The short and the long answer is ‘Yes.’ There are additional restrictions and requirements that off islanders must meet versus Belonger/Resident buyers, but land, resale homes and even custom building your own home are possible here. How do I buy property in the BVI? • The first step is to find the property, land, or a resale home you wish to purchase. Submit an earnest deposit, normally 10% of purchase price, along with a sales offer or Letter of Intent to Purchase to the vendor for an acceptable price and terms. • The property must be advertised in both the local papers and online advertising media for four consecutive weeks in order to allow BVI Belonger/ Residents an opportunity to match the offer and takeover the property purchase. If this does occur, your earnest deposit will be returned in full. • Purchaser and vendor then agree upon a legally binding Sale and Purchase Agreement. The purchaser must prepare and file for an Alien or Non-Belonger Land Holding License (NBLHL), which includes providing proof of good character, financial resources, a recent valuation of the property along with some miscellaneous items.
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VI PROPERTY & YACHT
Published by aLookingGlass Ltd.
• If you are building a new house, you must specify the number of bedrooms, bathrooms, and pools. No detailed building plans are required at this point although it is wise to get an architect/builder involved to see what could be constructed on the land before filing. The license will only be good for the property you are purchasing and is not a general license to own property in the BVI. How Long Does It Take to Purchase Property in the BVI? • The overall period varies from six to eight months at the writing of this article. • A due diligence period of usually two to three months is normally required for getting property appraisals, structural surveys, plumbing or electrical inspections, etc. completed in addition to running the four weeks of paper and online ads for BVI Belonger/Residents as well as possibly organising bank financing here. • The Alien/ Non-Belonger Land Holder License application must also be put together in this timeframe. It is highly recommended using a reputable local attorney’s assistance to prepare the NBLHL application as well as help verify property title, etc. • Government approval time for the NBLHL varies, but currently have been