Caribbean Realty Limited


BUYER'S INFORMATION
All overseas investors, including citizens of the United Kingdom, require a Non-Belonger Land Holding License to purchase property in the British Virgin Islands. Agreements to purchase property are therefore made contingent upon such a license being obtained by the purchaser. A license gives an entitlement to own a specific property.

Application for a Non-Belonger Land Holding License is made to the Government of the British Virgin Islands and must be supported by two character references, a financial reference, and a police certificate of good standing.

If the application for a license relates to undeveloped or partly developed land the applicant will be required to make a commitment to the Government of the British Virgin Islands to expend a specified sum on development within a period which will normally be less than three years. The development commitment required will rarely be less than $250,000 and will generally be proportionately more according to acreage. Environmental and other planning considerations will determine the appropriate level of development. Subdivision of land is not encouraged except as part of a comprehensive development scheme.
A property cannot be resold until such a development commitment has been fulfilled. The objective of the licensing regulations is to prevent speculation on undeveloped property. The Minister of Natural Resources and Labour is responsible for approval of license applications. Those in respect of sites that extend to more than three acres must be approved by the Executive Council.

There is a license-filing fee for individuals of $200.00 for each person or $500.00 for a company named on the application. Typically, approval may take between three and nine months to obtain. The fee for the grant of the license is $600.00 for each person or $1000.00 for the company named in the license. If an extension of time to register the license is required there is a fee of $100.00 for an individual and $300.00 for a company. The penalty for late registration of the license is $200.00.
There are no restrictions on an overseas investor reselling a developed property. An overseas investor is free to let a property on a long-term or short-term holiday basis upon approval of a Trade License application: Caribbean Realty Limited now offers excellent management services with an experienced management team to any prospective owners interested in short-term rentals.

The BRITISH VIRGIN ISLANDS law system is a combination of common law and statute, and is based heavily upon English law.

Caribbean Realty Bvi

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