However, buying a property in the BVI may require some time and patience but once here you know the decision was right.  In fact the average expatriate home owner has owned their home here for many, many years.  Once your offer is accepted by the vendor starts the beginning of the process where, a “Non Belonger Land Holding License” must be applied for by your lawyer.  Approval of this license gives you permission to own your newly acquired property. In most cases the process takes around 12 months, thereafter completion and transfer of title takes about 30 days.  But do you really have to wait a year or so to move into your new home?  No. you can do what is commonly done and that is be in your new home under ‘tenancy at will’ a practice that is often used as well in North America.   One other regulation, if you are not from the BVI, the property must be advertised for four weeks in the local press to give any local person the opportunity to purchase the property on the same terms.

 

Financing can be secured from a number of BVI banks, once the Non Belonger’s Land Holding Licence is approved.   In saying that, the banks however will pre-qualify you so you know the financing is in place prior to applying for the License. Loan to value ratios vary from bank to bank but approximately 80% would be typical and both fixed and floating rates are available. Interest rates however, tend to be a little higher than in the North America. Securing mortgage financing from a local home lender for a BVI property is not an option but what is often done is mortgage financing placed on the primary residence and the funds brought down for the BVI property. 

Should you wish as an expat to rent your newly acquired property, you ask permission to do so when you apply for your Non Belonger’s Land Holding Licence: a process that requires a trade license. If you buy a home that was previously rented, within a villa vacation resort area or is a marina property this is just likely a formality.  And why not make money on your property while you are not here.  Visitors from around the world come to the BVI all year long and often prefer a home environment to a hotel.  As a result there is a number of professional property managers that will take care of all your property needs whether rented or not.

Further to your offer to purchase there is a 12% government stamp duty on the purchase price of the property or on the appraised value; based on whichever is higher.   If you choose to build your home you will pay this on the sale price or value of the land and not on the dwelling once built.  Despite this loaded upfront charge you can be rest assured as it is offset by annual Property Taxes in the BVI that tend to be low, in fact in the hundreds of dollars.

The islands of Tortola, Virgin Gorda, Camanoe and a new development at Scrub Island are the islands featuring expat homes and communities.  While the islands of Peter, Cooper, Guana, Jost Van Dyke, Little Thatch and Necker Island host hotels that range from cottage like to the very high end and have little or no residential community.  All worth a visit once you are here.

The economic climate of the BVI is very strong which contributes to the attraction for real estate investment.  The economy is based on the offshore financial services industry and tourism and is one of the strongest economies in the Caribbean.  In fact, the annual budget in 2009 for the BVI with a population base only of 25,000 is $300 million.   Tourism is the backbone of the economy, as it employs a great many people, while Financial Services is the body from which nearly 50% of the Government revenue is generated   In actual fact, the BVI is considered globally as one of the leading offshore jurisdictions, with over 550,000 registered companies appreciating it’s corporate domicile, trust and estate planning and mutual funds administration along with it’s no capital gains, income or any other kind of tax including taxes levied on offshore and banking transactions, all of which is regulated by an independent BVI authority, the Financial Services Commission.   Whitten Trust of the Whitten Capital Group is based in Tortola as well as Whitten Caribbean Real Estate.  Contact Whitten Trust/Capital Group for further information on streamlining your asset management needs .  The BVI economy also benefits from its affiliation with, and funding from the UK, its legal system based in English law and the advantages of a US Dollar monetary system.  While enjoying economic stability; as a result of this affiliation, the BVI also secures political stability through the UK and the US.

In 2008, 345,934 people visited the BVI and almost 600,000 visited for one day via cruise lines and boats.

Getting to the BVI is done through Puerto Rico, St. Maarten or Antigua by air or St. Thomas by ferry.  The B.V.I.'s airport T. B. Lettsome Airport (eis) is serviced by American Eagle, Cape Air and Liat from Puerto Rico, (40 minute flight); and Liat from St. Maarten, (40 minutes) and Antigua (1 hour).  These flights provide a beautiful means to enjoy the stunning views of the 50-plus islands and cays that comprise the British Virgin Islands virgin beauty. Flying into St. Thomas in the U.S.V.I. is another option and then it is just a scenic 50 minute ferry ride from St. Thomas to Tortola, arriving either to West End or Road Town, Tortola.  And since the ferry terminal is a 7 minute drive from the St. Thomas airport, it makes it an easy option.

The B.V.I. with its year-round trade winds and temperate weather is considered sub-tropical in nature, with temperatures that fluctuate very little throughout the year; low to mid 80’s in the winter during the day and mid to upper 80’s in the summer and with always a trade wind.  Evenings can even be quite cool.  Living out doors is a way of life in these islands, not to mention on the beach where there are many of them!  Some found on protected anchorages in peaceful palm-fringed coves to stretches of white to pink inviting sandy beaches that may or may not have a soul, a restaurant or chair.  Whatever your desire there is a beach for you wherever in the BVI islands.

And you will find the BVI is filled with contrasting and incredible awe inspiring views from spiraling sheer rock faces cascading to the sea, to the spectacular huge boulders and rock formations found at The Baths on Virgin Gorda, to dramatic volcanic formed mountains, to Anegada the flat all-coral atoll that rises a mere 26 feet from its distinctive ethereal aquamarine sea. From island to island there is a difference in topography not to mention vegetation.  Swaying palms trees and tropical fruit trees such as banana, mango, lime and grapefruit trees along with flowering hibiscus and bougainvillea bushes and yet another island may reveal arid terrain featuring varieties of cactus or even the remnants of an old fort.  With such varied and intriguing environment both on land and on sea, these islands are appealing to all whether a diver, boater, hiker or beach go’er.   Then there is the islands' music – from indigenous fungi, reggae or steel pan sounds particularly heard during Festival held at the end of July, to the long weekend in May when the territory is host to the BVI Music Fest, with an array of Internationally acclaimed artists entertaining right on the beach at Cane Garden Bay, Tortola.  2009 featured such headliners as Daddy Yankee, Tanya Stephens, Queen Ifrica to the Drifters.

 

And the BVI cannot be mentioned without reference to its many fine sailing regattas, particularly the BVI Spring Regatta held every year for a week at the end of March beginning of April.  Sailors globally come to compete in the finest of sailing meets along with the Rolex in St. Thomas and the Antigua Race Week.  Then of course the BVI is also re-known for its diving and snorkeling.  Shipwrecks right off its shores to stunning coral gardens, canyons, tunnels and caverns all teaming with underwater life, regale all from the seasoned to new diver to snorkeler.   And as the current is almost non-existent, photo opportunities are endless.

 

So come live and play in the friendly, picturesque British Virgin Islands.  Quality of life abounds and the scenery is definitely ‘nature’s little secret’.  The British ah and awe Virgin Islands where peace and tranquility abounds and Caribbean vistas will simply take your breath away.