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What are the procedures to buy real estate in the BVI?
 
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mopirate
Link to this postPosted: Fri Dec 06, 2013 2:23 pm    Post subject: Note What are the procedures to buy real estate in the BVI?

Are there procedures? Is it difficult?

Pirate
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walker
Link to this postPosted: Fri Dec 06, 2013 5:37 pm    

First, after you have reached an agreement with a seller, the seller must then post notice of the proposed sale in the local newspaper for 4 consecutive weeks. Any belonger then has the right of first refusal - they can take the purchase right out from under you.

The big hurdle is getting a non-belonger's landholding license, which is required by the government before a non-belonger can own land.

I have the application form online here. You complete the form and send in the necessary documentation with it, and then you wait.

And wait.

And wait.

It can take a year or longer to get it approved. It is not a difficult process - it just requires a few government people to actually do something.

When it is approved, you can complete the purchase. You have to pay a 12% "stamp duty" to the government on completion of the transaction.
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