British Virgin Islands Sotheby's International Realty

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NAVIGATION
Buyers Information Financing BVI Statistics Get to BVI Useful Links

BUYER'S INFORMATION
OVERSEAS INVESTORS
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.
LICENSE APPLICATIONS
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.
LICENSING FEES
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.
LICENSING AND LAND DEVELOPMENT
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.
REAL ESTATE TAXES
On the transfer of title to a property, Stamp Duty at the rate of 12% (Twelve Percent) of the higher of the contracted price or appraised value is payable by the transferee (purchaser). Land Tax at the rate of $50.00 is paid annually for a any acreage under a half of an acre. $150.00 is charged for the first half an acre to one acre and $50.00 for any additional acreage thereafter. House Tax is also levied annually at the rate of 1½% of the assessed annual rental value.
RESELLING AND LETTING PROPERTY
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. 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.
The BRITISH VIRGIN ISLANDS law system is a combination of common law and statute, and is based heavily upon English law.
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FINANCING - Banks of the British Virgin Islands•
Banco Popular de Puerto Rico •
Mrs. Sandra Scatliff P.O. Box 67 Road Town, Tortola British Virgin Islands Tel: 284-494-2117 Fax: 284-494-5294
First Caribbean International Bank Email: barcbvi@surfbvi.com
Mr. Michael G. Spencer P.O. Box 70 Road Town, Tortola British Virgin Islands Tel: 284-494-2171 Fax: 284-494-4315
FirstBank Virgin Islands
Mr. Melvyn Stoutt P.O. Box 435 Road Town, Tortola British Virgin Islands Tel:284-494-2662 Fax: 284-494-3863
VP Bank (BVI) Limited E-mail: vpbank@surfbvi.com
Mr. Peter Reichenstein P.O. Box 3463 Road Town, Tortola British Virgin Islands Tel: 284-494-1100 Fax: 284-494-1199
National Bank of the Virgin Islands Limited
Mrs. Doris P. Smith-Scatliffe P.O. Box 275 Road Town, Tortola British Virgin Islands Tel: 284-494-3737 Fax: 284-494-3119
Scotia Bank (British Virgin Islands) Limited
Ms. Joycelyn Murraine P.O. Box 434 Road Town, Tortola British Virgin Islands Tel: 284-494-2526 Fax: 284-494-4657
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THE BRITISH VIRGIN ISLANDS TODAY•
Status:	British Overseas Territory
Area:	153 sq km (59 sq miles)
Population:	27,000 (estimate for 2005)
Capital:	Road Town, Tortola
Languages:	English
Religion:	Christian
Currency:	US Dollar
Major political parties:	National Democratic Party (NDP), Virgin Islands Party (VIP).
Governor:	His Excellency Boyd McCleary
Premier:	The Honourable Ralph Telford O’Neal OBE

ECONOMY
GDP per capita:	$41,700 (2006 estimate)
Annual Growth:	7.2% (2006 estimate)
Inflation:	1.9% (2005)
Major Industries:	Tourism, international financial services
Major trading partners:	US Virgin Islands, and the USA
Exchange rate:	UK£1 = US$1.50 (March 2010)

HISTORY
Discovered by Columbus in 1493, the islands came into British possession in 1666 when planters took control from the original Dutch settlers. The islands were annexed by the British in 1672. In 1872 they were incorporated into the British colony of the Leeward Islands. These islands were administered under a federal system until 1956 when the Federation was dissolved. The Governor of the Leeward Islands continued to run BVI until 1960 when an appointed Administrator (later a Governor) assumed direct responsibility.
INTERNATIONAL RELATIONS
The British Virgin Islands enjoy a close relationship with the other Caribbean Overseas Territories. Whilst the influence of neighbouring USVI is strong (US education and satellite TV), the BVI continues to value its association with the UK, which is regarded as an important aspect of the country's personality, making it distinct from the USVI. The Caribbean is a very interesting market in an increasingly global property market. The BRITISH VIRGIN ISLANDS law system is a combination of common law and statute, and is based heavily upon English law.
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HOW TO GET TO THE BVI•
There are no direct flights to the British Virgin Islands from Europe or the USA. All flights connect through another Caribbean airport such as: Antigua, St Thomas, Puerto Rico, St Kitts or St Maarten.
Passport Requirements:
US citizens require a valid passport to enter the British Virgin Islands with proof of a return or onward ticket. View full details (opens another window) European citizens require a valid passport to enter the British Virgin Islands with proof of a return or onward ticket. Visitors from some countries may require a visa - if in doubt please check with your nearest BVI Tourist Board. If you are travelling to the BVI via the United States of America you will need to be in possession of a machine-readable passport. Allow plenty of time between flights or ferries to avoid missing your connection.
How to get to the British Virgin Islands from:
United Kingdom Rest of Europe USA or Canada St Thomas, USVI
•United Kingdom via Antigua (ANU)
Direct flight with British Airways, British Midland, Sunsail and Virgin Atlantic British Airways - operates a scheduled service daily from LGW British Midland - operates a Sat only flight via Manchester from LHR Sunsail - operates a charter service on Fri only from LGW Virgin Atlantic - operates a scheduled service on Weds/Fri/Sat from LGW (at certain times of the year the Friday flight flies via Barbados)
Once in Antigua you can connect to Beef Island, Tortola (EIS) with LIAT which offers a daily flight service. You can also choose to charter a private flight with either Island Birds or Fly BVI.
•Rest of Europe
From France - Air France operates direct flights from Paris (PAR) to St Maarten (SXM). Then connecting flight to Beef Island, Tortola (EIS) From Denmark - Scheduled service available from Copenhagen to San Juan (SJU) via Madrid (MAD) or a USA hub. Then connecting flight from San Juan. From Germany - Scheduled services available from Frankfurt and Munich via London, Madrid, Paris or a USA hub. Then connecting flight from either San Juan, Antigua or St Maarten. From Holland - Scheduled services available via London, Madrid, Paris or a USA hub. Then connecting flight from either San Juan, Antigua or St Maarten. From Ireland - Scheduled services available via London, Madrid, Paris or a USA hub. Then connecting flight from either San Juan, Antigua or St Maarten. From Italy - Scheduled services available via London, Madrid, Paris or a USA hub. Then connecting flight from either San Juan, Antigua or St Maarten. From Spain - Iberia Airlines operates direct flights to San Juan (SJU). Then connecting flight to Beef Island, Tortola (EIS). From Switzerland - Scheduled services available via London, Madrid, Paris or a USA hub. Then connecting flight from either San Juan, Antigua or St Maarten.
Connecting flights from:
Antigua (ANU) to Beef Island, Tortola (EIS) - Scheduled flights available with LIAT. Private charter flights available with Fly BVI or Island Birds. Peurto Rico (SJU) to Beef Island, Tortola (EIS) - Daily flights available from Air Sunshine, American Eagle, Cape Air. Private charter flights available with Fly BVI or Island Birds. St Maarten (SMX) to Beef Island, Tortola (EIS) - Flights available with LIAT or Winair.
USA or Canada•
You can fly from the USA/Canada to Puerto Rico (SJU) or to St Thomas, USVI (STT) Puerto Rico (SJU) to Beef Island, Tortola (EIS) - Daily flights available with Air Sunshine, American Eagle and Cape Air. Private charter flights with Fly BVI and Island Birds. St Thomas, USVI (STT) to Beef Island, Tortola (EIS) - Daily flights available with Air Sunshine and Cape Air. A regular ferry service to the British Virgin Islands is available from the ferry terminals at Charlotte Amalie or Red Hook, St Thomas.
•St Thomas (USVI)
St Thomas, USVI (STT) to Beef Island, Tortola (EIS) - Daily flights available with Air Sunshine and Cape Air St Thomas, USVI (STT) to the BVI - Regular ferry services to the British Virgin Islands are available from the ferry terminals at Charlotte Amalie or Red Hook, St Thomas
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USEFUL LINKS•
BVI Travel Offers
News:
BVI Beacon Newspaper Island Sun Newspaper VI Standpoint Newspaper BVI News online BVI Platinum News Virgin Islands News Online
Publications:
BVI Welcome Magazine Limin' Times Business BVI BVI Yacht Guide BVI Property Guide BVI Marine Guide
Tourism:
BVI Tourist Board BVI Chamber of Commerce & Hotel Assoc. BVI Tap Association/Jewels of the BVI
Government:
Official BVI Government Website BVI Airports Authority BVI Department of Disaster Management BVI Conservation and Fisheries BVI Financial Services Commission BVI Health Services Authority BVI Human Resources BVI Immigration Department BVI National Parks Trust BVI Ports Authority BVI Social Security BVI Deputy Governor’s Office BVI Developmental Planning Unit BVI Town and Country Planning BVI Shipping Registry Article submission list
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