We all know the Caribbean Islands crown the list of Top Travel Destinations. Perhaps it’s time to invest in paradise by purchasing your own private piece of British Virgin Islands Real Estate. If you seek serenity, breathtaking Caribbean Islands vistas and sailor’s tradewinds, then the British Virgin Islands are for you. We have all the steps you need to purchase your very own secret hideaway.
- Find a reliable British Virgin Islands broker to make the process a smooth one. Coldwell Banker www.coldwellbankerbvi.com, Seaglass Properties www.seaglassproperties.com, Trude Real Estate www.trudebvi.com, and Real Estate BVI www.realestatebvi.net are among the knowledgeable firms on the islands. *Insider’s Tip: Realtors do not post “For Sale” signs or hold open houses in the BVI. BVI realtors do not require exclusive listings so some properties are listed by more than one company. Just because you see a property in the newspaper does not necessarily mean that it is available. British Virgin Islands law requires the purchase of a “Non-Belonger” (buyers from outside the BVI) to be advertised for four weeks after the sale.
- Hire a BVI Attorney to assist you with the purchase.
- All investors who are not BVI citizens must obtain an “Non-Belonger’s Land Holding License” to purchase property in the BVI. Your lawyer will help with the application. Beware: your License may takes longer to be approved than expected. A wait of several months is common as the application works its way through the system. Consider this your first experiment in living on island time!
- Enjoy viewing gorgeous island properties until you find the perfect BVI home…!
- Submit your Offer and a 10% earnest deposit for escrow pending acceptance.
- Once the offer is accepted, you will enter into an Agreement for Saleand Purchase with the Seller. Remember, if you are “Non-Belonger”, the property will be advertised for four weeks to give any local person the opportunity to purchase on the same terms.
- Completion and transfer of title usually occurs 30 days after the Governor of the BVI has signed your “Non-Belonger’s Land Holding License”.
If needed, you can get financing from a number of BVI banks once your “Non-Belonger’s Land Holding License” is approved. Most banks will pre-qualify prior to applying for the License. Mortgage finance up to 80% of the appraised value or the purchase price, whichever is the lesser,