10 Steps to Buying Your Caribbean Dream Home in the BVI

Buy a Caribbean home in the BVI

The 10 steps listed below will walk you through the process, hopefully toward a great investment and buying the Caribbean home of your dreams to live in paradise in the BVI.

1. Make an offer and give it your best shot

Your real estate agent will write a ‘Letter of Intent’ to purchase the property.

2. Leave an earnest money deposit

Your real estate agency can act as an escrow agent and hold a 10% deposit, usually in the form of a check.

3. Draw up a sales and purchase agreement

This is often best left to the attorneys.

4. Property Advertisement

It is mandatory for the property seller to advertise the property locally, with a contracted price, for four consecutive weeks. If no buyers step up to the plate, you are a step closer to acquiring your dream home.

5. Non-Belongers land holding license (NBLHL)

Non BVIslanders need to apply for a license to own property. Among other documentation, the applicant must present a police certificate, financial statements and personal references. Belongers have the advantage of skipping this step.

Note: A Belonger ‘belongs’ to the British Virgin Islands by birth, marriage, or special designation. A Non-Belonger does not hold these privileges.

Caribbean Dream Home

6. Be patient

It can take 4-9 months for approval of the NBLHL – longer if a sea bed lease is involved in the purchase of the property.

7. Submit the draft license for vetting

After approval, a license executed by the BVI Governor can take several weeks to be issued.

8. Again, be patient!

An important step throughout the process until it’s time to close.

9. Stamp Duty

After closing, duty of 12% of the greater of the appraised value or the contracted price must be paid by Non-Belongers. This amount is less for Belongers

10. Register

Present receipt of stamp duty along with transfer documents to have the property registered in your name.