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Victor International team stands ready to respond to any questions you may have to make realizing your dreams fast, easy and carefree.
Our company has legal counsel and a government liaison in the BVI, as well as paralegal help on staff to help make the permitting process an easy one for you. Please click on the
Contact Us links for more information.
The Non-Belonger Land Holding License.
When purchasing land in the BVI, you will encounter the term "BVI Belonger". BVI Belongers are those who are of BVI parentage or birth who hold BVI citizenship and have automatic UK citizenship.
All overseas investors, including citizens of the United Kingdom, require a Non-Belongers Land Holding License (NBLHL) to purchase property in the BVI. We are ready to assist you in preparing the necessary documentation you need.
Land Speculation is Discouraged.
The BVI Government and Oil Nut Bay discourage land speculation as this practice can potentially undermine the desirability of even the most select property. Consequently, those making an application for a NBLHL (Non-Belonger Land Holding License) on undeveloped or partly developed land are required to make a commitment to the BVI Government to expend a specific sum on development, normally within three to five years.
Environmental and other planning considerations determine the appropriate level of development. Undeveloped land resold before the development commitment has been fulfilled, will potentially result in a penalty paid to the government on closing.
Building Permits.
Development in the BVI is governed by Planning Guidelines that determine general policy. Before an application for a development license on a purchased lot is submitted to the Planning Authority and the Building Authority of the BVI, it will be reviewed by the Oil Nut Bay Architectural Review Committee to ensure that the proposed development meets the architectural and construction standards laid out in the Oil Nut Bay Purchaser Information Guide.
Architectural controls by the Developer are in place to:
- Preserve the beauty and coherence of the site.
- Ensure that sight lines are preserved.
- Ensure that plans conform to BVI guidelines.
Furthermore, to ensure your lasting satisfaction and protection, Oil Nut Bay requires that all building/structures erected at Oil Nut Bay meet building standards that conform to the rigorous ones in effect in Miami-Dade County, Florida. These standards are more restrictive that those required by the BVI, and they have been put in place to protect your investment and the integrity of our community. Of course, final approval of development plans rests with the Planning Authority and the Building Authority of the BVI.
Taxes
You will find that taxes in the BVI are set at a reasonable level and are comparatively easy to understand. As a purchaser of property in the BVI, you will pay:
- A one-time Stamp Duty at the rate of 12% of the price or evaluation of the property.
- An annual Land Tax based on acreage: $50 for the first half-acre (0.2 hectares) or less; $150 for the next half-acre to one acre (0.2 - 0.4 hectares); $50 for each additional acre (0.4 hectare).
- A House Tax levied annually at the rate of 1.5% of the assessed annual rental value.
For homeowners who are not ordinarily residents of the BVI, only income arising in the BVI (such as holiday rental income) will be taxable in the BVI. The tax is levied as a hotel accommodation tax of 7%.