Homeowners/Property insurance that covers catastrophic events such as hurricane, fire, flood etc. is available to homeowners at Oil Nut Bay and offered by multiple insurance companies. Owners are responsible for acquiring their own property insurance under the jurisdiction in the British Virgin Islands.
Taxes in the BVI are set at a reasonable level with a comparatively simple structure. Real Estate transactions in the BVI are subject to a one-time Stamp Duty. Stamp Duty is levied at a rate of 12% for Non-Belongers and 4% for Belongers. An annual Property Tax is payable to the BVI Government at the … Continued
Application for a Non-Belongers Land Holding License is made to the Ministry of Natural Resources of the Government of the British Virgin Islands. The Ministry processes the application and subsequently submits it to Cabinet for determination. It must be supported by a financial statement, references as needed, a police certificate of good standing, as well … Continued
All overseas investors, including citizens of the United Kingdom, require a Non-Belongers Land Holding License to purchase any property in the British Virgin Islands. A license entitles the purchaser to own a specific property and is non-transferable. The timeline from application to approval for the Non-Belonger Landholding License is usually 60 to 90 days
Several banks in the BVI offer retail banking services to overseas purchasers subject to status. Banks will consider financing land and new construction financing may also be available. Interest rates are generally pegged to LIBOR or New York Prime rate for terms of up to 25 years and usually require 25% down.
All real estate at Oil Nut Bay is freehold.