Territory Day | Why Buy in the BVI
After looking through all of the Caribbean, you are probably asking yourself; why buy in the BVI?
Today we celebrate Territory Day – an annual tribute to the day upon which the British Virgin Islands gained self-governing status within the limits of British colonial tenure. As well as being a day of historic importance, it is also one that celebrates national pride. From the first recorded settlement of Arawak Indians in around 100 BC, to colonization and the atrocities slavery, to emancipation and prosperity – today is a day to honor that journey and celebrate what the BVI has become – one of the best places in this upside down world to call home. Here’s a little look at why it just flat-out makes sense for you to make it your home too.
1. Why Buy in the BVI? Unrivaled natural beauty
Well obviously. Emerald islands, swaying palm trees, over 150 white sand beaches, and crystal clear seas in every shade of blue you could possibly imagine. The BVI is the stuff of postcard-inspired dreams. The islands, with the exception of coral- and limestone-formed Anegada, were once part of a submerged mountain range created through volcanic activity so are dramatic and diverse in their topography. Unlike many comparable tropical destinations, the islands under British jurisdiction are neither overcrowded nor commercialized. In fact, of the 50 to 60 islands, cays and rocks that form the archipelago, only 15 or so are inhabited. The BVI offers not only beaches but rainforest, salt ponds, mangroves and miles of coral reef to explore. The entire area is peppered with stunning, secret spots that don’t have to be shared.
2. Why Buy in the BVI? Blue skies and sunshiny vibes
Let’s talk about the weather, which is nigh on perfect for at least ten months of the year. The BVI’s tropical rainforest climate is moderated by the trade winds which blow at varying strengths almost all year round. During September and October, they are at their weakest, making these two months the only really uncomfortable ones in the entire calendar year. Temperatures remain fairly consistent, rarely dropping below 77ºF (25º C) in the winter, or rising above 85º F (29º C) in the summer. The ocean remains warm enough to swim year round, yet never becomes too tepid to be refreshing. Annual rainfall sits at 45 inches, with the wettest months being September through November. Although when it does fall, the rain tends to do so in brief bursts that pass as suddenly as they appear. The aforementioned trade winds, temperate seas and consistent conditions make for some of the world’s best boating. Each island’s proximity to the next means safe and simple line-of-sight island hopping for the whole family. Whether you are a seasoned sailor or a water baby still wet behind the ears, the agreeable weather conditions make the BVI’s waters arguably the safest, most user-friendly in the Caribbean and reason why many why buy in the BVI.
3. Why Buy in the BVI? Political and Economic stability
The BVI is more than just a pretty face. It is an ideal offshore jurisdiction in which to establish a business or private interest. Underpinned by a thriving tourism sector and prosperous offshore financial services center, it features one of the most affluent economies in the Caribbean. With close ties to the US, UK and US Virgin Islands, the fact that the BVI has retained a certain dependency on its formal colonial powers affords it stability with a US-Dollar based economy and no exchange controls. There are also no restrictions on the movement of dollar funds into or out of the country. Investors are drawn by the country’s political stability, tax neutrality, low inflation, respected legal system and effective regulatory framework.
4. Why Buy in the BVI? A Low-Tax Regime
The BVI has long been referred to as a “tax haven” – a label the BVI government takes some pains to avoid lest investors look upon the jurisdiction as a place of tax evasion as opposed to tax avoidance. The latter is legal, the former most certainly not. The BVI is a low-tax jurisdiction offering freedom from income, corporate and personal tax. In addition, there is no withholding tax, sales tax, value added tax, capital gains or transfers tax, estate duty tax, inheritance or succession tax. Property taxes are nominal. Land tax at the rate of $50USD is due to the BVI government annually for any acreage under half an acre. $150USD is charged for the first half to one acre; $50USD for an additional acreage thereafter. House tax is levied annually at the rate of 1.5% of the assessed annual rental value. In practice, annual house taxes will generally be less than $1,000USD for a standard two- to three-bedroom home.
5. Why Buy in the BVI? A Changing World
The BVI was made for post-pandemic travel and investment. We feel that the universal tendency will be for travelers and prospective homeowners to gravitate towards more remote, isolated corners of the globe – low density multi-generational destinations characterized by well-spaced homes with private amenities and grounds. Ones focused on wellbeing, health and luxury, offering outdoor pursuits that can be enjoyed independently or at a safe distance from others. The ongoing necessity of remote working and learning will demand that these off-the-grid destinations provide seamless connectivity to the outside world. Premium properties in premium locations will always be the least affected in tougher times and the fastest to bounce back. The BVI has all that in spades.
So why buy in the BVI? Because you can.
Hand on our hearts, purchasing property here is absolutely not the daunting undertaking some believe it to be. Well, not when you have a team like the one at Oil Nut Bay ready to walk you through each and every step from start to finish. Check out our listings on Corcoran BVI.