SEALING THE DEAL as a BVI newbie

By Willa Tavernier, O’Neal Webster BVI.

For many, buying property in the BVI is often the realisation of a personal dream. So you’ve finally gotten there and purchased your home in the BVI—now what? 

Legal Matters.

After completion, your lawyer should provide you with the following:

• A stamped and registered original instrument of transfer (this takes several weeks to receive)
• If there was a mortgage on the property, a stamped and registered original discharge of charge
• If you purchased using a loan, a stamped and registered original instrument of charge (mortgage)
• A certified copy of the land register reflecting your name as the proprietor (owner) of the property
• If you are a non-belonger, a stamped and registered copy of your non-belonger’s Landholding Licence
• A final bill and reimbursement of any unused fees

Bear in mind that the Land register—a public register—can be accessed by anyone. If your neighbours want to get a copy of your documents to see how much you paid when buying your house (and vice versa), then they can do so.

Utilities

At this point you will need to change all utilities into your own name.

The utilities will require an application for new service and the name of the last person who received service at the property. Most require a deposit on account sufficient to cover 2 months service. You will need to do this with the bVi electricity Corporation, The Water & sewerage Department, Cable TV, and the telephone/internet service provider (there are three: CCT, Digicel and LIME).

Taxes

You will have paid Stamp Duty and Registration Fees on your transfer (and charge, if any). However, annual property taxes must be kept up to date. As soon as you have a copy of your registered transfer, you should take it into the Inland Revenue Department for them to update your records. Property Tax is comprised of two elements: Land Tax, which is based on the acreage of the property; and House Tax—which is based on the rental value of the house.

You should also get specialist tax advice to guide you on the impact your home purchase will make on your tax liabilities in your country of citizenship, if applicable.

Immigration Status

If you are a non-resident, your property purchase under a non- belonger’s landholding licence entitles you to a six-month stay in the territory—in any twelve-month period—subject to any extension granted by the chief immigration officer. You can take your non- belonger’s Landholding Licence to the immigration Department, where you will receive a card that can be carried in your wallet and shown to the immigration officials at the airport or seaport when you re-enter the BVI. Without this, anyone entering is only entitled to a 30-day stay.