Costs to Buy and Own BVI Property

Buying Property in the BVI: What It Really Costs

Dreaming of owning a slice of Caribbean paradise? Here’s a concise breakdown of the real costs involved in buying and owning real estate in the British Virgin Islands.

Initial Purchase Costs

Stamp Duty & Transfer Fees

• Non-Belongers: 12% of the purchase price or appraised value (whichever is higher)
• Belongers: 4% of the same

Attorney Fees

• Typically 1–2% of the purchase price

Property Valuation

• Range: $600–$1,500 USD

Inspections

• Structural surveys: $1,500–$2,000
• Add plumbing, electrical, and roofing inspections separately

Bank Financing (If Applicable)

• Mortgage point fees: 0.5–1% of loan amount
• Financing legal fees: Around 0.5%

BVI Mortgage Snapshot

• Loan Coverage: Up to 80% of purchase price (varies by bank and financial profile)
• Interest Rates:
• Home loans: Prime + 1-2%
• Construction loans: Up to 8%

Local banks offering mortgages include Republic Bank, Banco Popular, FirstBank, CIBC Caribbean, VP Bank, and the National Bank of the Virgin Islands.

Ongoing Ownership Costs

Annual Property Tax

• Land Tax:
• First ½ acre: $50
• ½–1 acre: Add $150
• Each additional acre: + $50
• Example: 2 acres = $250/year
• Residential Structures (Homes, villas, condos):
• 1.5% of the assessed annual rental value
• Typical range: $300–$1,000 USD per year

Property Insurance

• About $1,000/year per $100,000 of coverage
• Covers hurricanes, earthquakes, floods, and tsunamis
• Expect a deductible of ~2% of the coverage amount

Final Thought

The upfront and annual expenses may vary, but they’re a fair price to pay for owning in one of the Caribbean’s most coveted destinations.

To explore listings or ask questions, contact Emerald Properties BVI at 284-541-6861.