Buying BVI! The fees associated with buying land or homes in the British Virgin Islands are a little different compared with buying real estate elsewhere in the world. The good news is, these fees are not at all out of line — and worth every penny considering you’ll own a piece of paradise on a tropical island!
Stamp duties and transfer fees:
Non-Belongers: 12% of the purchase price or appraised value of the property being acquired
Belongers: 4% of the purchase price or appraised value of the property being acquired
Attorney fees:
Property law firms in the BVI usually charge 1-2% of the purchase price.
Property valuations:
Formal appraisal fees can vary but are generally $600 – $1500 USD.
Inspections:
Bank Financing
Mortgage point fees vary but are generally 0.5%-1% of the loan cost and lawyer fees normally 0.5%.
Interest Rates
Banks in the British Virgin Islands* currently cover around 80% of the property value, but the actual percentage will of course depend upon your financials.
*Republic Bank, Banco Popular, First Bank, CIBC First Caribbean International, VP Bank, and National Bank of the Virgin Islands.
Annual property taxes
House insurance:
Full homeowners property insurance — which normally covers all perils such as hurricanes, earthquakes, tsunamis, and floods — costs about $1,000 annually per $100,000 of coverage provided. Deductibles are usually around 2% of total coverage range.
Call or contact Emerald Properties BVI 284-541-6861; your trusted partner for Buying BVI.
