People who are interested in buying real estate in the British Virgin Islands should know that it can be a long process because of the necessary paperwork. It should also be known that it is a seller-oriented market, and there is not usually a huge abundance of houses available to sellers. People who own real estate are generally attached to their homes, as it is not so common for locals to move around a lot during their lives. Nevertheless, this process is definitely possible to go through with, so those who are interested just have to make a serious commitment and be patient.
Attorneys and Real Estate Agents
People who are interested in British Virgin Islands property should hire an attorney to help them obtain the Non Belonger Land Holding License (see below). Real estate agents can help you with finding local attorneys who will help you out.
Real estate agents can also be very helpful when researching properties, because they are familiar with the inside process.
Rules, Regulations and Restrictions
Foreigners who wish to buy real estate in the British Virgin Islands must obtain a Non Belonger Land Holding License. This document is necessary to close the deal when purchasing property. It takes anywhere from 8-18 months to finally obtain one of these documents.
The first step in this process is settling on a property. You should then correspond with your real estate to put together the Letter of Intent, the initial purchase offer. This letter should contain information on obtaining financing, a clear title and favorable inspection results.
You then must sign an Agreement for Sale and Purchase with the property seller. After you sign, you must correspond with local attorneys to apply for the Non Belonger Land Holding License.
While you are waiting for this License to clear, you will have to put down a 10% deposit of the property price to secure the deal. You must pay this via check to the Island Real Estate Trust.
After you sign the Agreement for Sale and Purchase, you must also apply for a loan in the British Virgin Islands to pay for your property. You will generally have 45 days to do this.
Once you obtain your Non Belonger Land Holding License, you will have a 30 day window to close the deal. You can come to the British Virgin Islands, or have it done by mail. The property is then yours.