A Turn-key Investment
Summer Heights was developed as a versatile rental property with careful attention to design, layout and finishes. It is a turn key investment opportunity for owners who want to blend personal enjoyment of a tropical home with a rental income throughout the year. The BVI benefits from a year round sunny climate, and is considered a sailing mecca with its calm, clear seas and line-of-sight sailing. Tourism is one of the mainstays of the local economy and the territory sees a steady flow of visitors from North America and Europe with a high-percentage of repeat visitors.
Buying in the BVI
There are a number of law firms that specialize in conveyancing (property sales) and which will be able to guide you through the process of purchasing property in the BVI.
Stamp duty – Stamp duty or tax is assessed by Inland Revenue Department and is a percentage of the appraised value of the land (not the property). If you are a belonger (a BVI national or naturalized citizen), you will pay 4 percent tax on the land’s value; if you are a non-belonger, you will pay 12 percent tax on the land’s value.
Alien landholding license – If you are a non-belonger, an alien landholding license is required and an application is submitted to the Ministry of Natural Resources and Labour.
Time frame – Six months is the typical length of time it takes to close on a property.
There is no capital gains or inheritance tax in the BVI.