Alien Land Holding
Purchasing
Real Estate in the British Virgin Islands
Alien Land
Holding License
All investors, including citizens of the United Kingdom are required to
obtain an Alien Land Holding License to purchase property in the BVI.
Agreements to purchase property are therefore made contingent upon a license
being obtained by the purchaser. A License gives entitlement to own a specific
property.
Application for a Non-Belongers license is made to the Minister of Natural
Resources, Government of the British Virgin Islands
and must be supported by two character references, financial references and a
police certificate of good standing.
If an application for a license relates to undeveloped or partially developed
land, the applicant will be required to make a commitment to the BVI Government
to expend a specific sum on development within within a period of time, usually
3 years The development requirements is rarely less than $250,000 and will
generally be proportionately more according to acreage. Environment and other
planning considerations will determine the appropriate level of development.
Sub division is only allowed if part of a comprehensive development.
A property can not be resold until the development commitment has been
fulfilled. One of the objectives of the licensing regulation is to prevent
speculation on undeveloped property.
The Minister of Natural Resources and Labour is responsible for approval of
License application except those in respect of sites which extend to more than
three acres are referred to the Executive Council.
FULL
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