Can foreigners (“Non-Belongers”) buy property in the British Virgin Islands?
The answer is yes! However, BVI real estate laws apply differently depending on whether the buyer is a “Belonger” or not. Non-Belongers must meet additional restrictions and requirements.
Don’t worry if you’re an off-islander; it’s very possible for Non-Belongers to buy land or existing homes for sale in the BVI, or even custom-build a home here. There may be workarounds to some regulations. Under the real estate laws of the BVI, even children can be named as owners of real property!
Technically speaking, Non-Belongers can own only one property in the BVI at a time. There is an automatic exception, however: Multiple properties can be purchased by a Non-Belonger in a single real estate transaction IF the seller holds a Non-Belonger license — even though there might be several different properties or parcels involved.
Inherited property in the BVI can be transferred to direct family members with no stamp duty penalty. If the relative being deeded the property doesn’t hold a Non-Belonger Land Holding License, they must apply for one.
Note: Offshore wills very often have to be probated through the BVI courts — which could incur significant expenses and time delays. When it comes to wills and inheritances, we strongly recommend that property owners have a will prepared by a local BVI lawyer. We can recommend experienced attorneys to work with.
In order to purchase property in the BVI, all Non-Belonger investors need to acquire a Non-Belonger Land Holding License. A Non-Belonger can’t purchase property without this license, so their offer to buy is automatically contingent upon a license being obtained. The NBLHL grants a Non-Belonger only the right to own a specific property.
If an application for a license relates to undeveloped or partially developed land, the applicant must commit to expend a specific sum on development within an agreed period of time.
As this article shows, the real estate laws of the British Virgin Islands are very different from those of North America. Please be sure to consult with us or a local property attorney for specific information about your situation.
Call RE/MAX Luxury Properties BVI 284-495-3003: your trusted partner for finding that special dream property to buy in the BVI. You can rely on our expertise to help you understand BVI real estate rules!
