All overseas investors, including citizens of the United Kingdom, require a Non-Belonger Land Holding License to purchase property in the BVI. Agreements to purchase property are therefore made contingent upon such a license being obtained by the purchaser. A license gives an entitlement to own a specific property and is non-transferable. Application for a Non-Belonger Land Holding License is made to the Government of the BVI and must be supported by two character references, a financial reference, a police certificate of good standing plus other supporting documentation. The purchase of a property by a Non-Belonger is required to be advertised locally for four consecutive weeks in a local paper prior to submission of the Licence Application to Government.
If the application for a License relates to undeveloped or partly developed land, the applicant will be required to make a commitment to the BVI Government to expend a specific sum on development within a specified period which will normally be three years. The development commitment required will normally be not less than $250,000 and can be proportionately more according to acreage. Environment and other planning considerations will determine the appropriate level of development. Sub-division of land is not encouraged except as a part of a comprehensive development scheme.
Applications for all licenses are referred to the Executive Council for approval. There is a license filing fee of $200.00 for each person named in the application and $300.00 for companies. The fee for the grant of the License is $600.00 for each person or company named in the License as well as for each director or shareholder of a company. This $600.00 fee is also applicable to each director or shareholder of a company.
An overseas investor is free to let a property on a long term or short term (holiday let) basis subject to approval by the Executive Council as part of the License application and the granting of a trade license. Such approval by the Executive Council will be stated on the License and will automatically grant approval of the relevant trade license.
Planning and Building Control
Development in the BVI is governed by Planning Guidelines which determine general policy. Development work must be approved by the Land Development Control Authority who are concerned with planning matters and by the Building Authority who are responsible for ensuring that building conforms with the building code guidelines. It is preferred if working drawings submitted to these Authorities are prepared by architects based in the BVI.
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