Foreign Property Ownership in the US Virgin Islands: What You Need to Know

The United States Virgin Islands (USVI) does not impose any restrictions on foreign ownership of property. Non-resident foreigners should be aware of the withholding tax on the sale of their assets, as mentioned above. On the other hand, foreign home buyers in the British Virgin Islands (BVI) must apply to the government for a land tenure license, which must be accompanied by an appraisal that normally costs about 0.1 percent of the purchase price. The USVI meets the requirements for 1031, allowing investors to get more out of their money and make a better investment.

The BVI has developed more slowly and is relatively affordable compared to other Caribbean islands, due in large part to its remote location. Data on housing trends in the Virgin Islands is not always up to date, due to the processing times of land tenure licenses for foreigners, and the Property Registry Department does not publish reports. About 75 percent of foreign home buyers in the BVI come from the United States. The islands are already quite attractive due to the variety of properties available, the crystal clear and calm waters, the proximity to the USVI and Puerto Rico, which facilitates travel connections, and to the Eastern Caribbean, with its sister sailing destinations of Antigua, Barbuda and Saint Lucia.

John

is still the most expensive island in the USVI, even though house prices per square meter have fallen.

Real estate transaction costs are reasonable in the USVI, by Caribbean standards.