The US Virgin Islands is a great destination for those looking for a tropical climate and a relaxed lifestyle. It is also an attractive option for real estate investors and home buyers, providing plenty of opportunities for home sellers. But how long does it take to sell a property in the US Virgin Islands? On average, the process of selling a property in the US Virgin Islands can take between 30 and 90 days, which is much shorter than in the mainland US due to less paperwork involved. Before the sale can be completed, there are certain steps that must be taken.
First, you must pay a percentage of the assessed value of the property in taxes. Tax rates vary depending on the type of property you own, so it is important to check the USVI Tax Collector's Office website for current rates. The Virgin Islands Water and Energy Authority (WAPA) is responsible for generating and distributing electricity to customers across the country. Monthly bills will depend on customer usage and the current Leveled Energy Adjustment Clause (LEAC) factor.
The LEAC factor is a customer surcharge that allows WAPA to address increases or decreases in fuel prices. Rates to WAPA customers, as well as adjustments to the LEAC factor, are subject to approval by the Virgin Islands Public Utilities Commission. Hazard insurance can be expensive in the US Virgin Islands due to its location and extreme weather conditions. The cost of your insurance will depend on several factors, including the construction of the property and the presence of blinds and high-impact glass.
Windstorm insurance can vary significantly from home insurance to home insurance, with homeowners typically paying between 1.35% and 2% of the annual replacement cost for a home that is fully enclosed and built with stable concrete construction. When buying property in the US Virgin Islands, you must obtain a letter of tax authorization from the Government of the United States Virgin Islands showing that the seller has no outstanding taxes. For all real estate sales, except condominiums, the Government of the United States Virgin Islands must also attest to the deed (“check the description of the property”). When the British Virgin Islands government is slow to act, closures can be delayed.
Buying property in the US Virgin Islands requires surprisingly little paperwork, regardless of whether you obtain financing to buy the property. Neither the buyer nor the seller need to be present at closing, which alleviates the need to plan a trip to the British Virgin Islands for closure. Our electricity is provided by an electric company managed by the US Virgin Islands government called Water and Power Authority (WAPA), and electricity is extremely expensive. We provide our buyers with instructions on how to change energy in their name for real estate purchased.
The US Virgin Islands offers a number of tax incentives for residents, including exemption from US federal income tax. To become a resident of the US Virgin Islands, you'll need to establish a physical presence on the islands and meet certain residency requirements, such as owning or renting a home and paying local taxes. Living in the US Virgin Islands can be expensive, with higher costs for utilities, food and transportation compared to mainland US. Rent in this Caribbean paradise can vary greatly depending on island, location and type of property.
Yes, US citizens can buy property in this territory without a visa or work permit and move there without any hassle - many major cities such as New York, Miami, Atlanta and Boston have direct flights to St Thomas. The housing market in this beautiful Caribbean paradise is heating up due to strong demand and improving economic conditions as travel restrictions related to COVID-19 are eased. The Virgin Islands Property Group LLC offers top tier real estate agents for those looking to buy or sell property quickly and efficiently. With all these factors taken into account, it's possible to sell your property in this tropical paradise within 30-90 days.
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