Transferring ownership of a property in the US Virgin Islands is a process that is regulated by the Registrar of Deeds. This is done in accordance with Title 33, Section 2362, of the Virgin Islands Code. This section of the Act provides for the transfer of real estate or interest thereon, mortgages and other securities in exchange for debts secured by real estate. The main tax applicable to real estate is the stamp duty on transfer, which is 4% for citizens and individuals of the British Virgin Islands, and 12% for foreigners. Property taxes are calculated annually, based on the size and use of the property.
The Virgin Islands Water and Energy Authority (WAPA) produces and distributes electricity and desalinated water for the three islands. The property taxes collected in the Virgin Islands are very reasonable compared to many places in the country. The islands are already very attractive due to the variety of properties available, the crystal clear and calm waters, the proximity to the United States Virgin Islands and Puerto Rico, which facilitates travel connections, and to the Eastern Caribbean, with its sister sailing destinations of Antigua, Barbuda and Saint Lucia. The process for transferring title of a property in the US Virgin Islands can be broken down into several steps. First, an application form must be completed by both parties involved in the transfer.
This form must be submitted to the Registrar of Deeds along with all relevant documents such as title deeds, mortgage documents, and other legal documents. Once all documents have been submitted, they will be reviewed by the Registrar of Deeds to ensure that all requirements have been met. Once approved, a deed will be issued that will officially transfer ownership from one party to another. It is important to note that all transfers must be done in accordance with local laws and regulations. It is also important to ensure that all taxes and fees associated with the transfer are paid in full before any transfer can take place.
Failure to do so could result in fines or other penalties.