When looking to invest in property in the U. S. Virgin Islands, it is essential to work with experienced real estate agents. VIP Realty has been in the business for over 48 years and is renowned for its professionalism and respect for clients.
Our agents are highly qualified and are members of the local community. We are always available to answer calls, respond to text messages, and return emails in a timely manner. When buying property in the U. Virgin Islands, you will need to pay a percentage of the appraised value of the property in taxes.
The exact amount depends on the type of property you own. To learn more about current tax rates, visit the USVI Tax Collector's Office website. The Virgin Islands Water and Energy Authority (WAPA) is an autonomous public company that provides electricity to around 55,000 customers across the country. It also supplies desalinated drinking water to 13,000 customers in major commercial and residential centers in Charlotte Amalie (St. John) and certain subdivisions.
WAPA customers usually pay higher rates than those in most parts of the United States due to the reliance on fuel oil and rising crude oil prices. Monthly bills will vary depending on customer usage and the current Leveled Energy Adjustment Clause (LEAC) factor. This surcharge allows WAPA to address changes in fuel prices, which are subject to approval by the Virgin Islands Public Utilities Commission. Hazard insurance can be expensive on islands due to extreme weather conditions. The cost of insurance depends on several factors such as construction type, presence of blinds, and high-impact glass. Windstorm insurance can also vary significantly from home to home, with homeowners typically paying between 1.35% and 2% of the annual replacement cost for a fully enclosed home built with stable concrete construction. The U.
Virgin Islands meet 1031 requirements, meaning that a tax-deferred property exchange could allow you to get more for your money and make a better investment. It is important to note that there are certain requirements that differ from common real estate processes in states. At VIP Realty, we have a professional and friendly team of agents serving St. Thomas, St. John, St.
Croix, Water Island, and other nearby islands. Our team includes Ava, who has over 28 years of government service experience and currently works at the Virgin Islands Port Authority as Director of Financial Affairs.