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By Chris Smith of Coldwell Banker Real Estate BVI
As you relax on the balcony of your hotel room, sipping your piņa colada and soaking up the sunshine and awe-inspiring views, spare a thought for those at home whose only hope of enjoying similarly spectacular Caribbean vistas might be to purchase a ticket for Pirates of the Caribbean: At World's End, the third in the trilogy of Johnny Depp movies that continue to break all box office records.
If you were fortunate enough to visit our islands last year, you may have picked up this same publication during a quiet moment and read in this same section that fewer pirates frequent our shores than in days gone by. Tourists, sailors, lawyers, accountants and other members of the offshore financial services community - along with, most recently, an influx of property developers - have replaced them. Alas, there are some that would have you believe that an eye patch, a hook, a wooden leg and a parrot would be suitable accessories for the latter category! But they warrant more than a sentence or two, since the BVI is currently undergoing something of a construction boom, both in the resort and residential markets.
Our economy, which is one of the most stable and prosperous in the Caribbean with little or no unemployment and a relatively low crime rate, boasts the security of the U.S. dollar (a little less mighty of late but nonetheless comforting to some) as its currency and English Law as the basis of its legal system. This economy is fuelled by the twin pillars of financial offshore services and tourism. And whilst the financial sector is seemingly running on rocket fuel these days, that situation might not last forever, so a little attention to our tourism sector is certainly warranted. You need only to look around to see signs of new development everywhere. A new marina, resort and spa with private residences and lots for sale is well under way on Scrub Island; Little Dix Bay Resort has refurbished and built and sold a number of high-end luxury villas; Nanny Cay Marina has built and is selling waterfront townhouses with docks along with several exclusive luxury private villas; Virgin Gorda Yacht Harbour is well under way in its redevelopment; Treasure Isle Hotel in Tortola has been beautifully refurbished and expanded; Oil Nut Bay Estates in Virgin Gorda is about to take off; a small luxury villa development is planned for Brewers Bay; and brand-new five star resorts are planned for Smuggler's Cove, Lambert Beach and Beef Island on Tortola and Nail Bay in Virgin Gorda.
If that sounds like a lot of development for our small islands to cope with, it is. But by the natural scheme of things, and as evidenced throughout the history of development in the Caribbean, there's little reason to fear the worst and every reason to be positive about the future of our beautiful islands. For in reality, it is likely that one or two of these new developments will progress faster than others, there will be hiccups along the way for others and some may never actually get off the drawing board. At the end of the day, market forces, economics, natural attrition and perhaps even a wee dash of planning will combine to result in development at a pace the BVI economy can cope with very comfortably, without destroying the natural beauty that makes these islands the valuable treasure that they are.
If you would like to call the BVI home and to buy property here, the future looks bright. Most of the new developments are slated to be resort residential communities. The choice of homes for sale in the BVI and the quality of those homes looks set to improve. As is the way of things, it's not getting any cheaper. Property values in the BVI have been rising steadily over the past few years, and the prospects for the next few look good. But the community is aware of the dangers of runaway property prices, as evidenced on other Caribbean islands, and hence speculation is discouraged. The BVI welcomes with open arms those who enjoy our culture and lifestyle and truly want to partake in the community. Despite all the new developments, those looking to make a fast buck by speculating on property are less welcome. So, be warned; if that's your motivation, you would be wise to look elsewhere.
If you would truly like to call the BVI home, then here's the process. Once you've found your own piece of personal paradise, you will need to find a BVI lawyer - your realtor can help with recommendations. To enter into an "Agreement for Sale" with a seller, buyers typically put down a 10 percent deposit, which sits in escrow until the completion of the sale.
The next step is to apply to the Government of the BVI for a Non Belongers Land Holding Licence, giving you permission to own the property. Your lawyer will guide you through the necessary process. We must assume at this point that one of your motivations for moving to the Caribbean is to enjoy a slightly slower pace of life. So if the licencing process takes a little longer than you'd hoped, don't panic. Consider this the first small test of your suitability for living on island time! You will be pleased to know that over the past months the process has improved and processing times have been reduced.
All of which leads me to say that the British Virgin Islands, which has always been a very special and unique place to visit or indeed to live at, will continue to be a truly special place to call home in the years to come.
Contact Chris Smith from Coldwell Banker Real Estate BVI at 495-3000 or e-mail him at chris@coldwellbankerbvi.com.
Ready to dive in? Enlist the aid of a professional real estate agent
Additional information by Verna Penn Moll
The BVI offers an idyllic paradise with near-perfect weather, stretches of pristine beaches and clear sailing waters. From an investment perspective, the islands boast a stable and forward-looking government, a wide pool of financial professionals, effective and innovative services, no exchange controls, commitment to legislation that protects the security of the jurisdiction, public/private partnership ensuring effective and efficient legislation, a thriving U.S. dollar economy, numerous tax advantages and close proximity to the USVI and Puerto Rico. This is the place to invest in real estate whether for commercial, residential or for other business. Properties are offered for sale on almost every island of the British Virgin Islands, and nowhere in the BVI are you far from the sight of island-studded seas, with a new spectacle around every bend.
It is advisable to employ the services of local experts. After all, the BVI has a large pool of financial and real estate professionals offering their knowledge and skills. The purchaser or seller is not required to be in the BVI at any stage of the transaction.
Establishing contact with a local real estate agent will prove to be beneficial in that they can advise you about available properties, as well as current laws and regulations regarding property ownership and development (based on English common law and local legislation), but you must employ a local attorney to act in the purchase transaction itself. Your attorney will prepare the purchase agreement and application to the Government for the purchasers' NBLHL.
Local property management services are also available. You may even wish to obtain a mortgage through Scotiabank, or other banks in the BVI.
Nail Bay Luxury Villa Resort
P.O. Box 69, Virgin Gorda
Tel: 494-8000
Fax: 495-6831
E-mail: ajit@nailbay.com
Come and be part of this 147-acre luxury villa resort on a historic waterfront sugar plantation below Gorda Peak overlooking Sir Francis Drake Channel. Serviced by newly paved concrete roads and underground utilities, Nail Bay offers modern conveniences such as high-speed Internet access and satellite television in many villas.
Oil Nut Bay
Virgin Gorda
Tel: 495-5400
Fax: 495-0048
E-mail: info@oilnutbaybvi.com
Website: www.oilnutbaybvi.com
An exclusive residential community sculpted from the natural splendor of the untouched eastern end of Virgin Gorda. Exquisite beachfront and cliffside homes, and generous home sites ranging from one to 10 acres offer spectacular Caribbean and Atlantic views. Luxurious amenities include wellness spa, marine nature centre, and casual and fine dining.
Show me business services available in the British Virgin Islands.
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As you relax on the balcony of your hotel room, sipping your piņa colada and soaking up the sunshine and awe-inspiring views, spare a thought for those at home whose only hope of enjoying similarly spectacular Caribbean vistas might be to purchase a ticket for Pirates of the Caribbean: At World's End, the third in the trilogy of Johnny Depp movies that continue to break all box office records.
Our economy, which is one of the most stable and prosperous in the Caribbean with little or no unemployment and a relatively low crime rate, boasts the security of the U.S. dollar (a little less mighty of late but nonetheless comforting to some) as its currency and English Law as the basis of its legal system. This economy is fuelled by the twin pillars of financial offshore services and tourism. And whilst the financial sector is seemingly running on rocket fuel these days, that situation might not last forever, so a little attention to our tourism sector is certainly warranted. You need only to look around to see signs of new development everywhere. A new marina, resort and spa with private residences and lots for sale is well under way on Scrub Island; Little Dix Bay Resort has refurbished and built and sold a number of high-end luxury villas; Nanny Cay Marina has built and is selling waterfront townhouses with docks along with several exclusive luxury private villas; Virgin Gorda Yacht Harbour is well under way in its redevelopment; Treasure Isle Hotel in Tortola has been beautifully refurbished and expanded; Oil Nut Bay Estates in Virgin Gorda is about to take off; a small luxury villa development is planned for Brewers Bay; and brand-new five star resorts are planned for Smuggler's Cove, Lambert Beach and Beef Island on Tortola and Nail Bay in Virgin Gorda.
If you would like to call the BVI home and to buy property here, the future looks bright. Most of the new developments are slated to be resort residential communities. The choice of homes for sale in the BVI and the quality of those homes looks set to improve. As is the way of things, it's not getting any cheaper. Property values in the BVI have been rising steadily over the past few years, and the prospects for the next few look good. But the community is aware of the dangers of runaway property prices, as evidenced on other Caribbean islands, and hence speculation is discouraged. The BVI welcomes with open arms those who enjoy our culture and lifestyle and truly want to partake in the community. Despite all the new developments, those looking to make a fast buck by speculating on property are less welcome. So, be warned; if that's your motivation, you would be wise to look elsewhere.
The next step is to apply to the Government of the BVI for a Non Belongers Land Holding Licence, giving you permission to own the property. Your lawyer will guide you through the necessary process. We must assume at this point that one of your motivations for moving to the Caribbean is to enjoy a slightly slower pace of life. So if the licencing process takes a little longer than you'd hoped, don't panic. Consider this the first small test of your suitability for living on island time! You will be pleased to know that over the past months the process has improved and processing times have been reduced.
The BVI offers an idyllic paradise with near-perfect weather, stretches of pristine beaches and clear sailing waters. From an investment perspective, the islands boast a stable and forward-looking government, a wide pool of financial professionals, effective and innovative services, no exchange controls, commitment to legislation that protects the security of the jurisdiction, public/private partnership ensuring effective and efficient legislation, a thriving U.S. dollar economy, numerous tax advantages and close proximity to the USVI and Puerto Rico. This is the place to invest in real estate whether for commercial, residential or for other business. Properties are offered for sale on almost every island of the British Virgin Islands, and nowhere in the BVI are you far from the sight of island-studded seas, with a new spectacle around every bend.
Nail Bay Luxury Villa Resort