How difficult is the property purchase process in British Virgin Island?
Unless you or your parents were born in the BVI, you will need a Non-Belonger Land Holding License (NBLHL) in order to buy property. A NBLHL is only granted in order for you to take title to a specific property. A NBLHL takes 12 to 24 months to obtain. A 10% deposit is paid on a Sale & Purchase Agreement and goes on to a CD until closing. Interest to the seller is customary. If buying an empty lot, you must agree to build within 2 to 3 years with a minimum expenditure of approximately US$250,000. If you wish to rent your house, you must request the right to rent on your NBLH License Application. It may or may not be granted. If the home had a previous rental license from the Department of Trade then chances are you may get permission to rent. Since 1998, most NBLH Licenses have had a restrictive clause saying something to the effect: this home may not be rented without permission of the Governor in Council, which will not be reasonably withheld. All non-residents, including British cit
