This form is for an option to purchase a residential real estate lot or track of land. It provides for the payment of option money and the procedures for exercise of the option.
Virgin Islands Option For the Sale and Purchase of Real Estate - Residential Lot or Land
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How to fill out Option For The Sale And Purchase Of Real Estate - Residential Lot Or Land?
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FAQ
Yes, as a US citizen, you can live in the US Islands. The Virgin Islands provides a welcoming environment for Americans, making relocation easier for you. Engaging with local resources can help you navigate the process of finding a home and settling into your new life.
Costs of building a house start at around $250 per square foot; the amount varying considerably depending on materials used for building and finishing. Keep in mind that preparations and special structural requirements may need to be met making the total cost of the construction project more.
The cost of living in the U.S. Virgin Islands is higher than on the U.S. mainland. On average, apartments cost $2,000 per month. A two-bedroom house costs at least $285,000.
If you love the idea of having access to warm, tropical temperatures throughout the year, then the Virgin Islands is the perfect place to call home. Every day feels like summer when you start living in the USVI. You'll rarely experience a day that dips below 75F, even during the rainy season or the winter months.
Building costs can start around $400+ per square foot for average (masonry) construction. A VI licensed architect or engineer must sign off on house plans. Building specs can be obtained from Planning and Natural Resources (DPNR) at 340-774-3320. Permits take 2-4 months for approval.
As an American citizen, you can move to St. Thomas, in the Virgin Islands, without winning the jackpot. It's really no different than moving to another state, since you don't need a visa and can simply arrive and establish residency. However, the cost of living is high, and hurricanes happen all too frequently.
Thomas, St. John, St. Croix and Water Islandis the same as purchasing property in the United States. If you do decide to buy property in paradise, the title is handled the same and have the same guarantees and the Constitutional protections that one enjoys on the continent.
Buying Process, Fees & TaxesYes, foreigners can buy property in the US Virgin Islands and the Government of the US Virgin Islands welcomes investment from overseas buyers.