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Qualifying for a Mortgage in the BVI There are some common factors regardless of the lender we use in the BVI; you will be required to have 50% equity in the home and they must be in the tourist or expat areas of the island. For our private loan, the minimum property value is $1,500,000.
Buying Process, Fees & Taxes Can foreigners buy property in the BVI? Yes, foreigners can buy property in the BVI and the Government of the BVI welcomes investment from overseas buyers. However, foreign nationals are required to apply for a Non-Belonger Land Holding Licence (NBLHL) for which there is a small fee.
What Is A Purchase Agreement? A real estate purchase agreement spells out the terms under which a buyer and seller agree to engage in a real estate transaction. Signing a purchase agreement effectively places both the buyer and seller (as well as the property in question) ?under contract.?
The BVI Financial Services Commission is an autonomous regulatory authority responsible for the regulation, supervision and inspection of all the British Virgin Islands financial services including insurance, banking, trustee business, company management, mutual funds business, the registration of companies, limited ...
Although there are higher rates and fees for our private mortgages in the USVI, they can be a much quicker and easier process than trying to finance through the local banks. The banks in the USVI can be a little slower and the qualification is a bit more difficult than you would see on the mainland.
Caribbean mortgages will require full disclosure of income, outgoings and savings. The maximum loan to value available is 70% to 75% of the purchase price, or valuation, whichever is the lower.