Virgin Islands Purchase or Sale of Real Property - Land or Lot - Questionnaire

State:
Multi-State
Control #:
US-Q1036
Format:
Word; 
Rich Text
Instant download

Description

This form addresses important considerations that may effect the legal rights and obligations of the parties in a lot or land sale matter. This questionnaire enables those seeking legal help to effectively identify and prepare their issues and problems. Thorough advance preparation enhances the attorney’s case evaluation and can significantly reduce costs associated with case preparation.



This questionnaire may also be used by an attorney as an important information gathering and issue identification tool when forming an attorney-client relationship with a new client. This form helps ensure thorough case preparation and effective evaluation of a new client’s needs. It may be used by an attorney or new client to save on attorney fees related to initial interviews.


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FAQ

The US Virgin Islands currently imposes a real property tax at 1.25% of the property´s assessed value. The propertyA´s assessed value is 60% of its actual value or fair market value. Thus, the effective tax rate is 0.0075% of the propertyA´s fair market value.

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.

The US Virgin Islands currently imposes a real property tax at 1.25% of the property´s assessed value. The propertyA´s assessed value is 60% of its actual value or fair market value. Thus, the effective tax rate is 0.0075% of the propertyA´s fair market value.

US Virgin Islands taxes are low Property: Property taxes are imposed at 1.25% of the property's assessed value. The assessed value of the property is generally 60% property's fair market value.

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.

US Virgin Islands taxes are low Property: Property taxes are imposed at 1.25% of the property's assessed value. The assessed value of the property is generally 60% property's fair market value.

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.

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.

More info

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Virgin Islands Purchase or Sale of Real Property - Land or Lot - Questionnaire