By: Stephen Leslie France, Editor - Parlance Media | Last Updated: May 11, 2020
Firstly, individuals who intend to apply for a license to buy BVI real estate must enter into an agreement for sale with the landowner. It should be noted, however, that the property must be advertised for four consecutive weeks in a local newspaper. This is required in order to give Belongers ample notice of the sale of the property and the first opportunity to buy the residence at the advertised price.
Proof of advertisement is required as part of the application process and the onus is on the seller of the property to provide such. Additionally, applicants must submit a completed application form together with the following supporting documents:
Two personal references, for each individual or each shareholder and director. In the case of individual applicants, one reference must support the applicant’s ability to purchase and develop the property
Two character references for each individual or each shareholder and director. In the case of individuals, a financial report/ statement from a financial institution evidencing a banking relationship for no less than one consecutive year is required
A recent police certificate for each individual applicant or each shareholder and director
One colour, passport-sized photograph of each applicant or shareholder and director
A copy of the applicant’s Trade License (if self-employed) or a copy of the company’s Memorandum and Articles of Association, Certificate of Incorporation, current Certificate of Good Standing and Annual Summary of Members or a Certificate of Incumbency from a Registered Agent
A recent valuation report of the property
A non-refundable application fee of $200 per person for individuals and $500 in the case of a company
A copy of the Agreement for Sale
A copy of the record(s) reflecting existing ownership of the land
A letter-sized copy of the Cadastral Survey Plan
The application is submitted to the Ministry of Natural Resources and Labour. Provided the application is in order, it will be processed by the Ministry and submitted to Cabinet for determination. The applicant will be informed by the Ministry whether or not approval has been granted. This usually takes a minimum of 3 months but can span up to 12 months. The average application process approval is 6 – 9 months.