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BVI Newbie » Relocating » Buying a House in the BVI
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:
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.
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