JAN 19, 2022

Buying Land & Building

Buying BVI Land & Building your Dream Home

The land-buying process is very similar to buying a house but there are some specific requirements.

  • You are required to develop the land and complete the main building within 3 years of purchase. It can take anything from 10 months to 24 months from planning stage to completion.
  • You are required to spend a minimum of $250,000 USD on your new house or villa. The BVI development requirements are higher with larger sites with more acreage. Topography, the natural environment, and other planning and build considerations will determine the appropriate level of development
  • You will not be permitted to resell your land until you have fulfilled your development agreement. (This is in place to limit offshore speculation.) If that’s unavoidable, the BVI government can charge a penalty on the sale of undeveloped property. However, they may grant an extension to allow you to fulfill your development commitment.
  • Purchase of a property in the BVI does not in itself establish resident status. However, an identification card is available once you have your Non-Belongers Land Holding License (NBLHL) which will allow you to reside in the BVI for a period of up to 6 months. A certificate of residence, entitling the holder to land or embark in the Territory for an indefinite period, may be granted to a person who intends to reside permanently, year-round, in the BVI.

The cost of building

  • For quality construction and finishes you should anticipate build costs between $350-$500 USD per square foot.
  • Architects, project managers and quality assessment will add about 10-15% on to the build cost.
  • A swimming pool will cost around $60,000+ USD to construct.
Appointing a right team to create the dream

It can feel overwhelming when planning a new build and it may feel particularly daunting to do so on a small island miles away from familiar suppliers and distributors.  However, there are talented architects, project managers, contractors and interior designers based in the BVI and you will certainly find the right team for your vision and your preferred way of working.

Red Coral can make introductions to the operators who have a proven track record of delivering innovative designs and outstanding craftmanship.  We are happy to take you on site visits, in real time or virtually, to show you the works of any suppliers you want to validate or find out more about.  We are also happy to host seminars with a number of the suppliers to enable you have a chance to ask questions and to find out more about how they work.

Materials and supplier need to be imported but working with your build team they will source what is needed and arrange to have it shipped and delivered to site.

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