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.