BVI News

Good feedback from banks on Stamp Duty amendment — Fahie

A section of Tortola. (BVI News photo)

Premier Andrew Fahie has said that amendments made to the Stamp Duty Act have been met with very good feedback from banks in the territory.

The amended Stamp Duty Act, although passed in the House of Assembly (HOA), had not been assented to up to the time of the Premier’s statement at a press conference late last week.

The Premier recalled that the National Bank of the Virgin Islands (NBVI) and Republic Bank both agreed to 100 per cent financing for homeowners when his government decided to waive the stamp duty for land sales as a mitigation measure for COVID-19 hardships.

“That complimented us with the stamp duty waiver overall for all Belongers and Virgin Islanders at that time which expired on the 31st of December, 2021,” the Premier said.

No offence to non-Belongers buying land

Meanwhile, the Premier said during that time, his government saw hundreds of transactions and residents realised millions in savings as a result of the initiative.

“So, it’s over 600 transactions and well over $5 million that persons in the Virgin Islands have been able to save to give them either their first home or to give them property or lands that would have gone out to non-Belongers, no offence to them,” he stated.

He continued: “But you want to keep as much lands and property in the hands of the residents and the government, your government of the day, has been pushing to do that as much as we can knowing that we have to have the balance of some non-Belongers involved in the purchase of properties – that, we’re not trying to stop that. But we also know who owns the lands, owns the country.”

“The banks have been responding tremendously well and we are asking those that did it before [offered financing], to reconsider doing it again but do it mainly knowing that it’s for first-time homeowners and Belongers,” the Premier said.

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8 Comments

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  1. Disbelief says:

    Must be the only person on island getting “feed back” from any of the banks other than the usual ATM out of order Cue here!

    Like 10
  2. Resident says:

    This measure did no more than get more real estate into the hands of a small number of already rich local families; at the expense mainly of the poor local families who had their cash flow badly damaged by the Covid pandemic. It concentrated wealth, and therefore power, into the hands of an even smaller local elite than was the case before. It also damaged the Territory’s revenue stream when it needed revenue. No wonder the social security fund is being dipped into again.

    Like 20
    Dislike 1
  3. heckler says:

    Yo really dont know when to believe this guy because he lies faster than a horse trots

    Like 12
  4. well sah says:

    He is doing everything in favor of anyone who is building a house just because he is building one now eg 5%, stamp duty etc etc.

    Like 12
    Dislike 1
    • @ well sah says:

      As well as the fact that he himself allegedly owns a real estate agency. Things that make you go hmmmmmmmmmmmmm

  5. Real Estate says:

    Does not help the average man in an already overvalued real estate market. The salary cannot afford the monthly payment. So only the Rich continue to benefit.

  6. Island Peep says:

    Beware leaving your money at National Bank! They made a loss in 2020 and are now handing out crazy loans to the politicians friends. The Stamp Duty exemption had helped the rich (Government friends) save hundreds of thousands, but the regular Belonger still suffers

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