Gov’t will recoup waived stamp duty if Belongers sell property to a non-local before 7 years — Premier
Belongers who receive a stamp duty waiver and resell the property to a non-local before seven years will be required to repay the fees that were waived.
Premier Andrew Fahie made that statement on Tuesday while further explaining the conditions of his government’s waiver initiative which was done as part of a wider economic stimulus being provided because of the COVID-19 pandemic.
He said: “If the property is sold or transferred to a non-Belonger within a period of seven years, the sum that is waived at the point of the original sale to the Belonger shall be recouped by the government from the Belonger.”
“Cabinet also decide that if the property is resold or transferred to another Belonger for the period up to 31st May 2021, the waiver of the stamp duty remains applicable,” Fahie added.
The Premier, in meantime, said the waiver initiative will run until May 31, 2021.
Belongers to be reimbursed
Premier Fahie further said locals who would have acquired land from May 7 and started to pay their stamp duty will be able to receive a full refund.
“You would still have to pay until the full amendments are made. But it will be kept in a special fund and you will be reimbursed because it is effective from the 7th of May,” he explained.
Since making the initial announcement of the duty waiver last Friday, Premier Fahie has said Belongers are taking advantage of the initiative and are benefitting from it.
He also said that there will be monthly reporting on the financial and social impact of the waiver.
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These VIP guys cant be trusted at all
First of all this is in no way a stimulus program. It only stimulates friends of Foy. The Turks and Caicos have initiated a stimulus package where by the Stamp Tax has been cut in half for all potential buyers. This means an infusion of money from outside the Territory. Second they waived customs duty on building materials to encourage building thus employing more people and more spending. That’s a stimulus program. Not one created to give a discount to a few crooked cronies.
so this is a copy cat move. thanks
The globe is reeling and grappling with trying to corral the Novel Coronavirus (Covid-19), the most destabilizing event since WWII. Consequently, the Coronavirus has adversely impacted VI residents lives and livelihoods. The economy has tanked, GDP is faltering, hundreds, if not thousands, are unemployed, some businesses have reopened and some may not, personal savings are dwindling, some renters cannot pay rent, landlords cannot pay mortgages, cost of living continue to spiral upwards, schools are closed, BVIHSA struggling to control outbreak(s) to avoid overwhelming the health system…….etc.
So I’m surprised that a government that has done a good job so far in managing this pandemic, the worst in over a century, is focusing on waiving stamp duty for Belongers buying land, though that may be important to a few, not many. Why?
First things first.
The focus should be on meeting the basic physiological needs of as many struggling residents as possible, ie, food, rent, transportation, medical, jobs, clothing, …..etc consistent with Maslow’s hierarchy of needs. If I’m hungry, the last thing I want to hear about is some special privilege that benefits mostly the elites. But the elites always look out for the elites first and masses interest is always a lingering thought. Is this part of the stimulus priority? Comon man, let’s develop a holistic and comprehensive plan that benefits the struggling masses. Stop the nonsense. Let’s not slaughter the earned goodwill on the altar of pleasing a few elites. This is an unprecedented time that demands unprecedented leadership, servant leadership. Be safe. The virus kills.
The focus
@Diaspora, boy, ease up no man with the real time check nah mon.
“Diaspora”:
Not everyone in the BVI is struggling, OK?
Many Billionnaires, and I mean, native ones- do live here and are doing very well!
It is they, that the real estate pitch are being made!
Yes, we are going through the “Rona”. But there are other concerns that must be addressed and our Premier is doing just that!
Good going there, Premier Fahie, on issues affecting the continuity, in the preservation of the homeland!!
@Ausar, among all the things that Diaspora noted, the only thing that you hone in on was the supposed billionaires and stamp duty on land.. Too often, too many of us who are doing well judgment, compassion, concerned …..etc for those at lower rung of the economic ladder are clouded. Everyone else’s needs are put before the needs of the masses, the majority of the electorate.
It is only at election time that fake politicians come with their overpromising and underdelivering fake promises. And we wid our chupid a..s swallow it up at all the time. The masses have the power but fail every time to use it effectively and leverage to their advantage. How many times are we going to be duped, bamboozled……etc. Politicians, most of them, belong to the same, l….g club. Trust but verify. Do something for the masses, the lil man, the common man, not just for the BIg shots. It will be election time in the morning again.
A month to get my affairs in order to take advantage of this initiative? Was this done so the general public could benifit or does the Hon. Premier have a hand full of hand picked ppl in mind who are already set up to go full speed ahead?
What’s the point in this policy? To stymie investment from international sources?
I don’t get the stimulus part of this. I do get the sense that the BVI is becoming a less welcoming place and more hostile to expats. I see more protectionism. I see a poorer future.
Obviously one of the chosen is doing a big land deal
Two weeks to organise this. You cannot be serious.
Trying to get down and out locals to sell their property to somebody?? This makes no sense as a RELIEF thing. This smells like some government guys, that have some money sitting around, trying to take advantage of the Virus (and cut themselves a break on paying any tax). Please stop this nonsense and get back to helping the people. We are out of work. Our tourist economy is dead. Why don’t you build some roads in these areas where locals have bought property (like North Sound, Virgin Gorda!). You need to help local people build homes…not take their land away when they are broke!
Something is Fishy about this Stimulus package indeed. What does Hon Fahie mean about Cabinet having approved the Template of the Stimulus Package”? Who knows what that Template is?” A Stimulus Package must cast as wide a net as possible. Things that benefit as many as possible; not just a few. Was Renting a floor of the Cutlass Building @$20,00 p/m for 5 years, an unreasonable length of time to allow for the repair of the dmin building part of the Stimulus Package?
A Stimulus package is usually about creating Jobs in short order; encouraging spending by the masses. The question of cutting roads to land in the North Sound is a good idea of stimulating the economy. The same is true of cutting the road to property in the South Sound of Virgin Gorda, creating better access to the land at Long Bay, VG where government owns some 98-100 acres, with potential of benefitting the New Agricultural initiative. The Stimulus package could have include the SS cranking up spending the 13-million that was planned for constructing homes at Spooners; thus creating Jobs on Tortola so that our construction work on Virgin Gorda remain for VG-ians while our Tourism jobs are on hold. The minister of NRINL + SS ran primarily on land Ownership and affordable homes for first time home owners and the elderly. This is an ideal time to Activate his plan. The former VIP for 40+ years has been preaching about home ownership. I recall very well, Hon, Omar Wallace Hodge talking about constructing Turn-key homes (meaning you collect the key after construction and start paying the bank). Hon Fahie while in the opposition had also espoused the idea of creating affordable homes with the help of SS. Now that he is in position to make it happen why doesn’t he?
This administration has no idea what a stimulus plan is. Waiving of stamp duty is not an economic stimulus. Collecting garbage is not an economic stimulus. Providing labtops to teacher and students is not an economic stimulus.
The government does not have a plan. Am I only one who is seeing this. We have a di—–tor with a silver tongue who believes he could get people to drink his koolaid whenever he mix it.
vomited up his drink but he is already killing us and setting us up for mandatory vaccines.
It is yet to be seen how these vaccines will affect new born children possibly for generations to come but people too scared to think ahead.
Economic Stimulus. We get 3 bags of food and thats it. Real Estate deals 4% per $100,000. saved. As some one indicated, big real estate deals happening. $4,000.00 per $100,000.00 is saved and the Government doesn’t get this tax money, but 7% of each and every hard earned dollar by mostly minimum wage earners, that someone is sending home to support family is being sucked out. How can God Bless the BVI when such is going on in plain site. No rain falling but there is the farming stimulus, no water at Paraquita for the farmers, ok, I am going to stop now because I realize it is all futile. God is not mocked as
In America, the Democrats are preparing their own Stimulus Plan. Here is how it would work. Each Social Security paying person would receive a one-time payment of $5,000 whether they are of retirement age or not. This is not Free Money; but is basically a loan that would be paid back with payments deducted from future payouts.
Why do we do we have the tendency to make things that are rather easy so complicated?. It was likely an easy decision for premier Fahie to make the commitment to hire personal bodyguards paid with taxpayers money. costing thousands for several months, It was likewise easy for him to approve payment for lawyers from overseas to represent speaker of the house during the trial involving 4th district, Vanterpool and it was also easy to lease a floor of the Cutlass Building, owned by a VIP founding member at a whopping fee of $20,000 p/m for 5 years while the admin building is being repaired; a period of at least 3 years more than is necessary, costing taxpayers an additional $720,000. Is it any wonder that the UK is telling us not to depend on their taxpayers to bail us out, and stimulating our economy, but agreeing to assist on humanitarian grounds?. It sure is looking like we are in for a rather rough ride with this leadership
A lot of the changes imposed by this government seem so targeted. Have to really ask yourself who can really afford to purchase land right now. This was obviously not put in place for the small man. Especially at a time like this?!