‘High demand from youth’ leads to extension of Stamp Duty waiver
The keen interest shown by young Virgin Islanders seeking land across the territory has prompted the government to extend the stamp duty waiver that was due to expire in May 2021.
The exemption allows for the waiver of stamp duty fees on the sale or transfer of property by a Belonger to another Belonger, regardless of the amount and reason for sale.
Premier Andrew Fahie announced the extension while delivering his annual First District Report address.
He said: “Your government will also be extending the stamp duty waiver for the purchase of property by Belongers due to high demand from our youth who have expressed such interest during our many public meetings.”
“Our Virgin Islands people must be able to own homes and this will help this dream become a reality,” he added.
To ease financial burden during COVID
The Premier had stated that the introduction of the stamp duty waiver was to ease some of the financial burdens of locals seeking property during the COVID-19 pandemic.
In addition to easing the financial burden, he added that the initiative was also designed to encourage the sale of land to BVIslanders to ensure that it remained in local hands.
Must not sell for a 7-year period
As part of the initiative, all locals acquiring land during the waiver must not resell or transfer their property to a non-Belonger within the first seven years of acquisition, or they will have to repay the original stamp duty fee that was waived at the sale of the property.
Though announcing the extension, the Premier did not say for how long stamp duty exemption would be extended.
Copyright 2024 BVI News, Media Expressions Limited. All Rights Reserved. This material may not be published, broadcast, rewritten or distributed.
Free up the Crown Land Honorable Fahie. Make a 1/3 acre available to every BVIslander who does not already own land, young or old. The knock-on impact for the economy will be huge when everyone starts building.
Everyone starts building? You sound like me when I was eight years old and reality hadn’t started to bite me. LOL. Thanks for reminding me of the good old days of daydreaming I was loaded with imaginary money
You mean high demand from clients. This benefit people who have real estate agencies and sell land like yourself. Here he is up to no good again.
Agreed. Young people don’t have the money or opportunities to purchase land. It’s a rich persons game and the young belonger is not welcome to it.
Where is the evidence to back up this statement? No stamp duty help the sales to go through easier so if you are selling land it’s a strong selling point. Who on the VIP government does sell land? Think about it.
If I had a real estate agency I would be very happy right now. I wonder who has one? Commissioner Hickinbottom maybe you should take a look at this.
What youth ask for this to be extended? We can’t even buy land because the price is soo high and the economy is bad. This is to benefit the high rollers and people who sell land to them. This man does sell land so this all to his benefit. He taking us for fools again.
More business for people who sell land. Someone sold a lot of land on Peter Island before election and has been selling expensive land and property after election. With no stamp duty to pay business must be real good. Gus please take a look. You might some interesting things.
More money tricks again. Who sell land winning.
Premier what young Virgin Islander across the territory you talk to about purchasing land? Not me and many others the reason, l am commenting it had a post yesterday from a young guy K Todman. I suggest the Premier read his post plus Stamp duty can’t help no younger person if they don’t have the funds ??? no bank ain’t lending that type of gwup to no young person they rather give you a car loan.
I am lost isn’t this the Premier field outside of government Real Estate ?? BVI???? These Politicians don’t care about us they sell us a dream every for 4 years. ?♂️?♂️
BTW, l got my land from Love and Affection thanks to my aunt ?? and ,l will use that as collateral in the event, l decide to build or buy.
Not sure why the consensus in this chat is to the tune of young Virgin Islanders being so damn helpless…Im a born n raised bvislander, no rich family ties, through hard work and vision I bought my first half acre of land at the age of 23. All i had was a low paying government job at the time and some little savings that i could use to finance whatever the bank stipulated. It took me 10 years of paying off the loan to be able to afford to build but where theres a will there is a way!
When you look around here at all the 100k plus boats owned by young virgin islanders, the expensive jewelry etc…Its clear the problem is priorities not oppurtunities! Im not saying everyone is living good, but collectively, we are far from poor destitute lot!
This has nothing to do with helping young people. Land is so expensive and they are trying to survive right now so they can’t buy land. It’s the people with a lot of money who would be buying land now from land holders who need the cash. The people who own real estate agencies that sell land are the big winners in all this with no stamp duty. We know that you sell land and have been selling land so it benefits you.
Is it high demands for youth or an excuse for you to continue to make money for yourself since you are in the real estate business
The man does sell land OMG. He never disappoints with some deceitfulness. This has nothing to do with no youth. It’s about helping clients to buy land easier for less money.
This exemption should be for first time buyers only. It would be interesting to know how many of our rich politicians have taken advantage and bought their second, third, or fourth houses
Don’t kill me! LOL. This man does sell land people! OMG. If we can’t see through this gimmick then we are doomed. Which young person could buy land right now in this economy. This is for his big clients and he could make policies to help his business because he is the big man. The man is only helping himself. LOL
and guess which company made most off the commissions and you wont believe who owns that company? I refused to call the leader’s name
You don’t have to name the person, TRUST ME, WE KNOW.
Let a wealthy expats come and offer a high price for land and see how fast this f**l will forget the bvi islanders
This man putting money first and the ppl after
And still some of you bvi islanders are not seeing
Ayo still siding with this f**l every word that comes out of his mouth is l**s
BRING THE HATE COMMENTS
BVI LOVE LMFAO
since you removed the stamp duty the price of land has escalated.
Only the very rich can purchase a house plot now.
..”Lie? Yo hear lieee??”…. Musica por favor!!!!
Tune mih boy… dat is lie.. lie yuh hear lie
Andrew Every day you come with something different to make yourself look good, please stop it because we are not buying it. You’re a lost cause.
I am one who was to the Government public meetings and we asked for the extension due to the out rageous length of time it is taking the banks to approve our loans for land and others.
What bank in there right mind going to lend money ?now in a pandemic? The banks are in business to make money ??? not to lose money ?♂️?♂️. A bank is not going to commit long term to no young person from past experiences if they don’t see it fit for that person to pay them Back look at all the foreclosures and land up for sale in the back of the beacon, island sun and online news.
No party has help this cause VIP nor NDP both parties failed the youths on this. Remember now all these politicians have multiple business and houses.What do we have a Gucci chains and boats to make us look good. They don’t care about us
Somebody please tell Andrew to read these comments. He might see that young people these days are not as dumb as he thinks.
Tell him it is time to clean up his act and be a real leader or else he will be a one term Premier
With the COI, I would be surprised if he even manages one term.
Where are the Youth getting the money to buy these Land may I ask?
You sure it the youths as they say. Maybe a realtor will benefit. Cut/dig deep
I AM ACTUALLY AFRAID OF THE VIP GOVERNMENT. THEY ARE A BUNCH OF INHUMANE, UNCARING DANGEROUS PEOPLE. THEY RAN A DIRTY CAMPAIGN TO GET WHERE THEY ARE. THE WHOLE VIP PARTY NEEDS TO BE DISMANTLED. I AM SO ASHAMED OF MALONE AND WHEATLEY, THEY ARE THE OLDER ONES AND SHOULD BE SETTING AN EXAMPLE. THE REST THAT IS SITTING BACK WITH THERE MOUTHS GLUE SHUT WITH GORILLA GLUE YOUR REPUTATION IS FOREVER TARNISHED. ALL I WANT IS FOR YOU GUYS TO GET THE F**K OUT OF MY VEHICLES ? THAT I PAID FOR. I DON’T TAKE KINDLY TO UNGRATEFUL PEOPLE BURNING CAR ENGINES UNDER THEIR A**ES ON MY DIME.
THE VIP GOVERNMENT IS A BUNCH OF STALE NUTS IN A OLD MOONSHINE JUG. YOU GUYS WILL NEVER GET ELECTED AGAIN.