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 2021 BVI News, Media Expressions Limited. All Rights Reserved. This material may not be published, broadcast, rewritten or distributed.