Only first-time property owners to get stamp duty waiver after Dec 31
The four percent stamp duty waiver for Belongers who purchased new property or land is still due to expire on December 31 and will only continue for a select category of buyers.
This is according to Premier Andrew Fahie who was responding to questions from members of the media today.
“The new initiative which we will be carrying to Cabinet for approval will be just for those who are first-time landowners and first-time homeowners for the waiver. It will be modified to just be for Belongers who are buying homes for the first time—first-time home purchase, first-time land purchase … or first-time construction purchase if you are going to buy the land and home together through the bank for the first time. you will be able to get that waived. However, it won’t be general as before, just first-time owners,” Fahie stated.
Hundreds benefitted
The Premier added that the tax waiver was very successful in stimulating economic growth based on the information he received from the National Bank of the Virgin Islands.
He said “hundreds” of Virgin Islanders benefitted from the initiative.
“I think it’s over 100 persons at the National Bank alone that benefitted from the initiative and there were some other banks that followed suit. There were some persons who outright bought properties and they were able to save thousands of dollars. Or if it was in the millions [in purchases they], were able to save millions,” the Premier added.
“I’ve gotten some statistics from the National Bank that shows almost $10 million of investment as a result of the initiative; as well as the bank’s initiative of 100% financing,” Fahie said.
Fahie also noted the construction industry benefited from the waiver over the past year.
“Town and Country Planning has reported that the number of applications that have come up to now has surpassed last year and it is now competing with the applications of the pre-COVID era. This shows the construction industry is booming significantly. So, persons took advantage of this initiative significantly,” the Premier said.
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“select category of buyers” ? Another example of not a belonger ? you don’t exist but keep paying your taxes.
Virgin Islanders cannot go to another Country and complain about its laws. Why you folks don’t just accept and respect the Governance of the Virgin Islands or just cart your tail part from being controversial. Sick and tired when something is being done to benefit Citizens you all throwing a fit. Accept it or Leave Mon! Cha!
I don’t trust him with any list since the fisher/farmer fiasco
You can tell this is Gus trying to get the people minds set for the well organized bad report put together to try to get at Fahie out of hatred. We are on to you Gus. It will not work.
This is good.
Check for money laundering with some of those big property purchases. Giving the exemption to the big boys saved the Government’s friends a heap of money.
The real rstate evaluators have gone overboard. They only promoting $million homes. I have seen one property moves from $650,000 yo $890,000 in a year on one site. Same property on another site moves from 600,000 to 850,000 on another site. How can you justify a over 30% increase in the value of a property without even a new coat of paint.
Another example of run dem mouth…go get a clue people. When this Government try to do things for its people, ayo bash them.
Ayo does complain so much, ayo is the root to the problems of the BVI