Stamp duty waived for future local landowners
Locals interested in becoming landowners during the COVID-19 pandemic period will not be required to pay stamp duty.
Premier Andrew Fahie made the announcement during a recent national address on social media, where he said the initiative is part of his government’s overall economic stimulus plan.
He said Cabinet had approved the waiver of stamp duties to encourage more land ownership of Belongers.
“Cabinet agreed [on] the amendment of the Schedule of the Stamp Duty Act to allow for the waiver of stamp duty fees payable on the sale or transfer of property by a Belonger to another Belonger no matter the amount even if it’s just a transfer of love and affection,” Premier Fahie stated.
He added: “We recognise the need to ease some of the financial burdens of those of our people who would be in a position to purchase property during this COVID-19 era in a manner that encourages the properties to remain in local hands.”
Economic stimulus plan being tweaked
The Premier has been hinting at an economic stimulus-response plan since March. But, such a plan is yet to be rolled out.
Heowever, Fahie has said it is actively being assessed and improved to ensure effectiveness.
“The overall response is being tweaked so that it is practical, realistic and gets into the hands of the people in an accountable and transparent manner,” the Premier stated.
Initiatives which are part of stimulus plan
While the entire stimulus plan has not yet been revealed to the public, Premier Fahie said a number of the recent coronavirus-related initiatives from government is part of the overall economic stimulus package.
He said these initiatives include Cabinet’s approval to purchase 500 laptops for students and teachers to facilitate online education, a $2 million fishing and farmers stimulus, the house-to-house garbage collection, and free water delivery to customers of the Water & Sewerage Department.
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The BVI does not create value without foreign countries.
We import everything we consume.
Stimulating the internal flow of money is NOT stimulus. It’s playing favoritism but the territory is not becoming richer of it.
Whenever there is an initiative to help the people of the BVI a few of you always come on blogging foolishness.
I doubt that comment is from a local. If so, that person loves being in bondage.
Give me one single example of how what they are doing is helping the people of the BVI?
Well it’s a new day, its time we learn to.
The only thing waiving the stamp duty does is allow the rich Belonger to acquire more land and property. This does nothing to stimulate the economy. It only gives a discount to Foy’s friends. How many have money to buy property? People having trouble feeding themselves and paying bills. If you want stimulus, open the offshore accounts of the ruling families and politicians and spread that money to the people. That’s stimulus.
In this day and age of Corona Virus and 5G there are those whose names we endorsed with our Exes, who consider us us to be Fools.
Rude awakenings coming though. We’ll have our days in court.
If Foy wants to stimulate the economy how about letting cargo into the BVI. There is tax due on each car waiting to enter and duty on cargo. This money will certainly help stimulate the government coffers and the pockets of the politicians. YOU CAN ONLY STIMULATE THE BVI ECONOMY BY BRINGING IN OUTSIDE DOLLARS. THIS MEANS YOU HAVE TO MANUFACTURE SOMETHING PEOPLE WANT OR PROVIDE A SERVICE PEOPLE WANT. THERE IS NO INTERNAL STIMULUS.
Many of those cars are coming from Asia and will have to be inspected for the virus.
Where were you when he was giving out all those belonger status. I wonder if he was playing favoritism then.
How just waiving stamp duties stimulating the economy?????? At this point who is focused on purchasing property????? like seriously.Waiving stamp duties just take away from the internal company.#Staywokeyouall.
Speak for your own narrow minded self. This is a terriffic move by the government.
Can you explain how this is a good move? We want to know.
I have acquired a number of properties. You still have not explained this terrific move.
You are not a local, I can see.
But…. I have land and will be buying more…#dontfaint
This should also be available for properties sold by non belongers to belongers.
Hopefully this will also be the case.
This should also be available for properties sol by belonger to nonbelonger, vice versa.That is going to show love and a good governance.
This is a need stimulus during these difficult times. Not all locals can take advantage of it but there are those who can and this initiative will help keep properties in our locals hands. This is wise.
Stimulus should be a way to create value.
Properties exchanging hands within our economy does not create value at all.
Here are real stimulus projects. The minister of Immigration, SS, NRNL ran on a platform of Land and Houses especially for the youths. Yet we haven’t after almost 18 months in office heard one iota of the lots given out on Anegada or anywhere else; mind you, the land on Anegada is totally different from Crown Land on VG, Tola, JVD and elsewhere; land that was granted by queen Victoria. Anegadians pay a mere $1.00 for their lands. Lands are used as Political Gimmicks; given out as “Bribes” every four years on the eve of election. Stimulate the economy by cutting roads to the lands, waive duty on building materials to build homes, just like non nationals Branson, Jerecki and Johnson. Crank up the construction of homes at Spooners with the $13-million from SS; especially since they haven’t committed any moneys during Covid-19 virus and lockdown.
The property market is moribund. Dead. Lots of Irma repaired and non repaired properties on the market that locals obviously don’t want. Economic stimulus would consist of attracting some foreign investment into the housing stock. Get rid of the 12% stamp duty for foreign buyers, even if it’s on a temporary basis, give them proper rights to live here providing they dont need to work. Every other island nation is trying to attract them. BVI is not.
We are not selling out our country, if you all wish too, then that is on you. Foreigners care for themselves and their family, so should we. Our wisdom comes from God. We will not be in bondage to any man, rich or poor.
You want us to die out. Id rather this stay a place of Caribbean nationals than what you propose.
Proper rights providing they dont need to work, haha funny.
Yes that’s exactly what we want. We want you and every Belonger to *** out so that the Territory can be turned into a living paradise where all that live here are equal with equal rights. We would like you to *** along with your corrupt and racist ways.
Anyone, who attempts to oppress or exterminate the local BVIslander in any manner must expect and will be dealth with all severely.
The truth is, physically oppressing, toturing and destroying Black people will never happen again, never!
And no, we will not be moved from these islands because you think we should.
After 150 years of striving and accomplishing on our own, the audicity of the slavers child to now come back and assert that we should be removed so he can have a free and peaceful existence.
Must be a complete lunatic or the child of a devil.
That is a very strange decision. The stamp duty on Belonger property sales is pretty small in the overall context of the transactions – just a couple of percentage points. I can’t imagine that there is anyone who wouldn’t be able to buy a property before is now suddenly thinking that they can afford this. And at a time when the public finances are under threat, this is an odd time to waive tax on people who are able to afford to buy their own property.
We all know what is up with this, watch the moves in the coming months and it will be crystal clear! Stimulus, but for who?
This is messed up. Move after move that are designed to undermine the people. Dont stock up!
Then there is the anti-journalist/anti-free speech law, ‘designed to protect the school children’.
Now the journalist are afraid to speak up.
They know exactly what moves to make. But its impossible to be in office messing up and not have people talk the truth.
Time will tell all things. Hang BVI landers, the truth will soon appear.