BVI News

Stamp of success! Over 600 benefit from Stamp Duty waiver

A section of the main island of Tortola.

More than 600 Belongers have so far benefitted from the government’s stamp duty waiver on the sale or transfer of property from one Belonger to another.

The waiver was granted during the height of the COVID-19 pandemic in 2020.

Speaking in the House of Assembly on April 22, Premier Andrew Fahie said people who benefited from the stamp duty waiver were able to save a collective amount of $2,310,518.

Premier Fahie praised his government’s initiative, recalling the naysayers who had said the waiver would benefit the wealthy and not the average BVIslander.

“There were those in this House that told us it shouldn’t happen, that only the wealthy would benefit. Yes, some of the wealthy benefit but the wheat and the tares always grow together. This is what I am talking about when I say innovation,” Fahie explained.

Opposition Leader Marlon Penn was one legislator who cautioned that the stamp duty waiver could be hijacked by the wealthy.

But while citing the statistics that measure the success of the initiative, Premier Fahie said: “Six hundred and twenty-eight pieces of property are now in the hands of Belongers because of an initiative that was seen as ignorance and stupidity to a lot who talk. That’s what leadership is about — not worrying about how you look in the blogs. We know some of them have people paid to blog so you don’t have to look at some of them because you know from the time your picture goes up with a story, it will be negative.” Premier Fahie said.

Premier Fahie had cited the keen interest shown by young Virgin Islanders seeking land as the reason the government extended the stamp duty waiver that was due to expire in May 2021. The waiver has now been extended to December.

A major reason for the stamp duty waiver initiative was to encourage the sale of land among BVIslanders to ensure that it remained in local hands.

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27 Comments

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  1. Money Laundering & Bank Risk says:

    Great – so you were able to transfer Narco cash into land purchases without detection and have the National Bank finance 100% of land purchases increasing the risk of default of the National Bank. Well done VIP!

    Like 31
    Dislike 13
    • sigh says:

      OMG if you people hate BVI and bvislanders so much then just leave. I guess everybody in BVI make their living from selling drugs for you to make a comment like that. Is like it bother yall to see anybody who actually from here own anything.

      Like 5
      Dislike 5
    • Kilo says:

      You think that’s bad? Someone trying to sell T shirts for 95 bucks on this page! That’s a real scam!

  2. Clearly says:

    Clearly this is a tremendous help to ALL Belongers. I was fortunate to have it help me buy my first home without the extra stamp duty cost which I did not have.

    Like 10
    Dislike 3
  3. Eyes says:

    I wonder how much of those deals a certain politician’s real estate agency handled. Business must have been real good for that person since there was no stamp duty on the transactions. This is a huge conflict of interest. Hugeeeeeeee. Commissioner Hickinbottom, please look into this.

    Like 33
    Dislike 7
  4. cuban says:

    Dont mind he

    Like 3
    Dislike 2
  5. Love and Affection says:

    Bvinews.com,

    Do a background check on the realtor/CompanyName behind most of these 628 pieces of property. This guy is hilarious, l ain’t knocking his hustle but a blind man can see stamp duty was waive and l am all to help BVIlanders 🇻🇬🇻🇬 own property. Who really profited with this initiative? People wake up, l ain’t affiliated with no political party either everybody has to eat but like, l always been saying politicians don’t help poor people before they help themselves. I got my property thru Love and Affection thank God.

    Like 17
    Dislike 2
  6. Virgin Gorda says:

    I really loved what the Government tried to do. However, many persons were unable to benefit because the cost of land in Virgin Gorda is impossible for the average belonger to purchase.

    I hope that persons between 35 and 40 with a family can be on the priority list for crown land. This is the only hope some of us have to own land since our family don’t have land to pass on to us.

    • @ VG says:

      The cost of land in Tortola is more than impossible so this post is for the rich that got through GOVERNMENT TOO LIE young people never benefited who really wanted ask VINCENT …

      Like 2
      Dislike 1
  7. Quietly Watching says:

    I think this was a good idea and I am happy to see that so many took advantage of it.

    Contrary to the popular opinion of visitors to our shores, the majority of homes on the hill were purchased and built by hard work, sweat and focus and of course huge bank loans.

    What we need now is for someone to look into why only in the British Virgin Islands mortgages are still 5 percent and even 6 percent in some cases.
    And also why the insurance companies are so disgusting that they took advantage of the people of this community after serious natural disasters almost killed us in doubling our premiums.

    The Government and FSC needs to look into banking interest rates on mortgages and even land, car and personal loans and please speak with the insurance company. In this community you pay your mortgage for over 10 years, $300,000 and nothing goes to interest during that time. Which goes to show that they are collecting 3 to 4 times the amount they loan out to you. We are bill payers in this community and that is why we get our loans, but We are tired of paying premium for everything. Groceries, clothes, educational supplies, mortgages, other loans. Even a basic chicken lunch, a slice of cake and a drink cost you $20-$25 in this jurisdiction. To be frank, we really need help. It is wrong.

    As an aside, I am sure if one looks into the rates of our newest bank they will be ten times more than their Caribbean counterpart, just like the older ones and their American counterpart. 2.5% to 5% when doling out interest rates. Highway robbery in broad day light my grandfather used to call that.

    Like 17
  8. My take says:

    This site is hopeless. Only the blogs against anything the government does gets posted.

    Like 1
    Dislike 4
    • @My Take says:

      Then go over to the [other] site, because there only the pro-Government blogs get posted. Tit for tat no obeah.

      Like 2
      Dislike 1
  9. Rubber Duck says:

    It is common practice around the world in countries that have many foreigners living there, to designate some land areas where only natives ( “belongers “) can buy. This saves the “belongers “ from having to compete with rich foreigners when acquiring land and homes. The areas are usually kept small and scattered so that ghettos of belongers or foreigners do not happen. I think we should look at some system like that.

    Like 1
    Dislike 2
  10. interesting says:

    We thought we gain with this but these unethical real estate company quite aware of this so they increase the price for listed property.There are instances where belonger ask to buy a house in certain areas and was told the property has been sold or on contract just for belonger not to live or own houses in certain communities
    Bvi government need more policing with these real estate company .

    Like 3
    Dislike 1
    • @Interested says:

      That is so bitter to read. So sad to learn such evil has reached our shores, but it has.

      That is called institutionalized racism.  It is the way of life and  common practice in the US, UK, Canada and EU.

      Meanwhile, our government officials are totally oblivious to it and will do nothing to protect us from it.

      We will continue to lose our lands and our freedom to choose to live where we want in our own home. Soon, we will be in a similar situation as the Black South African.

      Unfortunately, racial hatred and institutional racism will remain tools that provide them a privileged existence and Black people an oppressive one.

      Meanwhile, these are the absolute truths they abhor and don’t like to be confronted with. 

      Our elected leaders really need to wake up before it is too late.

      Like 2
      Dislike 1
      • Anonymous says:

        I hope things won’t be to late when BVIslanders finally come to realize that this country is doomed to the full evils and terror of white supremacy.

        The stage was for such was set decades ago, by leaders who were inept in human history, gullible, money (corrupt) greedy, policy incompetent, visionary blind and politically incompetent.

        Like 1
        Dislike 1
  11. @ UNCLE ANDY says:

    ah tell Argo he got some skills / he is a genius plus very cunning just look at the way he flex he muscles on 3rd district / its was a A tko they don’t call him the brown bomber for nothing

  12. Free For All says:

    Wonder if D1 and D4 Reps real estate companies benefited from this initiative of no stamp duty? No stamp duty, pay more in commissions? Asking for a old timer tryin to navigate the Internet.

  13. Lol says:

    And I still could not find a piece of land that was affordable, like working three jobs, eating macorni and Vienna sausage and still come up with nothing. I still looking put me to who selling except for them real estate company.

  14. Anonymous says:

    I hope things won’t be to late when BVIslanders finally come to realize that this country is doomed to the full evils and terror of UK authority.

    The stage was for such set decades ago, by leaders who were inept in human history, gullible, money (corrupt) greedy, policy incompetent, visionary blind and politically incompetent.

  15. But says:

    “Six hundred and twenty-eight pieces of PROPERTY are now in the hands of Belongers”. Ok but how many belongers? Is it one person who bought 628 pieces? 10? 100? Or 628?

  16. Island peep says:

    The CoI needs to look into every transfer over $100,000. Some Belongers have been fronting for drug money to wash the dirty funds clean. In these COVID times, there’s just no way that some of these characters (and their personal assistants and co-workers) could come up with the cash. There’s a lot of fishy stuff being covered up here.

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