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Only first-time property owners to get stamp duty waiver after Dec 31

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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