Typically, offshore holding companies lack the rights necessary to purchase properties in the country of their registration. But in the BVI, this is no longer a hindrance. By securing the Non-Belongers Land Holding License, offshore holding companies can purchase lands or other real estate properties in the BVI without facing any legal hiccups. If you are exploring ways to unlock BVI property investment opportunities, this step-by-step guide can help you do so.
What is a Non-Belonger Land Holding License?
The Non-Belonger Land Holding License is a legal permit that enables offshore companies, regardless of their structure, to buy land or other real estate properties in the BVI. The Ministry of Natural Resources and Labour grants this license upon receipt of the prescribed application and the necessary supporting documents. By securing this license, investors can unlock access to the BVI investment property market, thereby boosting their portfolio.
Checklist for the BVI Property Investment For an Offshore Company
- Ensure your offshore company has an active bank account to pursue real estate transactions. You can get in touch with a certified agent to assist you in opening a bank account in the BVI.
- Be sure your business has a sound financial record with no dues pending.
- The property in question should be free from legal disputes.
- The business must pay a 12% stamp duty when transferring land ownership.
Steps to Get the Non-Belongers Land Holding License For BVI Property Investment
BVI offshore company formation is one way for foreign investors to invest in properties within the country. You can establish a holding company, and the company can then apply for the Non-Belongers Land Holding License. Here’s how the application process for the license works:
Step 1: Contact a Certified Agent
Partner with a certified agent in the BVI. The agent will manage the application formalities and paperwork.
Step 2: File the application
Your agent will apply to the Ministry of Natural Resources and Labour to secure the acknowledgement slip. Ensure that the application accompanies the mandatory annexures.
Step 3: Paperwork Assessment
The ministry forwards the application and paperwork to the relevant cabinet for compliance and accuracy review. If there are no errors, the applicant will be notified to submit the mandatory annexures discussed in the next section. The ministry will vet some of these documents, while the governor will execute the rest.
Step 4: Fee Submission
Once the Governor executes the documents, the ministry will inform the applicant to collect the same and submit the required fee. At this juncture, the applicant will sign the license, and the Ministry of Natural Resources and Labour will record its details.
Step 5: Submit the License to the Land and Survey Department
The applicant must submit the license to the Land and Survey Department, along with the applicable fee.
Step 6: Draft and Notarize the Transfer Deed
Draft a transfer deed with the assistance of a lawyer or advocate. The deed must include the terms regarding the transactions and the signatures of the concerned parties, i.e., the vendor and the purchaser. Once done, submit the deed to the Inland Revenue Department for stamp duty assessment. Additionally, submit a copy of the same to the Land and Survey Department.
Step 7: Submit the License
Lastly, navigate to the Ministry of Natural Resources and Labour to submit the required licenses, along with the transfer deed.
Documents Required to Secure the Non-Belongers' Land Holding License
For Each Beneficial Owner and Director:
- Passport & Identification:
- Copy of Passport Biography Page
- One passport-sized photo
- References & Financials:
- Two character references
- Two personal references (from the company's bank account, employer, or financial auditor) affirming financial capability
- One financial statement demonstrating one year of banking history
- Other:
- One original Police Certificate
For the Vendor (if it is a company) and Purchasing Company:
- Copy of the company's Annual Summary of Members, Certificate of Incumbency, or Registered Agent Certificate
- Certificate of Incorporation or Certificate of Registered Office
- Memorandum and Articles of Association
- Good Standing Certificate
Property & Legal Documents:
- Copies of four consecutive newspaper and online media advertisements for the sale of the property
- A letter-sized Non-Belonger survey map
- A copy of the vendor's notarized Birth Certificate or Naturalization Certificate (if a "belonger")
- A notarized letter of intent from the landowner(s) to add or remove a name from the license
- A notarized letter of intent from the director(s) or shareholder(s) to relinquish their interest in the company
- Proof of rental history (if requesting rental permission)
- A copy of the record showing land ownership
- A copy of the sale agreement
- A copy of the Declaration of a Trust (if applicable)
- A certified copy of a Valuation Report of the property
- A copy of the Registered License
- A copy of the Transfer document
- Proof of input from an architect or planner
- A copy of a recent As-Built Survey
- Passport-sized picture of the vendor(s)
- A Birth Certificate for parents transferring property to children
- A Marriage Certificate for a person transferring property to their spouse
- Engrossed License
- Draft License
Property acquisition and management in the BVI is no longer a challenge as long as you hold the Non-Belongers land holding License. That said, applying for this license involves navigating complex paperwork and processes. To overcome hassles, you can contact BSW and let experts pave the way for you. Business Setup Worldwide (BSW) is a top-rated service provider for a wide range of offshore activities. We have helped clients meet their offshore goals, including tax planning, property acquisition, and compliance management, with ease. Contact us today to book a free consultation.
