Beautiful Virgin Islands

Tuesday, Jun 24, 2025

Buy Real Estate Instead of Fancy Cars, Vanterpool Urges Youngsters

Buy Real Estate Instead of Fancy Cars, Vanterpool Urges Youngsters

Opposition Legislator Hon. Mark Vanterpool is encouraging youngsters to invest in real estate as opposed to fancy cars.

The Fourth District Representative's remarks were made on Tuesday, September 24 during the House of Assembly sitting against the backdrop that he was granted exemption from vacating his seat as a member of the House of Assembly after purchasing a property in Pockwood Pond.

According to Premier Andrew Fahie, part of the property in question had a government lease on it because it was reclaimed land.

No one debated the motion when it arose in the House.

Land Does Not Rot


“I want to use my voice to encourage young people to buy property even if you can’t build on it as yet; it does not rot. It’s your property, it will stay there and whenever you can build a little on it or develop it you can, but it is better than buying a fancy expensive car, it goes a long way,” Hon. Vanterpool said while giving his contribution.

He added, “I use that same principle to encourage my children to invest and buy property when you can. It’s a very good thing, I have no regrets in what I have done in buying property, and I want to encourage others to take this opportunity now where you are exempted from paying the four percent [tax] and try to make that investment.”

Banks Must Do Better


In the meantime, the Fourth District Representative called out the various lending institutions as well as the government to do better.

“I will go a little further and make this comment because while the government has made the effort to incentivize persons to buy property, I am surprised that banks – and I have always tried to understand the economic reason – why banks believe that they are more interested in lending money towards buying cars than buying land.

Yes, you may get more interest in a shorter time or whatever it might be, but then you are not investing as a bank in the future economic growth of the country which will eventually help you as a bank to help you grow economically also,” he remarked.

The former Works Minister said these lending institutions should consider investing in the people of the territory because in so doing, the people can in turn re-invest and do business with them.

He also bemoaned that the lending institutions don’t always provide 100 percent financing to persons to enable them to purchase properties; however, it is being done for vehicles.

“I don’t believe for a government stipulating the private sector how it should operate, but in areas like these, I believe it should at least encourage or incentivize the banks and other institutions like that to invest in a better way when it comes to land ownership in the BVI,” Hon. Vanterpool said.

Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
“You Have 12 Hours to Flee”: Israeli Threat Campaign Targets Surviving Iranian Officials
Macron and Merz: Europe must arm itself in an unstable world
Germany and Italy Under Pressure to Repatriate $245bn of Gold from US Vaults
Airlines Evaluate Flight Cancellations Amid Escalating US-Iran Tensions
Starmer Invites Innovators to Join Government Talent Scheme
UK Economy’s Strong Opening Quarter Shows Signs of Cooling
Harrods Seeks Court Order to Secure Al Fayed Estate for Victims
BA and Singapore Airlines Cancel Dubai Flights Amid Middle East Tensions
Trump Faces Backlash from MAGA Base Over Iran Strikes
Meta Bets $14 B on Alexandr Wang to Drive AI Ambitions
WATCH: Israeli forces show the aftermath of a massive airstrike at Iran's Isfahan nuclear site
FedEx Founder Fred Smith, ‘Heart and Soul’ of the Company, Dies at 80
Chinese Factories Shift Away from U.S. Amid Trump‑Era Tariffs
Pimco Seizes Opportunity in Japan’s Dislocated Bond Market
Labubu Doll Drives Pop Mart to Status as China’s Most Valuable Toy Maker
Global Coal Demand Defies Paris Accord Goals
We have new information and breaking details to share about what is shaping up to be a historic air campaign tonight
Six Massive Bombs Dropped on Fordow; Trump: 'A Historic Moment for the U.S., Israel, and the World'
Fordow: Deeply Buried Iranian Enrichment Site in U.S.–Israel Crosshairs
United States Conducts Precision Strikes on Iran’s Nuclear Sites
US strikes Iran nuclear sites, Trump says
Pakistan to nominate Trump for Nobel Peace Prize.
BBC Demands Perplexity AI Immediately Stop Using Its Content
Telegram Founder: I Will Leave My Fortune to Over 100 of My Children
Political Turmoil Resurfaces in Belgium Amid Economic Concerns
Fed policymakers divided on timing of interest rate cuts
Trump signals imminent agreement with Harvard University
Inheritance tax referendum alarms Swiss billionaire community
Japan cancels bilateral security meeting amid US defence demands
AI skeptic Emily Bender warns that ‘the emperor has no clothes’
Israel Confirms Assassination of Quds Force Commander in Tehran
16 Billion Login Credentials Leaked in Unprecedented Cybersecurity Breach
Senate hearing on who was 'really running' Biden White House kicks off
Iranian Military Officers Reportedly Seek Contact with Reza Pahlavi, Signal Intent to Defect
FBI and Senate Investigate Allegations of Chinese Plot to Influence the 2020 Election in Biden’s Favor Using Fake U.S. Driver’s Licenses
Vietnam Emerges as Luxury Yacht Destination for Ultra‑Rich
Plans to Sell Dutch Embassy in Bangkok Face Local Opposition
China's Iranian Oil Imports Face Disruption Amid Escalating Middle East Tensions
Trump's $5 Million 'Trump Card' Visa Program Draws Nearly 70,000 Applicants
DGCA Finds No Major Safety Concerns in Air India's Boeing 787 Fleet
Airlines Reroute Flights Amid Expanding Middle East Conflict Zones
Elon Musk's xAI Seeks $9.3 Billion in Funding Amid AI Expansion
Trump Demands Iran's Unconditional Surrender Amid Escalating Conflict
Israeli Airstrike Targets Iranian State TV in Central Tehran
President Trump is leaving the G7 summit early and has ordered the National Security Council to the Situation Room
Taiwan Imposes Export Ban on Chips to Huawei and SMIC
Israel has just announced plans to strike Tehran again, and in response, Trump has urged people to evacuate
Netanyahu Signals Potential Regime Change in Iran
Juncker Criticizes EU Inaction on Trump Tariffs
EU Proposes Ban on New Russian Gas Contracts
×