Beautiful Virgin Islands

Tuesday, Jun 03, 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
China Accuses US of Violating Trade Truce
Panama Port Owner Balances US-China Pressures
France Implements Nationwide Outdoor Smoking Ban to Protect Children
German Chancellor Merz Keeps Putin Guessing on Missile Strategy
Mandelson Criticizes UK's 'Fetish' for Abandoning EU Regulations
British Fishing Boat Owner Fined €30,000 by French Authorities
Dutch government falls as far-right leader Wilders quits coalition
Harvard Urges US to Unfreeze Funds for Public Health Research
Businessman Mauled by Lion at Luxury Namibian Lodge
Researchers Consider New Destinations Beyond the U.S.
53-Year-Old Doctor Claims Biological Age of 23
Trump Struggles to Secure Trade Deals With China and Europe
Russia to Return 6,000 Corpses Under Ukraine Prisoner Swap Deal
Microsoft Lays Off Hundreds More Amid Restructuring
Harvey Weinstein’s Publicist Embraces Notoriety
Macron and Meloni Seek Unity Despite Tensions
Trump Administration Accused of Obstructing Deportation Cases
Newark Mayor Sues Over Arrest at Immigration Facility
Center-Left Candidate Projected to Win South Korean Presidency
Trump’s Tariffs Predicted to Stall Global Economic Growth
South Korea’s President-Elect Expected to Take Softer Line on Trump and North Korea
Trump’s China Strategy Remains a Geopolitical Puzzle
Ukraine Executes Long-Range Drone Strikes on Russian Airbases
Conservative Karol Nawrocki wins Poland’s presidential election
Study Identifies Potential Radicalization Risk Among Over One Million Muslims in Germany
Good news: Annalena Baerbock Elected President of the UN General Assembly
Apple Appeals EU Law Over User Data Sharing Requirements
South Africa: "First Black Bank" Collapses after Being Looted by Owners
Poland will now withdraw from the EU migration pact after pro-Trump nationalist wins Election
"That's Disgusting, Don’t Say It Again": The Trump Joke That Made the President Boil
Trump Cancels NASA Nominee Over Democratic Donations
Paris Saint-Germain's Greatest Triumph Is Football’s Lowest Point
OnlyFans for Sale: From Lockdown Lifeline to Eight-Billion-Dollar Empire
Mayor’s Security Officer Implicated | Shocking New Details Emerge in NYC Kidnapping Case
Hegseth Warns of Potential Chinese Military Action Against Taiwan
OPEC+ Agrees to Increase Oil Output for Third Consecutive Month
Jamie Dimon Warns U.S. Bond Market Faces Pressure from Rising Debt
Turkey Detains Istanbul Officials Amid Anti-Corruption Crackdown
Taylor Swift Gains Ownership of Her First Six Albums
Bangkok Ranked World's Top City for Remote Work in 2025
Satirical Sketch Sparks Political Spouse Feud in South Korea
Indonesia Quarry Collapse Leaves Multiple Dead and Missing
South Korean Election Video Pulled Amid Misogyny Outcry
Asian Economies Shift Away from US Dollar Amid Trade Tensions
Netflix Investigates Allegations of On-Set Mistreatment in K-Drama Production
US Defence Chief Reaffirms Strong Ties with Singapore Amid Regional Tensions
Vietnam Faces Strategic Dilemma Over China's Mekong River Projects
Malaysia's First AI Preacher Sparks Debate on Islamic Principles
White House Press Secretary Criticizes Harvard Funding, Advocates for Vocational Training
France to Implement Nationwide Smoking Ban in Outdoor Spaces Frequented by Children
×