Beautiful Virgin Islands

Monday, Oct 06, 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
Munich Airport Reopens After Second Drone Shutdown
France Names New Government Amid Political Crisis
Trump Stands Firm in Shutdown Showdown and Declares War on Drug Cartels — Turning Crisis into Opportunity
Surge of U.S. Billionaires Transforms London’s Peninsula Apartments into Ultra-Luxury Stronghold
Pro Europe and Anti-War Babiš Poised to Return to Power After Czech Parliamentary Vote
Jeff Bezos Calls AI Surge a ‘Good’ Bubble, Urges Focus on Lasting Innovation
Japan’s Ruling Party Chooses Sanae Takaichi, Clearing Path to First Female Prime Minister
Sean ‘Diddy’ Combs Sentenced to Fifty Months in Prison Following Prostitution Conviction
Taylor Swift’s ‘Showgirl’ Launch Extends Billion-Dollar Empire
Trump Administration Launches “TrumpRx” Plan to Enable Direct Drug Sales at Deep Discounts
Trump Announces Intention to Impose 100 Percent Tariff on Foreign-Made Films
Altman Says GPT-5 Already Outpaces Him, Warns AI Could Automate 40% of Work
Singapore and Hong Kong Vie to Dominate Asia’s Rising Gold Trade
Trump Organization Teams with Saudi Developer on $1 Billion Trump Plaza in Jeddah
Manhattan Sees Surge in Office-to-Housing Conversions, Highest Since 2008
Switzerland and U.S. Issue Joint Assurance Against Currency Manipulation
Electronic Arts to Be Taken Private in Historic $55 Billion Buyout
Thomas Jacob Sanford Named as Suspect in Deadly Michigan Church Shooting and Arson
Russian Research Vessel 'Yantar' Tracked Mapping Europe’s Subsea Cables, Raising Security Alarms
New York Man Arrested After On-Air Confession to 2017 Parents’ Murders
U.S. Defense Chief Orders Sudden Summit of Hundreds of Generals and Admirals
Global Cruise Industry Posts Dramatic Comeback with 34.6 Million Passengers in 2024
Trump Claims FBI Planted 274 Agents at Capitol Riot, Citing Unverified Reports
India: Internet Suspended in Bareilly Amid Communal Clashes Between Muslims and Hindus
Supreme Court Extends Freeze on Nearly $5 Billion in U.S. Foreign Aid at Trump’s Request
Archaeologists Recover Statues and Temples from 2,000-Year-Old Sunken City off Alexandria
China Deploys 2,000 Workers to Spain to Build Major EV Battery Factory, Raising European Dependence
Speed Takes Over: How Drive-Through Coffee Chains Are Rewriting U.S. Coffee Culture
U.S. Demands Brussels Scrutinize Digital Rules to Prevent Bias Against American Tech
Ringo Starr Champions Enduring Beatles Legacy While Debuting Las Vegas Art Show
Private Equity’s Fundraising Surge Triggers Concern of European Market Shake-Out
Colombian President Petro Vows to Mobilize Volunteers for Gaza and Joins List of Fighters
FBI Removes Agents Who Kneeled at 2020 Protest, Citing Breach of Professional Conduct
Trump Alleges ‘Triple Sabotage’ at United Nations After Escalator and Teleprompter Failures
Shock in France: 5 Years in Prison for Former President Nicolas Sarkozy
Tokyo’s Jimbōchō Named World’s Coolest Neighbourhood for 2025
European Officials Fear Trump May Shift Blame for Ukraine War onto EU
BNP Paribas Abandons Ban on 'Controversial Weapons' Financing Amid Europe’s Defence Push
Typhoon Ragasa Leaves Trail of Destruction Across East Asia Before Making Landfall in China
The Personality Rights Challenge in India’s AI Era
Big Banks Rebuild in Hong Kong as Deal Volume Surges
Italy Considers Freezing Retirement Age at 67 to Avert Scheduled Hike
Italian City to Impose Tax on Visiting Dogs Starting in 2026
Arnault Denounces Proposed Wealth Tax as Threat to French Economy
Study Finds No Safe Level of Alcohol for Dementia Risk
Denmark Investigates Drone Incursion, Does Not Rule Out Russian Involvement
Lilly CEO Warns UK Is ‘Worst Country in Europe’ for Drug Prices, Pulls Back Investment
Nigel Farage Emerges as Central Force in British Politics with Reform UK Surge
Disney Reinstates ‘Jimmy Kimmel Live!’ after Six-Day Suspension over Charlie Kirk Comments
U.S. Prosecutors Move to Break Up Google’s Advertising Monopoly
×