Beautiful Virgin Islands

Sunday, Jul 06, 2025

Good feedback from banks on Stamp Duty amendment — Fahie

Good feedback from banks on Stamp Duty amendment — Fahie

Premier Andrew Fahie has said that amendments made to the Stamp Duty Act have been met with very good feedback from banks in the territory.

The amended Stamp Duty Act, although passed in the House of Assembly (HOA), had not been assented to up to the time of the Premier’s statement at a press conference late last week.

The Premier recalled that the National Bank of the Virgin Islands (NBVI) and Republic Bank both agreed to 100 per cent financing for homeowners when his government decided to waive the stamp duty for land sales as a mitigation measure for COVID-19 hardships.

“That complimented us with the stamp duty waiver overall for all Belongers and Virgin Islanders at that time which expired on the 31st of December, 2021,” the Premier said.

No offence to non-Belongers buying land


Meanwhile, the Premier said during that time, his government saw hundreds of transactions and residents realised millions in savings as a result of the initiative.

“So, it’s over 600 transactions and well over $5 million that persons in the Virgin Islands have been able to save to give them either their first home or to give them property or lands that would have gone out to non-Belongers, no offence to them,” he stated.

He continued: “But you want to keep as much lands and property in the hands of the residents and the government, your government of the day, has been pushing to do that as much as we can knowing that we have to have the balance of some non-Belongers involved in the purchase of properties – that, we’re not trying to stop that. But we also know who owns the lands, owns the country.”

“The banks have been responding tremendously well and we are asking those that did it before [offered financing], to reconsider doing it again but do it mainly knowing that it’s for first-time homeowners and Belongers,” the Premier said.

Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
London Stock Exchange Faces Historic Low in Initial Public Offerings
A new online platform has emerged in the United Kingdom, specifically targeting Muslim men seeking virgin brides
Trump Celebrates Independence Day with B-2 Flyover and Signs Controversial Legislation
Boris Johnson Urges Conservatives to Ignore Farage
SNP Ordered to Update Single-Sex Space Guidance Within Days
Starmer Set to Reject Calls for Wealth Taxes
Stolen Century-Old Rolls-Royce Recovered After Hotel Theft
Macron Presses Starmer to Recognise Palestinian State
Labour Delayed Palestine Action Ban Over Riot Concerns
Swinney’s Tax Comments ‘Offensive to Scots’, Say Tories
High Street Retailers to Enforce Bans on Serial Shoplifters
Music Banned by Henry VIII to Be Performed After 500 Years
Steve Coogan Says Working Class Is Being ‘Ethnically Cleansed’
Home Office Admits Uncertainty Over Visa Overstayer Numbers
JD Vance Questions Mandelson Over Reform Party’s Rising Popularity
Macron to Receive Windsor Carriage Ride in Royal Gesture
Labour Accused of ‘Hammering’ Scots During First Year in Power
BBC Head of Music Stood Down Amid Bob Vylan Controversy
Corbyn Eyes Hard-Left Challenge to Starmer’s Leadership
London Tube Trains Suspended After Major Fire Erupts Nearby
Richard Kemp: I Felt Safer in Israel Under Attack Than in the UK
Cyclist Says Police Cited Human Rights Act for Riding No-Handed
China’s Central Bank Consults European Peers on Low-Rate Strategies
AI Raises Alarms Over Long-Term Job Security
Saudi Arabia Maintains Ties with Iran Despite Israel Conflict
Musk Battles to Protect Tesla Amid Trump Policy Threats
Air France-KLM Acquires Majority Stake in Scandinavian Airlines
UK Educators Sound Alarm on Declining Child Literacy
Shein Fined €40 Million in France Over Misleading Discounts
Brazil’s Lula Visits Kirchner During Argentina House Arrest
Trump Scores Legislative Win as House Passes Tax Reform Bill
Keir Starmer Faces Criticism After Rocky First Year in Power
DJI Launches Heavy-Duty Coaxial Quadcopter with 80 kg Lift Capacity
U.S. Senate Approves Major Legislation Dubbed the 'Big Beautiful Bill'
Largest Healthcare Fraud Takedown in U.S. History Announced by DOJ
Poland Implements Border Checks Amid Growing Migration Tensions
Political Dispute Escalates Between Trump and Musk
Emirates Airline Expands Market Share with New $20 Million Campaign
Amazon Reaches Milestone with Deployment of One Millionth Robot
US Senate Votes to Remove AI Regulation Moratorium from Domestic Policy Bill
Yulia Putintseva Calls for Spectator Ejection at Wimbledon Over Safety Concerns
Jury Deliberations in Diddy Trial Yield Partial Verdict in Serious Criminal Charges
House Oversight Committee Subpoenas Former Jill Biden Aide Amid Investigation into Alleged Concealment of President Biden's Cognitive Health
King Charles Plans Significant Role for Prince Harry in Coronation
Two Chinese Nationals Arrested for Espionage Activities Against U.S. Navy
Amazon Reaches Major Automation Milestone with Over One Million Robots
Extreme Heat Wave Sweeps Across Europe, Hitting Record Temperatures
Meta Announces Formation of Ambitious AI Unit, Meta Superintelligence Labs
Robots Compete in Football Tournament in China Amid Injuries
×