Beautiful Virgin Islands

Tuesday, Jun 03, 2025

National Bank offering locals 100% loan financing on land for up to 15 years

National Bank offering locals 100% loan financing on land for up to 15 years

The National Bank of the Virgin Islands (NBVI) is offering locals 100 percent loan financing for land purchases within the territory.

The National Bank said the initiative is geared towards making it easier for likely land owners to capitalize on government’s stamp duty tax exemption period for locals.

Chief Executive Officer of NBVI, Joy Penn said the campaign will allow financing for terms up to a maximum of 15 years, which she urged locals to take advantage of.

“We believe that now, more than ever, customers need an opportunity to realize their dreams of becoming land owners,” she said.

“Loan candidates are examined regularly and oftentimes they are unable to meet the deposit requirements, but have sound repayment capacity. With this opportunity for 100 percent financing, we hope to make their land ownership and eventual home ownership goals become a reality,” Penn added.


Thousands of dollars to be saved in deposits

The CEO also explained that potential customers will be able to save thousands of dollars on deposits.

“If someone wanted to buy a piece of land for $50,000, their normal deposit requirement towards the purchase would have been $5,000 (10 percent). Additionally, they would have been required to pay another $2,000 (four percent) in government Stamp Duty on the transfer (if the land was also appraised at $50,000),” Penn stated.

“So right away you see savings of $7,000 on that transaction under NBVI’s current land loan campaign. I am optimistic that persons will find raw land available for sale. I strongly encourage you to embrace this opportunity to own your piece of paradise today,” she added.

The National Bank also revealed that successful applicants will have their names entered into a draw for a $500 savings deposit at the bank.


Stamp duty waiver

Meanwhile, Cabinet made the decision to waive taxes on stamp duty from May 2020, to May 2021, as part of the Andrew Fahie administration’s economic stimulus plan.

Premier Fahie, however, warned locals taking advantage of the waiver that they must not resell the property acquired to a non-local until the end of a seven-year period.

Should a sale or transfer occur within the aforementioned period, the land owner will have to reimburse the government for fees that were previously waived.

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
×