Beautiful Virgin Islands

Saturday, Sep 06, 2025

Stamp duty waiver for purchase of property to be extended

Stamp duty waiver for purchase of property to be extended

The Government of the Virgin Islands has disclosed it will be extending the stamp duty waiver for the purchase of property by Belongers.

The stamp duty waiver for property purchase was first announced in May 2020, by Premier and Minister of Finance Andrew A. Fahie (R1), who had said government recognised the need to ease some of the financial burdens of residents who would be in a position to purchase property during this COVID-19 era in a manner that encourages the properties to remain in local hands.

The amendment to the schedule of the Stamp Duty Act was agreed on to allow for the waiver of stamp duty fees payable on the sale or transfer of property by a Belonger or non-Belonger to a Belonger, no matter the amount.

On May 12, 2020, had said the waiver initiative will run until May 31, 2021.

Speaking at his Annual First District Report at Cappoon’s Bay Recreation Ground on Saturday, January 30, 2021, Premier and Minister of Finance, Hon Andrew A. Fahie said there will be an extension to the stamp duty waiver due to the high interest by young people to capitalise on the initiative.


High interest by young people


However, while speaking at his Annual First District Report at Cappoon’s Bay Recreation Ground on Saturday, January 30, 2021, Hon Fahie said there will be an extension to the stamp duty waiver due to the high interest by young people to capitalise on the initiative.

“Your Government will also be extending the stamp duty waiver for the purchase of property by Belongers due to high demand from our youth who have expressed such interest during our many public meetings,” Premier Fahie stated.

The Leader of Government Business did not give a new date that the waiver initiative will now be in effect; however, he noted that the people of the Virgin Islands “must be able to own their own homes and this will help this dream become a reality.”

Premier Andrew A. Fahie has said the people of the Virgin Islands 'must be able to own their own homes' and the stamp duty waiver will help this dream become a reality.

Gov’t can recoup funds if property sold before 7 years


Meanwhile, Premier Fahie had previously stated that Belongers who receive a stamp duty waiver and resell the property to a non-local before seven years will be required to repay the fees that were waived.

“If the property is sold or transferred to a non-Belonger within a period of seven years, the sum that is waived at the point of the original sale to the Belonger shall be recouped by the government from the Belonger,” Hon Fahie had said on May 12, 2020, adding that “Cabinet also decide that if the property is resold or transferred to another Belonger for the period up to 31st May 2021, the waiver of the stamp duty remains applicable.”

Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
Trump Threatens Retaliatory Tariffs After EU Imposes €2.95 Billion Fine on Google
Tesla Board Proposes Unprecedented One-Trillion-Dollar Performance Package for Elon Musk
US Justice Department Launches Criminal Mortgage-Fraud Probe into Federal Reserve Governor Lisa Cook
Escalating Drug Trafficking and Violence in Latin America: A Growing Crisis
US and Taiwanese Defence Officials Held Secret Talks in Alaska
Report: Secret SEAL Team 6 Mission in North Korea Ordered by Trump in 2019 Ended in Failure
Gold Could Reach Nearly $5,000 if Fed Independence Is Undermined, Goldman Sachs Warns
Uruguay, Colombia and Paraguay Secure Places at 2026 World Cup
Florida Murder Case: The Adelson Family, the Killing of Dan Markel, and the Trial of Donna Adelson
Trump Administration Advances Plans to Rebrand Pentagon as Department of War Instead of the Fake Term Department of Defense
Big Tech Executives Laud Trump at White House Dinner, Unveil Massive U.S. Investments
Tether Expands into Gold Sector with Profit-Driven Diversification
‘Looks Like a Wig’: Online Users Express Concern Over Kate Middleton
Brand-New $1 Million Yacht Sinks Just Fifteen Minutes After Maiden Launch in Turkey
Here’s What the FBI Seized in John Bolton Raid — and the Legal Risks He Faces
Florida’s Vaccine Revolution: DeSantis Declares War on Mandates
Trump’s New War – and the ‘Drug Tyrant’ Fearing Invasion: ‘1,200 Missiles Aimed at Us’
"The Situation Has Never Been This Bad": The Fall of PepsiCo
At the Parade in China: Laser Weapons, 'Eagle Strike,' and a Missile Capable of 'Striking Anywhere in the World'
The Fashion Designer Who Became an Italian Symbol: Giorgio Armani Has Died at 91
Putin Celebrates ‘Unprecedentedly High’ Ties with China as Gazprom Seals Power of Siberia-2 Deal
China Unveils New Weapons in Grand Military Parade as Xi Hosts Putin and Kim
Queen Camilla’s Teenage Courage: Fended Off Attempted Assault on London Train, New Biography Reveals
Scottish Brothers Set Record in Historic Pacific Row
Rapper Cardi B Cleared of Liability in Los Angeles Civil Assault Trial
Google Avoids Break-Up in U.S. Antitrust Case as Stocks Rise
Couple celebrates 80th wedding anniversary at assisted living facility in Lancaster
Information Warfare in the Age of AI: How Language Models Become Targets and Tools
The White House on LinkedIn Has Changed Their Profile Picture to Donald Trump
"Insulted the Prophet Muhammad": Woman Burned Alive by Angry Mob in Niger State, Nigeria
Trump Responds to Death Rumors – Announces 'Missile City'
Court of Appeal Allows Asylum Seekers to Remain at Essex Hotel Amid Local Tax Boycott Threats
Germany in Turmoil: Ukrainian Teenage Girl Pushed to Death by Illegal Iraqi Migrant
United Krack down on human rights: Graham Linehan Arrested at Heathrow Over Three X Posts, Hospitalised, Released on Bail with Posting Ban
Asian and Middle Eastern Investors Avoid US Markets
Ray Dalio Warns of US Shift to Autocracy
Eurozone Inflation Rises to 2.1% in August
Russia and China Sign New Gas Pipeline Deal
China's Robotics Industry Fuels Export Surge
Suntory Chairman Resigns After Police Probe
Gold Price Hits New All-Time Record
Von der Leyen's Plane Hit by Suspected Russian GPS Interference in an Incident Believed to Be Caused by Russia or by Pro-Peace or by Anti-Corruption European Activists
UK Fintechs Explore Buying US Banks
Greece Suspends 5% of Schools as Birth Rate Drops
Apollo to Launch $5 Billion Sports Investment Vehicle
Bolsonaro Trial Nears Close Amid US-Brazil Tension
European Banks Push for Lower Cross-Border Barriers
Poland's Offshore Wind Sector Attracts Investors
Nvidia Reveals: Two Mystery Customers Account for About 40% of Revenue
Woody Allen: "I Would Be Happy to Direct Trump Again in a Film"
×