VIRGIN ISLANDS
PROPERTY&YACHT
T H E L I F E S T Y L E G U I D E TO PA R A D I S E
SEA STYLE
MERCHANT SHIPPING
PROPERTY
SAFE A N D LEGA L F I SHING IN THE BV I
M O R E I N V E STM E N T I N TH E BV I
E X P LO R E I N C R ED I B LE WATE R F R O N T H O M ES
VIRGIN GORDTA ATE
REAL ESIAL SPEC
D E TO – A GUI TING INVES
Oil Nut Bay
The perfect place to build a luxurious legacy MARCH 2 01 9 B V I P R O P E R T Y YA C H T. C O M
You don’t need a lot of experts. Just the right ones. The more complex banking gets, the more clients appreciate our clear, direct style. We make sure that everything goes quickly and smoothly for you. Thanks to our fast response times and direct contacts with key decision-makers. Ensuring that communication channels are rapid and reliable. That, too, is what we call performance.
VP Bank (BVI) Ltd · VP Bank House · 156 Main Street · PO Box 2341 Road Town · Tortola VG1110 · British Virgin Islands T +1 284 494 11 00 · F +1 284 494 11 44 · info.bvi@vpbank.com VP Bank Group is based in Liechtenstein and has offices in Vaduz, Zurich, Luxembourg, Tortola/BVI, Singapore, Hong Kong and Moscow.
KOKOMO Great Camanoe LITTLE BAY ESTATE US$1,400,000 Little Bay, Virgin Gorda
VILLA KATSURA Virgin RISINGGorda SUN PriceGreat UponCamanoe Request US$1,350,000
Price Upon Request
STARGAZER A DREAM COME TRUE Great Camanoe Mahoe Bay,US$849,000 Virgin Gorda US$2,500,000
EASTERLY HOUSE INDIGO HILL HOUSE Great Camanoe Crooks Bay,Virgin Gorda US$625,000 US$700,000
Outer Island Living The Art of Living Living in the British Virgin Islands means having an intimate relationship with the ocean and our tropical they permeate our daily activities. Beach relationship day or forestwith hike? Living in theclimate; British Virgin Islands means having an intimate theNorth oceanshore and surfing or South shore marina? Tortola or Virgin Gorda? The choices are many and varied. our tropical climate; they permeate our daily activities. Beach day or forest hike? North shore Choosing eat shore out could take Tortola you to orone of numerous restaurants on many several surfing or to South marina? Virgin Gorda? The choices are anddifferent varied. islands with countless beaches and hidden coves, all an easy boat ride away ‐ power boat or Choosing to eat out could take you to one of numerous restaurants on several different sailing yacht ‐ you choose! islands with countless beaches and hidden coves, all an easy boat ride away ‐ power boat or sailing yacht ‐ you choose!
INTERNATIONAL CONNECTIONS, LOCAL INSIGHTS INTERNATIONAL CONNECTIONS, LOCAL INSIGHTS BVISIR.COM Each office is independently owned and operated BVISIR.COM Each office is independently owned and operated
TORTOLA OFFICE +1 284 340 5555 (Maritha Keil) TORTOLA OFFICE PO Box 188, Road Town +1 284 340 5555 (Maritha Keil) +1 284 494 5700 PO Box 188, Road Town +1 284 494 5700 maritha@bvisir.com maritha@bvisir.com
BVI|LONDON |NEW YORK
o’ NealWe bst e r
s k i l l a g i l i t y s U C C E S S C E L E B RA T I NG3 0Y EARSS E RVI NGT HEB RI T I S HVI RGI NI S L ANDS
Re p r e s e n t i n ga l l l e g a l p h a s e so f a c q u i s i t i o n , l a n du s e , p l a n n i n g , d e s i g n , c o n s t r u c t i o n , fi n a n c i n g , a n dc o r p o r a t es t r u c t u r i n g f o ri n d i v i d u a l s , c o mp a n i e s , a n dt r u s t s .
S P E C I AL I Z I NGI N F o r e i g nI n v e s t me n t•Pr o p e r t y•Y a c h t J e n e l l eAr c h e r•j a r c h e r @o n e a l we b s t e r . c o m•+ 1( 2 8 4 ) 3 9 35 8 0 0 Co mme r c eHo u s e•1 8 1Ma i nSt r e e t•Ro a dT o wn , T o r t o l a
ONE AL WE BS T E R. C OM
EDITOR’S NOTE
Good day, friends… Sign up to our monthly e-newsletter at bvipropertyyacht.com Like us on Facebook Facebook.com/ virginislandspropertyyacht Follow us on Twitter Twitter.com/vipropertyyacht Read our publications on issuu issuu.com/alookingglass/docs
CON TACT US Advertising Enquiries erin@alookingglass.com General Enquiries vipy@alookingglass.com Editorial Submissions erin@alookingglass.com
on the cover
Oil Nut Bay offers all the benefits of home ownership with none of the hassles.
6 | V I P R O P E R T Y & YA C H T
SPRING IS A TIME of rebirth and renewal, and the Virgin Islands have been in a perpetual state of growth for more than a year. This spring season feels particularly “fresh”, as life has continued to return to normal and many are looking forward to all that 2019 will bring. We’re putting a special lens on Virgin Gorda in this issue and highlighting all the ways you can stay, play, and perhaps even live permanently. A big thank you to our sponsor of the Virgin Gorda Special Edition – O’Neal Webster. Our cover story about Oil Nut Bay reveals some of the exciting new things coming for this ultra-luxe development. It was fascinating to interview developer David V. Johnson and learn more about his love for the BVI and how his vision for the community is creating a lasting legacy for Oil Nut Bay visitors, owners and their families. A fresh take on Virgin Gorda real estate provides thorough information for those wanting to make the BVI their home. From legal considerations and mortgage information to spiffing up a villa with smart home technology and the latest pool trends, this special section is a great guide for getting started. For those looking to purchase property, BVI Sotheby’s International Realty and RE/MAX Best Priced Properties have some incredible options to peruse. These pieces feature stunning waterfront homes that are move-in ready, in addition to several buildable lots for sale that allow someone to create their own piece of paradise. Our friends at Harneys provide a timely update on merchant shipping legislation that makes it simpler for more ships to be registered in the BVI, encouraging more investment in the territory. And the ocean is a siren for fishermen (and women!), and our Sea Style article gives great information about how to fish legally and safely in the BVI. This issue is brimming with beautiful properties, informational pieces and lots of love for Virgin Gorda. Whether you live in the BVI or are visiting, thanks for reading!
Sara Sherman
With thanks to:
bvipropertyyacht.com
OUR TEAM / CREDITS
contributors Conor King Devitt
Conor King Devitt is a freelance journalist currently based in Seattle, WA. From 2016-2018, he worked as a reporter and assistant editor for the BVI Beacon newspaper, covering politics, financial services, and the territory’s hurricane recovery efforts.
Lauren Hodgins
Lauren is a crewed yacht charter broker based on St. Thomas, USVI. Working in the industry since 2004 and sailing over 8,000 nautical miles to date, Lauren now heads Caribbean Yachts International. www.CYIcharters.com.
Vareen Vanterpool-Nibbs
Vareen is a member of the Harneys Private Client team which regularly advises clients on the acquisition of BVI real estate, including devising ownership structures.
aLookingGlass Team Erin Paviour-Smith
Sales Director & Project Manager Originally from New Zealand with a background in brand management for three of New Zealand’s top-selling lifestyle magazines, Erin has strong understanding of sales and marketing within the publishing industry. She brings a fresh approach to advertising in magazines and digital media.
FOUNDING PUBLISHER Colin Rathbun
WEB DEVELOPER Maros Pristas
CREATIVE DIRECTOR Nick Cunha
DISTRIBUTION Francoise Frank
nick@alookingglass.com
DESIGN & LAYOUT Sally Fullam sallyfullam@gmail.com
8 | V I P R O P E R T Y & YA C H T
maros@alookingglass.com
francoise@alookingglass.com
ADVERTISING ENQUIRIES Erin Paviour-Smith erin@alookingglass.com
VIRGIN ISLANDS PROPERTY & YACHT is published eleven times a year (February, March, April, May, June, July, August, September, October, November & December/January). © Copyright 2019 by aLookingGlass Ltd. All pieces reproduced in this issue are under prior copyright by the creators or by the contractual arrangements with their clients. Nothing shown may be reproduced in any form without obtaining the permission of the creators and any other person or company who may have copyright ownership.
The publisher of VI Property & Yacht, assumes no responsibility for the accuracy of the content placed in its publications. For the avoidance of doubt, aLookingGlass gives no warranty or guarantee in regards to any information placed in its publications. PLEASE DIRECT ALL ENQUIRIES TO: EMAIL: info@alookingglass.com PHONE: 284 344 2172 MAIL: alookingGlass Limited, PO Box 3895, Sea Cow’s Bay, Tortola, British Virgin Islands VG1110 alookingglass.com bvipropertyyacht.com
bvipropertyyacht.com
CTL HOME CENTER
IS YOUR PARTNER IN THE REBUILD CTL Home Center is committed to the BVI’s post-hurricane rebuilding needs, offering lower prices and free consultations.
ctlbvi.com
Get accurate estimates for building requirements from our experts. We provide onsite visits and personal consultations.
E-mail your queries to info@ctlbvi.com or message us via facebook.com/ctlbvi
CTL Home Center is passing on tax-exempt savings to the whole community on building materials, lumber, plumbing and electrical supplies, household furniture, appliances and cleaning products.
Post-Hurricane Hours: Mon–Sat 8.00am to 4.00pm Sunday 9.00am to 2.00pm
CTL Home Center is Your Home Of Savings! The Best Products at the Lowest Prices Period!
#CTLCares
#YourHomeOfSavings
#CTLBVI
#BVIStrong
contents MARCH 2019
20 54
74 12
EXCLUSIVE COVER FEATURE: OIL NUT BAY An interview with Oil Nut Bay’s owner and developer, David Johnson
20
VIRGIN GORDA’S REAL ESTATE MARKET It’s a great time to invest in the BVI
38
60
Gorda homes for unbelievable prices
A more connected home is at your fingertips
RE/MAX BEST PRICED PROPERTIES Beautiful Virgin
44
HOW TO INVEST IN BVI PROPERTY O’Neal Webster
tackles legal issues to consider when purchasing in the BVI
26
50
exclusive properties could be yours!
Making the most of your BVI real estate endeavours
BVI SOTHEBY’S INTERNATIONAL REALTY Some of Virgin Gorda’s most
MORTGAGES MADE EASY
34
54
location is an incredibly rare gem of Virgin Gorda beauty
A property’s value makes all the difference when buying and selling
KATITCHE POINT This building
A DREAM HOME’S VALUE
SMART HOME TECHNOLOGY
64
TRENDY POOLS Creating the perfect place to relax at home
70
THE HARNEYS SERIES: How merchant shipping legislation will change the industry in the BVI
74
SEA STYLE Navigating the legalities of fishing in the BVI
Casey Bay Little Dix Bay, Virgin Gorda Fully Restored Post Irma
Once in a while...very, very occasionally...we are asked to list a home for sale in the British Virgin Islands and everything about it is just about perfect. The proximity to a beautiful, very private sandy beach, breath taking views, breeze, design, layout, materials, quality of execution and finish, accommodation layout and furnishings and, of course, price. Casey Bay, perched just above the most private of beaches within the Rosewood Little Dix Bay Estate on Virgin Gorda, is such a home. The design takes into account the Rockafeller ethos of giving guests a beautiful place in balance with nature. The owners of Casey Bay, with the assistance of Berglund Architects certainly achieved this. And all with full access to the beach, restaurants and all other facilities at Little Dix Bay.
X
Asking Price $8m $6m
tel. 1 (284) 340 3000 www.coldwellbankerbvi.com
L A N D / E XC L U S I V E C O V E R F E AT U R E : O I L N U T B AY
y a B t u N Oil David Johnson’s masterpiece development project wraps high-end island living into the Virgin Gorda landscape BY SARA SHERMAN P H O T O G R A P H Y C O U R T E S Y O F O I L N U T B AY
Oil Nut Bay is a homeowner’s dream and a visitor’s once in a lifetime vacation spot.
12 | V I P R O P E R T Y & YA C H T
M A R C H 2 0 1 9 | 13
L A N D / E XC L U S I V E C O V E R F E AT U R E : O I L N U T B AY
THE BRITISH VIRGIN Islands are known as “Nature’s Little Secret”. To anyone who makes the trip to her shores, the islands reveal unparalleled beaches, pristine waters and incredible experiences that leave a lasting impression. When real estate developer David V. Johnson tapped into the secret of Virgin Gorda, he knew he had found the perfect place for not just a new community he would create, but a place to call home. More than a decade of searching the globe led Johnson to Virgin Gorda. After developing more than 40 communities and earning prestigious awards and accolades, he wanted to find somewhere he could not only create a lifestyle, but one in which he too wanted to live, work
14 | V I P R O P E R T Y & YA C H T
“I wanted a place that generations of families can come and enjoy the land and sea and live in harmony with nature,” said Johnson. and enjoy for many years to come. In addition to enjoying the Caribbean lifestyle, Johnson was determined to foster a sense of legacy in what would become his “grand finale”. Oil Nut Bay is Johnson’s capstone community where homes, nestled into “Nature’s Little Secret,” are crafted to bring joy and lasting memories to families for generations.
A Visionary Outlook After a three-decade career of developing high-end communities that push boundaries of luxury,
sustainability and attention to detail, Johnson’s Oil Nut Bay is a truly incredible place to build a home. Working with the BVI government to develop a master deed for the property (the first ever in the BVI), Johnson paved the way for 90-day automatic transfers of title, making investing in the Virgin Gorda community more accessible and attractive. “Everyone in real estate talks about market value. Market value doesn’t mean anything unless you can sell your property when you want to,” said Johnson.
bvipropertyyacht.com
A major goal of Oil Nut Bay was to create a sense of place with all of the amenities of a luxury resort, but doing so in a boutique manner, so that owners feel truly at home. There is plenty of open space, lots of room to build a dream home, yet owners still feel like part of a community. The neighbourhood design assists in accomplishing this goal, and just after celebrating its 10th anniversary, Oil Nut Bay has just released 10 spectacular new beach lots known as the Peninsula neighbourhood. With incredible ocean views and a private island feel, it’s no wonder that four of the lots have already sold.
A Different Kind of Community If there’s one thing that Johnson didn’t want to develop, it’s a cookiecutter golf course community. The Caribbean isn’t an easy place to develop, and plenty of other projects have fallen short of their promises. Oil Nut Bay isn’t the typical development project, and that is evident in everything from the $100 million of resort amenities infrastructure that was put in place first, to the materials used to build the elegant homes. The Peninsula lots that were just released include miles of beaches that were shored up with 2000 tons of sand barged in from Barbuda. Johnson spent six months and travelled to 13 countries to find the exact sand colour and granular size to match the BVI sand. This attention to detail flows throughout the 400-acre property like an ocean breeze. It’s subtle, yet makes everything more comfortable.
TOP The ocean is the perfect backdrop for every home at Oil Nut Bay MIDDLE Resort amenities like tennis courts and a spa make life that much better BOTTOM Relaxation is the name of the game in all areas of the property
bvipropertyyacht.com
L A N D / E XC L U S I V E C O V E R F E AT U R E : O I L N U T B AY
Oil Nut Bay is a place that offers all the benefits of freehold home ownership without the typical hassles. The community prides itself on allowing guests both quiet privacy and top of the line connectivity. “I wanted a place that generations of families can come and enjoy, and continue to bring their families for years to come,” said Johnson. When you’re in the “fantasy fulfilment business” as Johnson and his team say, watching people visit the different spec homes and understand what a unique living opportunity is available at Oil Nut Bay is part of the joy of their work. Every time a spec home was built, it sold nearly instantly. This trend showed the team that it was time to
invest more deeply in these homes to show visitors and potential investors what Oil Nut Bay could be for their own personal island life. The homes offer instant gratification for investors looking for a turnkey, move-in ready, high quality villa. It also provides an opportunity for renters wanting a luxurious holiday to be able to experience the Oil Nut Bay lifestyle. If a home is partially finished, a buyer can even step in with minimal effort and choose the cabinets, the flooring or other finishes to personalise their property. Three more of these homes will be finished by November 2019, and the team just broke ground on a new $20 million property that will be finished in approximately another 18 months.
ABOVE Meticulous attention to
Sustainability and Value
detail went into choosing top-notch materials for the development RIGHT Elegant interiors offer everything one could want in an island home
16 | V I P R O P E R T Y & YA C H T
The team is the “secret sauce” of Oil Nut Bay, according to Johnson, and
this is even more evident in the spec home building process. The Oil Nut Bay team is capable of high quality, custom construction and the property has more than 300 contractors on site each day. While members have the freedom to use any architect they choose, a set of guidelines ensures each home fits cohesively into the community and stays harmoniously part of the Virgin Gorda landscape. With access to shared shipping containers and the ability to source materials from around the world, homeowners get great value and reduced costs on high-quality building products. “We are constantly committed to developing value and the highest quality possible” Johnson says. With a long-term goal of becoming carbon neutral, Johnson worked with the BVI government to make solar power more easily accessible and it’s used throughout the resort’s
bvipropertyyacht.com
bvipropertyyacht.com
M A R C H 2 0 1 9 | 17
L A N D / E XC L U S I V E C O V E R F E AT U R E : O I L N U T B AY
infrastructure. This commitment to sustainability is a hallmark of Johnson’s development projects. The ocean cools the air and the breezes are fantastic nearly all year round. The resort offers a
ABOVE The Marina Village will
features shops, a restaurant and more to enhance the Oil Nut Bay lifestyle
18 | V I P R O P E R T Y & YA C H T
diverse global ownership base and world-class infrastructure that now includes two helipads. After a home is completed, owners have the option to put the property in the care of Oil Nut Bay’s rental management team (with profits 60/40 in favour of the owner) and have everything taken care of for them. The value of home ownership in the community is an incredible return on the investment.
Moving Forward If the last 10 years are any indication of the potential of Oil Nut Bay, the next decade will bring even more amenities and value to owners and visitors. In addition to a top-notch beach club, restaurant, bar, three pools and any watersports you could imagine, a wellness studio, tennis and pickleball courts, Nut House Kids Club and two beaches,
bvipropertyyacht.com
some really fantastic things are on tap for 2019. The new Marina Village is nearing completion and will include numerous conveniences that will support and enhance the island lifestyle. A brand new restaurant, Nova, will create global cuisine for residents and guests. No need for major branded shops, but a boutique will feature the work and wares of local and international
bvipropertyyacht.com
artisans and wearables. A coffee shop will be the perfect gathering spot for a morning cup of joe to go with breakfast at the pastry shop. Need a bottle of wine for dinner? Check out the fully-stocked market. Want to borrow a great beach read? Head to the library. A suspended pool and overwater daybeds and nets will provide the “cool” factor and a lounge will feature games and space to relax.
At the end of the day, an expanded beach provides what many people see as the quintessential Caribbean element. You now know why Johnson chose “Nature’s Little Secret” as his finale development, and why creating a home here is more than worth it. With soft sand, gently lapping blue waves and incredible sunsets just steps outside your door, why would anyone want to leave Oil Nut Bay? ■
M A R C H 2 0 1 9 | 19
L A N D / V I R G I N G O R DA R E A L E S TAT E
AFTER HURRICANE IRMA ripped through the British Virgin Islands in September 2017, Premier Dr. Orlando Smith estimated that about 70 percent of the territory’s buildings suffered some degree of storm damage. That figure was partially derived from a “situation report” issued by the Department of Disaster Management, which provided additional estimates on the catastrophic level of damage
20 | V I P R O P E R T Y & YA C H T
Irma did specifically to the BVI’s housing stock: Nearly 600 homes destroyed, with some 3,600 others suffering various degrees of damage from the record-setting Category Five storm. Such devastation raised serious questions about the future of the territory’s housing market. “[After Irma], we were all very concerned about what was going to happen with the BVI,” Edward Childs,
a director at Smiths Gore, said last October. It quickly became clear, however, that there would continue to be a serious need for real estate professionals in the territory. For several months, international clients needed assistance in securing their homes and finding contractors, and both residents and businesses in the BVI needed to find
VIRGIN GORDA’S BRIGHT FUTURE There’s never been a better time to find the perfect island home, especially in Virgin Gorda BY CONOR KING DEVITT
new housing, according to Childs. And after that initial scramble, 2018 also gave way to a flurry of activity on the residential market, especially for buyers interested in affordable, partially damaged “as is” properties. “Many properties owned by such people are their second or their third or even fourth properties, or retirement homes, and many owners of these properties have very
bvipropertyyacht.com
little interest, really, in wanting to coordinate a construction project in what for them might be a foreign country,” said Paul Mellor, a senior associate at Harneys who specialises in property matters, at a real estate event last May. “There are opportunities for good value out there.” Before Irma, the lawyer explained, buyers often secured the best deals by investing in undeveloped property
and constructing homes on it. After the storm, however, buyers had the opportunity to purchase as-is properties in more expensive areas or with more extravagant homes at lower prices, he said.
Shifting demographics The dramatic change to the market led to a shift in buyer demographics: There’s been a greater percentage
M A R C H 2 0 1 9 | 21
of local buyers since the hurricane than there was prior to September 2017, according to Maritha Keil, the managing director and lead broker at BVI Sotheby’s International Realty. “Contractors who have done well were interested in building or buying apartment buildings for workers, but most of the sales were from clients buying cash for properties that were either undamaged or really great deals where the owners decided to keep the insurance,” she said. The flood of interest in as-is purchases of distressed properties subsided by late 2018, though BVI buyers continue to have an enlarged presence on the market, according to Lucienne Smith, a real estate broker at Smiths Gore. “BVI buyers have proven to be astute investors and if they have not found something, they are happy to sit tight and see how the market and overall recovery/economy develops,” Smith said. “Many owners who have not sold are now considering lower offers than before as they are keen to be free of the constraints and worries of ownership which is ensuring ongoing activity.” Though many of the territory’s distressed properties have already found buyers, there are still opportunities to acquire a great site or renovation project, she added. However, buyers interested in purchasing the as-is bargain homes have typically needed really strong financial backing to convince banks to provide them with a mortgage, according to Keil. Overall, international investor interest in properties on Tortola has begun to gain some momentum, though foreign investors tend to only be open to repairs – not major rebuilds, Smith explained. Investors have shown interest in properties on Tortola worth up to $3 million, though typically they’ve been more focused on those hovering around the $1 million range, the broker added.
22 | V I P R O P E R T Y & YA C H T
From new developments to renovations of hurricane-damaged properties, great investment opportunities still exist
bvipropertyyacht.com
L A N D / V I R G I N G O R DA R E A L E S TAT E
bvipropertyyacht.com
M A R C H 2 0 1 9 | 23
L A N D / V I R G I N G O R DA R E A L E S TAT E
Virgin Gorda Virgin Gorda also saw an initial surge of young, energetic “bargain hunters” who closed on damaged homes on the sister island and are currently rebuilding and renovating them to more hurricane-resilient standards, according to Bernadette George, a residential broker for Smiths Gore based in their Virgin Gorda office. “The interest of the bargain hunters (less than $1 million) – both local and foreign – has tapered off, and the interest of middle to higherend buyer ($1 million to $3 million) is just beginning to trickle back in,” George said. Villas in well-known vacation rental spots – primarily Leverick Bay – have been the prime sellers on Virgin Gorda, George explained. Additionally, condos at Olde Yard Village – due to a lower price point – ABOVE If you’re searching for a
beachfront bargain, now may be the perfect time to buy in the BVI
24 | V I P R O P E R T Y & YA C H T
“As things become more stable and restaurants and hotels begin to rebuild and open, buyers will be returning and the island’s housing economy will begin to become stronger,” – M A R I T H A K E I L , B V I S O T H E B Y ’ S I N T E R N AT I O N A L R E A LT Y
have seen interest from local buyers looking to invest in first homes or rental properties, she added. Keil noted that at Sotheby’s, they had seen a spike in inquiries regarding the Virgin Gorda market around Christmas, and they expected more potential buyers to visit this winter and spring than last fall.
Outlook Keil felt positively about the prospects of the territory’s housing market going forward. “As things become more stable and restaurants and hotels begin to rebuild and open, buyers will be returning
and the island’s housing economy will begin to become stronger,” she wrote. “All to be expected after such a devastating storm as we experienced.” Childs also felt optimistic about the market – though he called on government to help ease the process. “As the recovery process continues, visitor numbers will increase, fueling the interest in real estate from overseas investors,” he said. “However, as persons involved in the real estate industry, we would look to government to refine the regulations for foreign ownership and make the BVI a more attractive location for investment.” ■
bvipropertyyacht.com
Focused On Designing Your Dream Listening and responsive design are just some of the ways OBMI is focused on helping to design your dream home.
ARCHITECTURE MASTER PLANNING & DESIGN OBMI.COM
FOR SALE
FOR SALE
14 acres of Freehold Waterfront acreage in South Sound, Virgin Gorda could be perfect for golf course, senior housing, eco-resort. Reef-protected bay neighbors tony Biras Creek, the jewel box villas of Oil Nut Bay, and Leverick Bay. This property has been held by the same family for over 100 years. Varied topography offers multiple options for development.
Exceptional parcel of FREEHOLD land located at intersection leading to exclusive Leverick Bay, the Gun Creek jetty, and Oil Nut Bay in South Sound, Virgin Gorda.
PARCEL 29, SOUTH SOUND VIRGIN GORDA PARCEL 11, SOUTH SOUND VIRGIN GORDA
284.547.6142 (BVI) 340.332.9827 (USVI) THE VALLEY, VIRGIN GORDA, BVI
LAND / ADVERTORIAL
VIRGIN GORDA
BEACHFRONT GRANDEUR For private, luxurious homes with secluded beaches and water access, these properties from BVI Sotheby’s International Realty exceed expectations BY SARA SHERMAN P H OTO G R A P H Y CO U R T E SY O F B R I T I S H V I R G I N I S L A N D S S O T H E B Y ’ S I N T E R N AT I O N A L R E A LT Y
26 | V I P R O P E R T Y & YA C H T
bvipropertyyacht.com
Villa Katsura’s Zen tranquility is a near-perfect home for anyone wanting a luxurious getaway
LAND / ADVERTORIAL
VILLA KATSURA LITTLE DIX BAY, VIRGIN GORDA Contact: Maritha Keil, Managing Director / Broker Phone: (284) 340-5555 (284) 494-5700 Email: maritha@bvisir.com Acreage: 2.79 Bed: 6 Bath: 11.5 Reception and kitchens: 3 Pool: 1 Misc: Garages, 11 waterfalls, koi pond, entrance pagoda, weeping wall, exotic wood, desalination water, generator Price Upon Request
28 | V I P R O P E R T Y & YA C H T
bvipropertyyacht.com
LITTLE BAY, NORTH SOUND BEACH ESTATE NORTH SOUND, VIRGIN GORDA
OWNING A CARIBBEAN home has never been easier with these luxury property selections from BVI Sotheby’s International Realty. With elegant homes on private beaches that will suit every style, the only hard decision will be which property to choose.
Villa Katsura
The peninsula of Little Dix Bay is home to an Asian-inspired masterpiece, Villa Katsura. Positioned on nearly three acres of land, this secluded waterfront home features 23,500 square feet of space, six bedrooms, 11 baths, private beach access and all the amenities of resort living with a private island vibe. The main house provides an expansive great room, dining area and kitchen with enormous wall-to-wall windows. A library, media room and one bedroom finish out this elegant pavilion. A secluded master bedroom
bvipropertyyacht.com
suite pavilion allows for ultimate privacy, while a third beach house pavilion boasts three other bedrooms overlooking a private beach. Villa Katsura’s impeccable indoor settings flow seamlessly to the outdoor living areas, including gorgeously landscaped waterfront gardens. The one of a kind pool is surrounded by calming Japanese gardens. Secret paths meander amongst koi ponds and find their way to an untouched beach. The pool terrace is an exquisite outdoor area with a heated rock spa pool, steam shower room, three fire pits and elegant waterfall features. Private beach access along with the security and amenities of Little Dix Resort are an added bonus. A world-class spa, tennis courts, pools, restaurants, marina facilities and water sports of all kinds are just a short golf cart ride away. Thoughtfully and functionally
Contact: Maritha Keil, Managing Director / Broker Phone: (284) 340-5555 (284) 494-5700 Email: maritha@bvisir.com Acreage: 7 Bed: 7 Bath: 8 full, 2 partial Reception: 2 Dock: 2 Misc: Boat and vehicles included, generator Price upon request
designed, the dramatic architecture of Villa Katsura is a Zen sanctuary and the epitome of luxury island living.
Little Bay, North Sound Beach Estate
Dreaming of a private island paradise? Little Bay’s secluded beachfront location makes it the perfect getaway while still enjoying all the mainland Virgin Gorda amenities. Nestled on
M A R C H 2 0 1 9 | 29
LAND / ADVERTORIAL
INDIGO HILL CROOKS BAY, VIRGIN GORDA
the northeast arm of the island on the North Sound Channel, this billionaire’s playground offers panoramic views of Moskito, Necker Island, Prickly Pear, and Eustatia. With access only by air or water, this estate is a sailor’s paradise, complete with private beach, two docks, several moorings, and helicopter landing space. Surrounded by land that is set aside for a national park, the main beach house is the gem of the seven-acre property with two levels of contemporary living areas to enjoy. Surviving the 2017 hurricane season beautifully and providing more than 6,000 square feet of space, seven bedrooms and eight full baths, Little Bay offers beautiful indoor and al fresco dining areas. The large covered verandah provides a casual place to enjoy
30 | V I P R O P E R T Y & YA C H T
the breezes or sip a sunset cocktail. A short walk up a gentle hill reveals two guesthouses on Camelia Point, ideal for entertaining guests that want to enjoy their own private island experience.
Indigo Hill
As close to a secret garden hideaway as you can get, tamarind trees and jasmine bushes create a beautiful tucked away feel for Indigo Hill Villa. At the end of an unsuspecting road is a vibrant pink and purple gate – the entryway to a wonderland. A small property feels big with the best that the BVI has to offer. The main house features one bedroom and a half bath and a large kitchen. The spacious dining area melts into a large outdoor verandah providing panoramic sea views. A highly desirable guest cottage hosts
Contact: Maritha Keil, Managing Director / Broker Phone: (284) 340-5555 (284) 494-5700 Email: maritha@bvisir.com Acreage: 0.4 Bed: 2 Bath: 2.5 Reception:1 Pool: 1 Price: $700,000
one bedroom and one bathroom with a kitchenette. Beautiful gardens and the signature Virgin Gorda boulders provide a beautiful space for a spectacular pool, just begging for an afternoon of sunbathing amongst the trees. A simple layout, room for guests and a great view are all anyone could ever ask for, and everything is found at Indigo Hill.
bvipropertyyacht.com
SUNSET WATCH AND SUNDOWNER NAIL BAY, VIRGIN GORDA Contact: Maritha Keil, Managing Director / Broker Phone: (284) 340-5555 (284) 494-5700 Email: maritha@bvisir.com Acreage: 0.8 Bed: 4 Bath: 4 Reception: 3 Pool: 2 Misc: secluded beach, generator Price: $3,100,000
Sunset Watch and Sundowner
For a perfect slice of beachfront paradise at Nail Bay resort, look no further than the two villas at Sunset Watch and Sundowner. This waterfront location is one of the last buildable lots nestled between Bakara Point Estate and the brand new Nail Bay private golf club and features1,600 feet of sandy beach with unobstructed views of Sir Francis Drake Channel. A gentle walk leads to Turtle Bay and two other private beaches, a rocky point with sea pools is perfect for children, and the well-established gardens are full of flowering and fruit trees. No other property in Virgin Gorda like this exists. The two villas feature three total master bedroom suites (each with a private entrance), two pools and three living areas with kitchens and dining spaces. The villas make excellent vacation rentals that are consistently full. The uninterrupted water and power supply make it even easier to own this rental property. If you’ve been searching for the perfect lot to build an island
bvipropertyyacht.com
COPPERMINE RIDGE LAND NAIL BAY, VIRGIN GORDA getaway, the land adjacent to these villas allows for a larger main estate building to be constructed.
Coppermine Ridge Land
Building a home in the Virgin Islands becomes a reality with the elevated land sites available at Coppermine Ridge on Virgin Gorda. Rarely does land in the valley have these 360-degree views and the cooling ocean breezes. Perfect for yearround living, this rocky landscape features the large boulders that are a signature natural feature of the island and made famous by “The Baths”;
Contact: Maritha Keil, Managing Director / Broker Phone: (284) 340-5555 (284) 494-5700 Email: maritha@bvisir.com Lot 1 - 0.30 acres $175,000.00 Lot 2 - 0.30 acres $200,000.00 Lot 3 - 0.40 acres $300,000.00 Lot 4 - 0.32 acres $300,000.00 Lot 5 - 0.31 acres $175,000.00
M A R C H 2 0 1 9 | 31
LAND / ADVERTORIAL
A DREAM COME TRUE MAHOE BAY, VIRGIN GORDA
they create intriguing texture to any residence. Divided into five lots, the land has a gentle slope and the top two lots offer 360-degree views of Sir Francis Drake Channel, Fallen Jerusalem and Tortola, etc. Just a 10-minute drive brings you to Spring Bay National Park, Devil’s Bay and the jaw-dropping Baths. The Top of the Baths and Copper MineShaft restaurants are close by. For a buildable lot on a one-of-akind location, Coppermine Ridge has it all.
A Dream Come True
The dream of owning an oceanfront island home comes to life in a beautiful estate near Mahoe Bay. An extremely desirable location in the Mango Bay Resort, the white sands of Savannah Bay beach are within walking distance of this property that weathered the 2017 storm season incredibly well. This property is perfect for private ownership and is also a very successful villa vacation rental. It features 6,500 square feet of living
32 | V I P R O P E R T Y & YA C H T
space in two beautiful pavilions with five bedrooms, 5.5 baths and incredible ocean views. Caribe House, the main living pavilion, was completely updated in 2018 and offers a gourmet kitchen with granite countertops as the perfect place to entertain. The open-concept living and dining area is spacious and relaxing, while the sizable outdoor verandah creates a space for al fresco dining, cocktails and enjoying the view of Sir Francis Drake Channel and Tortola. A crystal clear infinity pool and surrounding deck connect Caribe House with the Bali Wing pavilion, where two additional Bali-inspired bedroom suites are waiting for guests to enjoy the view. A short 100-foot walk brings you to the water’s edge and a secluded covered lounge deck serves as the perfect afternoon napping spot or a launch pad for water activities of all kinds. The property has the provision for a dock, so water access by boat is possible. The Caribbean dream comes true! ■
Contact: Maritha Keil, Managing Director / Broker Phone: (284) 340-5555 (284) 494-5700 Email: maritha@bvisir.com Acreage: 0.7 Bed: 5 Bath: 5.5 Reception: 2 Pool: 1 Misc: waterside pavilion with watersports equipment (paddleboards, kayaks, etc.) generator Price $2,500,000
Contact information
British Virgin Islands Sotheby’s International Realty Phone: 1 284 340 5555 Phone: 284-494-5700 Mill Mall, P.O. Box 188 Road Town, Tortola VG1110 British Virgin Islands
bvipropertyyacht.com
Our Brass #L-011 Sets the Standard for Durable Up & Downlighting
Kailua, Hawaii BeachsideLighting.com Rosie Nichols, USVI & BVI Rep. (340) 642-8981 Local installations include: Cooper Island, Peter Island, Saba Rock, Oil Nut Bay, and residences on St. Thomas, St. John, Tortola, and Virgin Gorda.
LAND / ADVERTORIAL
KATITCHE POINT This building location is an incredibly rare gem of Virgin Gorda beauty
34 | V I P R O P E R T Y & YA C H T
bvipropertyyacht.com
Even though only infrastructure remains on this incredible building site, a buyer has a rare opportunity to own this piece of paradise
bvipropertyyacht.com
M A R C H 2 0 1 9 | 35
LAND / ADVERTORIAL
A ONCE IN A lifetime opportunity to create your ultimate island home, this Virgin Gorda locale is simply exquisite. Katitche Point and Great House is a rare find and offers a truly incredible place to design a spectacular home. The dramatic oceanfront estate offers beautiful views of the Sir Francis Drake Channel and is the perfect spot to relax, drink a cocktail and watch the yachts sail by. Positioned on an elevated bluff, the location provides elegant 300-degree panoramic views of the ocean, and is surrounded by the secluded white sands and turquoise waters of three picturesque beaches. Overlooking Savannah Bay, Mahoe Bay, Pond Bay and the undeveloped islands beyond, this phenomenal site is a blank canvas on which to build a grand estate or villa vacation rental home. The impressive Great House structure remains following Hurricane Irma, along with the concrete foundations of former buildings, infrastructure services and infinity pool which ‘floats’ above the outcrop. Katitche Point is one of the most alluring settings on Virgin Gorda and will be a visionary’s dream location for a Caribbean home. ■
KATITCHE POINT
CONTACT
CONTACT
MAHOE BAY, VIRGIN GORDA
Jo Delay, RE/MAX Lead Agent - Virgin Gorda Cell: +1 284 340 2448 jodelay@remax.net
Maritha Keil, BVI Sotheby’s International Managing Director / Broker (284) 340-5555 (284) 494-5700 maritha@bvisir.com
Acreage: 0.94 Pool Misc: access to a dock and beaches, generator Price: $2,800,000
36 | V I P R O P E R T Y & YA C H T
bvipropertyyacht.com
LAND / ADVERTORIAL
BEST PRICED VIRGIN GORDA
For exceptional properties and impeccable service, RE/MAX Best Priced Properties has everything you want in a Virgin Gorda home BY SARA SHERMAN P H OTO G R A P H Y CO U R T E SY O F R E / M AX
38 | V I P R O P E R T Y & YA C H T
bvipropertyyacht.com
SINCE FORMING THE company in 2014, Real Estate Broker Rico Garcia has grown the RE/MAX Best Priced Properties team into a real estate powerhouse in the British Virgin Islands. “Our client base has increased incredibly quickly and it is important to me that all our clients receive exemplary service. It was essential that we recruited new staff who are passionate and educated in the real estate industry,” said Garcia. That team now includes a dedicated Virgin Gorda Real Estate Associate in Jo Delay. For more than a decade, Jo has resided and worked in the Caribbean and clients benefit from her wealth of real estate experience. Passionate about providing top-notch service to her clients, Jo is also a Certified International Property Specialist. “My goal is to find the perfect home in the perfect place for clients, said Jo. “I love the look on their faces when they walk into a property and instantly feel that they are at home.” Jo joins an incredibly capable team, including Cassie Ngai and Kayleigh Ryan, who serve sales and rental clients from the head Tortola office. Jo and Rico offer these properties and more and will go above and beyond to find the island home you’ve been dreaming of.
Waters Edge Villa, Oil Nut Bay
If living on a private island has always been something you aspired to, Waters Edge Villa at Oil Nut Bay provides the ultra-luxe lifestyle home with all the amenities of a five-star resort. An expansive great room allows plenty of space for family and friends to relax and the dining area is a natural gathering space for entertaining
LEFT Waters Edge Villa offers an incredible opportunity to live in exclusive Oil Nut Bay
bvipropertyyacht.com
M A R C H 2 0 1 9 | 39
LAND / ADVERTORIAL
WATERS EDGE VILLA OIL NUT BAY, VIRGIN GORDA Contact: Jo Delay, Lead Agent – Virgin Gorda Broker Cell: +1 284 340 2448 Email: jodelay@remax.net Rico Garcia Cell: +1 284 340 2444 Email: Ricogarcia@remax.net Bed: 4 Bath: 4 full, 1 partial Pool: 1 Price: $9,500,000
guests. A gourmet kitchen has a contemporary and open feel, and the large, wall-length windows open seamlessly to provide generous indoor-outdoor island living. Outside on the terrace, sweeping views of the Caribbean Sea and Oil Nut Bay provide an elegant backdrop for an afternoon cocktail or casual grill dinner at the outdoor dining pavilion. Take a dip in the infinity pool before retiring to the large master suite right off the pool terrace, complete with a spa-like bathroom with luxurious soaking tub and incredible ocean views. Guests will
40 | V I P R O P E R T Y & YA C H T
sleep like celebrities in three different guest suites, each with its own bath and private terrace. With access to three resort pools, restaurants, tennis courts, watersports and marina village, Oil Nut Bay offers much more than the typical resort. A truly exceptional island life is waiting for you at Waters Edge Villa.
Alamanda, Virgin Gorda Village
Alamanda is a desirable second floor, one-bedroom condominium with a lucrative rental history. Ownership includes access to the resort facilities at Virgin Gorda Village including community pool, gymnasium, tennis court, spa, and onsite restaurant and bar. A corner unit, Alamanda features cathedral ceilings throughout and benefits from cooling breezes on three sides. The open concept living and dining areas have patio doors leading onto the balcony, and an arched breakfast bar looking through
to the well -appointed kitchen. In the generous bedroom, the double height ceiling adds to the spacious feel, and there are two large closets, air-conditioning and ceiling fan. Adjacent to the bedroom, the bathroom offers a double sized walkin shower and solid wood vanity. Requiring minor finishing touches following post-storm repairs, Alamanda is ideal as a turnkey vacation home or investment property.
Princess Quarters
The perfect island home is waiting to be built in Princess Quarters/Windy Hill. A very popular residential rental area, these four lots are available for individual sale or as a parcel for development. This land offers an opportunity to create a grand island estate with ocean views, or a great investment for vacation rentals in a highly desirable BVI locale. The land is gently sloping and ready for customisable construction.
bvipropertyyacht.com
ALAMANDA VIRGIN GORDA VILLAGE, VIRGIN GORDA Contact: Jo Delay, Lead Agent - Virgin Gorda Cell: +1 284 340 2448 Email: jodelay@remax.net Bed: 1 Bath: 1 Price: $249,000
PRINCESS QUARTERS/ WINDY HILL LAND WINDY HILL, VIRGIN GORDA
North Sound
A rare gem of buildable land in the enviable North Sound, this lot provides a buyer with the opportunity to design their dream Caribbean home. With incredible views of Necker and Moskito Islands, Prickly Pear, Eustatia and Saba Rock, this location is highly soughtafter and doesn’t appear on the market often. The hillside plot offers 0.8 acres in an elevated position, just off the road to the renowned Leverick Bay Villas, marina and resort. This provides easy water accessibility as well as privacy. Other Virgin Gorda amenities are just a few moments’ drive away.
NORTH SOUND LAND
Contact: Jo Delay, Lead Agent – Virgin Gorda Cell: +1 284 340 2448 Email: jodelay@remax.net Lot 1 - oceanfront lot extending to 1.4 acres - $600,000 Lot 2 0.7 acres - $240,000 Lot 3 0.413 acres - $110,000 Lot 4 0.41 acres - $110,00
NORTH SOUND, VIRGIN GORDA Contact: Jo Delay, Lead Agent – Virgin Gorda Cell: +1 284 340 2448 Email: jodelay@remax.net Price: $195,000
Arturo Estate
Stretching over 2.8 acres of beautiful mountain land in the very private
bvipropertyyacht.com
M A R C H 2 0 1 9 | 41
LAND / ADVERTORIAL
ARTURO ESTATE CHALWELL ESTATE, TORTOLA Contact: Rico Garcia – Broker Cell: +1 284 340 2444 Email: Ricogarcia@remax.net Bed: 5 Bath: 5 Price: $1,550,000
Chalwell Estate, this property offers gorgeous southern views of the Caribbean Sea from the eastern side of the estate. With a total of five bedrooms and five full bathrooms, generous landscaping opportunities allow for customised gardens. The property is currently split into two units with a two-bedroom and twobathroom apartment on the top level with well-crafted cathedral ceilings. The top floor extends out to the right of the property and provides more 2000 square feet of outdoor entertainment space on the balcony. The lower level has three bedrooms and three bathrooms with one of the bedrooms being a large master suite with a spacious walk-in closet. ■
42 | V I P R O P E R T Y & YA C H T
IF ONE OF THESE PROPERTIES has piqued your interest, or you’ve decided that you want to sell your home and find something different, let the RE/MAX team take care of all the details. Rentals are also available, and a great way to receive advance information on new properties or exclusive investment opportunities is to sign up for the Best Priced Properties e-newsletter at www.VirginGordaProperties.com. You can also follow the RE/MAX team on Facebook, LinkedIn and Pinterest at RE/MAX Best Priced Properties and on Instagram at @REMAXBVI.
Contact information
RE/MAX Best Priced Properties Email: ricogarcia@remax.net & jodelay@remax.net Tortola Office: +1 284 346 2444 for Rico, Cassie & Kayleigh Virgin Gorda: +1 284 340 2448 for Jo www.remax-bestpriced-bvi.com Each RE/MAX office is independently owned and operated
bvipropertyyacht.com
BRING GREAT DESIGN HOME
To discuss your Project, contact Roy Keegan: Office: 284 494 5240 Cell: 284 541 7483 roy@arawakvi.com Arawak Interiors, Road Reef Plaza #9, Road Town
Arawak Interiors offers home interior design advice, custom designs and sourcing from Asia, Mexico and USA. We also offer an extensive range of furniture, fixtures and fittings to choose from at our interior store and warehouse located in Road Town. Arawak Interiors manages all the shipping and logistics to deliver to your door anywhere in the BVI. Overseeing projects for Private villas, Private Islands, Resorts & Restaurants.
LAND / LEGAL
HOW TO INVEST IN
BVI PROPERTY Interested in buying in the BVI? Here’s an essential guide to getting started
44 | V I P R O P E R T Y & YA C H T
bvipropertyyacht.com
THE PRINCIPAL APPEAL of living in the British Virgin Islands is its pristine environment, with arguably the best beaches and diving waters in the northeastern Caribbean. The ease of travel to and from major metropolitan areas, given its close proximity to the United States Virgin Islands and Puerto Rico for U.S. based travelers and from St. Maarten & Antigua for those travelling from the European mainland or the British Isles, enhances the BVI’s reputation as an ideal destination for visitors, residents, and investors alike. The local currency is the U.S. dollar, providing an additional boon for U.S.-based investors, who need not worry about currency exchange. For others, the fact that the BVI has no exchange controls is a major benefit. For all of these reasons, property in the BVI remains a solid investment.
Can anyone buy BVI property? Yes! A significant proportion of BVI property sales are to people from outside the territory. The NonBelongers Landholding Regulation Act permits the sale of BVI property to non-citizens, however, they will need to obtain an NBLH licence to acquire property, or to hold a lease longer than one year. Applications for NBLH licences must include a valuation of the specific property being purchased (or leased) and buyers interested in investing in multiple properties will need to get separate NBLH licenses for each one. Additionally, under the NBLH regulations, the seller of any BVI property will need to demonstrate proof that they advertised the sale to the local market before a license will be granted to a non-belonger purchaser, according to professionals at leading BVI law firm O’Neal Webster.
bvipropertyyacht.com
M A R C H 2 0 1 9 | 45
LAND / LEGAL
The process After selecting the home you’d like to purchase, you’ll need to do two things, initially: • Pay a security deposit to the estate agent—typically 10 percent of the purchase price. • Sign a “letter of intent” outlining the preliminary agreed-upon terms of the sale. According to a purchasing guide published by O’Neal Webster, those preliminary terms can include things like the agreed-upon price and conditions that must be satisfied before the sale is completed. Even at that early stage, Jenelle Archer, Managing Associate and Head of Property & Business at O’Neal Webster, advises buyers without BVI citizenship to refrain from signing any document without first consulting a BVI-based attorney. “A letter of intent, though informal, can constitute a binding contract,” she explained. Buyers should also be prepared
46 | V I P R O P E R T Y & YA C H T
to provide important due diligence information about themselves in order to retain an attorney. “Any attorney that doesn’t seek background information on a prospective buyer before proceeding with an engagement probably is not complying with anti-money laundering regulations,” Archer added.
Agreement for Sale Next up is the sale and purchase agreement. This agreement will typically include a description of the land, whether the ownership is freehold or leasehold, the agreed-upon price, and any included furnishings. The agreement should allow time for due diligence on the property, and, if required, NBLH licensing. Archer advises that clients should conduct due diligence on the property in a number of areas, including titles and boundaries, covenants, insurance, and environmental considerations, such as whether there are “protected areas” to preserve or restrictions that could impact
a buyer’s plans for development or further improvements of the property. She also recommends conducting physical inspections of the property’s structure, electrical setup, and plumbing, as well as inspections for mould and termites. Financing is readily available from the National Bank of the Virgin Islands or any of the branches of five leading international banks that have a physical office in the BVI. It is noteworthy that while the financial giant Scotiabank is divesting operations in the rest of the Eastern Caribbean, it has maintained its BVI presence.
Development If applying for permission to develop, the Land Development Control Authority will need to verify that the developments are within the terms of the NBLH license. Therefore, any immediate or future development plans should be outlined by the purchaser during the NBLH license application process.
bvipropertyyacht.com
Taxes The major tax applicable to the purchase of BVI real estate is stamp duty on transfer, which is currently 4 percent for BVI citizens and belongers (i.e. 4 percent of the purchase price or market value of the property, whichever is higher) and 12 percent for foreigners. Property taxes are assessed annually, determined by the size and use of the property.
Exemptions There are several exemptions for foreign owners. For example, stamp duty does not apply to: • exclusive transfers to the legal spouse, children, or grandchildren of the landowner; • a trustee of a trust which has any of the previously mentioned persons as its sole beneficiary; or • transfer from the trustee of such a trust to another trustee or to any of those beneficiaries. An exemption also applies when property in the name of a company
bvipropertyyacht.com
Buyers without BVI citizenship should refrain from signing any document without first consulting a BVI-based attorney. is transferred to any such relations of the beneficial owner of the company or the trusts described above. Leases are stamped at a reduced rate of 1.5 percent. Also, the Governor may grant exemptions where a company transfers property to another company that has the same beneficial ownership.
Ownership structure Buyers should give consideration to the ownership structure they will use to hold real estate in the BVI, which O’Neal Webster’s guide says has “a deep impact on tax implications, succession rules, and legal considerations.” Formulating a real estate holding vehicle, which can take the form of companies, trusts, joint ventures, or real estate funds,
can reduce subsequent complications, according to the law firm. Buyers shouldn’t hesitate to think about the future. “To limit tax liabilities upon death, thought should be given to basics of estate planning and succession,” O’Neal Webster’s guide reads. “Stamp duty on transfers—even under a will—can be significant, as duties are calculated as a percentage of the property value. Thus, property held by a company, corporation, LLC, or in trust can facilitate the distribution of the property to heirs without the cost, delay, and publicity of probate, and can reduce duties and taxes payable.”
Rental The island of Virgin Gorda, in particular, has a robust vacation
M A R C H 2 0 1 9 | 47
LAND / LEGAL
villa rental market. Many homes in residential developments, as well as stand-alone villas, are rented for at least part of each year. Although long-term rental is discouraged, the BVI government readily permits short term rental through residential developments or real estate agents as part of the NBLH licensing process, or on subsequent application. Also, owners must obtain the appropriate trade license; whichever route is taken.
Security of Title All land is registered in a central Land Registry, which reflects the details and history of ownership and other interests in the land, such as mortgages (called charges), leases, and easements. An instrument of transfer in the standard form must be registered to effect ownership changes. Evidence of title is kept by the land register for each property, and because property title is government guaranteed with a fund to compensate for any loss caused by fraud or obvious error. Title insurance—common in many countries, such as the U.S. —is not used in the BVI.
48 | V I P R O P E R T Y & YA C H T
Opportunities in renewable energy According to Archer, the BVI government now has a legal framework in place allowing individual homeowners to utilise a blended mix of power from the British Virgin Islands Electricity Corporation (BVIEC) and renewable sources. “At present, a homeowner cannot elect to be removed from the Electricity Corporation’s grid entirely; rather a sort of ‘grid-tie’ arrangement is being utilised whereby a consumer-owned, renewable energy-generating facility is connected to the Corporation’s electrical distribution system,” Archer explained. “This facility is available to residences currently under construction as well as those already developed and connected to the Corporation’s electrical grid.” Homeowners interested in taking advantage of renewables must submit an application—including plans for their electrical setup—to the BVIEC. Officials will then inspect the home’s electric equipment and decide whether or not upgrades are needed prior to interconnection.
“While the legislation allows for the employment of a wide range of renewable energy sources, such as hydro, bio-fuel, landfill gas, sewage gas, geothermal energy, and others, focus for the moment is on solar and wind,” Archer explained. “Customers utilising renewable sources can also feed power back into the grid and be compensated for it.”
Do you need a lawyer? A potential purchaser should always engage a competent BVI lawyer from the very beginning—even during negotiations and before a letter of intent is signed—to ensure that all needs are factored into the deal. Archer explained that her law firm’s critical relationships with key decision makers in the various government departments allow for a seamless process for the purchaser. “O’Neal Webster has been serving the real estate needs of buyers and sellers of BVI properties for more than 30 years,” said Archer, “Our local roots and knowledge of the territory and its unique laws provide an efficient, friendly process for international clients.” ■
bvipropertyyacht.com
CELEBRATING 30 YEARS SERVING THE BRITISH VIRGIN IS L ANDS Representing all l egal p hases of acquisition, land use, planning, design, construction financing, and corp orate structuring for individuals, companies, and trusts. SPECIALIZING IN Foreign Investment· Property· Yacht Jenelle Archer • jarcher@onealwebster.com • +1 (284) 393 5800 Commerce House· 181 Main Street· Road Town, Tortola
ONEALWEBSTER.COM
BVI I LONDON I NEW YORK
LAND / MORTGAGES
MORTGAGES
MADE EASY Applying for a mortgage requires doing your homework, but this primer on what the banks will expect from you will help BY CONOR KING DEVITT
50 | V I P R O P E R T Y & YA C H T
bvipropertyyacht.com
IF YOU’VE GOT your heart set on a beach villa on Virgin Gorda and are gearing up to look for a mortgage, the BVI has options. Six local banks offer loan financing, though you should prepare yourself for what they expect before strolling into one of their various offices in Road Town. First off, you should be able to demonstrate an awareness of all the additional costs that come with purchasing a home here. “It’s a great place to buy a property, but it’s not cheap,” said Sjoerd Koster, the general manager of VP Bank (BVI) Limited. Apart from the property’s purchase price itself, other expenses include the stamp duty – which for foreigners is 12 percent of the purchase cost or market value of the home, whichever is higher – as well as legal fees, insurance premiums, architectural rates, furniture
purchases, and assorted other transactional costs. Those additional expenditures, Koster explained, fall under the umbrella of “soft costs” – which usually aren’t eligible for mortgage financing. “It’s good to get that clear picture of what the total costs will be once you purchase the property,” he noted. Getting that clear picture involves doing things like talking to insurance companies beforehand, the general manager added.
Process Koster stressed the importance of hiring the right people when buying a home and acquiring a mortgage in the BVI. “If you make sure that you engage with the professionals that are required for a transaction – that means a BVI lawyer, a BVI real estate agent, a structural engineer to verify
Obtaining a mortgage for an island property requires taking particular steps
bvipropertyyacht.com
M A R C H 2 0 1 9 | 51
LAND / MORTGAGES
the property, making sure that a boundary survey has been done by a BVI surveyor – I think you can make sure there are no snags,” he explained. The bank will request the boundary survey to ensure the building on the property you intend to buy isn’t encroaching on any other properties, and that no neighbouring buildings are encroaching on yours. VP Bank also requires structural surveys on properties it finances, regardless of their age. That was something that became especially important in the wake of Hurricane Irma, Koster explained. “I think it’s also now an industry standard,” he added. Obviously, the bank will also want to know your financial background. Typically, they’ll require a personal financial statement that shows your confirmed income, rental income, liquid assets, and other loans or debts. Additionally, if you own your own business, VP Bank will usually ask for
52 | V I P R O P E R T Y & YA C H T
When buying a home and acquiring a mortgage in the BVI, hiring the right people will make the project much easier. three years’ worth of accounts on that business, the GM added. Foreigners will also need to demonstrate a nonbelonger landholding license.
Loan details BVI banks tend to offer a 70-90 percent loan-to-value ratio, according to Koster. Interest rates tend to be higher than those in the United States or the United Kingdom, by what the general manager estimated was one to two percent. “The main reason for that is for the banks here there’s a higher risk because the BVI is a fairly small property market,” he explained. “There’s less liquidity, meaning there are not as many buyers as you would find in the United States, so if the bank
ever had to foreclose on a property, to find a suitable buyer would already be a higher risk, so the banks price in that risk into their interest rates that they offer to the client.”
Face time Though modern technology makes it possible to handle a lot of the mortgage process remotely, buyers shouldn’t underestimate the benefit of face time. “Although you don’t need to be here in person, it does help to come to the BVI and sit down with your bank,” Koster said. In-person interactions can increase the bank’s confidence, the GM explained, especially by demonstrating that you’ve actually
bvipropertyyacht.com
ABOVE Building a home
requires different financing
LEFT In-person meetings
with the bank can make the mortgage process easier
spent significant time on the property you intend to invest in. “You want to have visited the property at least several times to understand where the property sits with regards to views, location towards the sunrise and sunset, what the prevailing winds are on the property – it’s a process that you have to go through in the BVI once you’re buying a property,” he said. “It’s not just, ‘I like the property and I want to buy it,’ but you really need to understand where it’s located and what’s important about the spot where it’s located.” In the BVI, location can have an unpredictable impact on many elements of your home – like internet service.
bvipropertyyacht.com
“You shouldn’t necessarily assume that you’re going to get great internet service [at all locations in the BVI],” said Rusty Henderson, the owner of AVL Limited, a company that specialises in integrating audio, video and lighting control systems into homes and resorts. “It’s worth asking around a bit first.”
Construction financing VP Bank also offers construction financing for those interested in building their own homes, as well as mortgages for the plots of land the construction takes place on, according to Koster. “In construction financing, the client does make it a little more challenging for themselves, because you’re not just buying a home on an island, you’re actually going to source a lot of material from off island to a little island,” he explained. “The clients will have to think about the logistics for building materials.” The first step to obtaining
financing for construction is producing clearly defined architectural plans for the project, and then an estimate on the proposed cost of development. VP Bank recommends obtaining three independent quotations for construction proposals, he added. VP Bank also typically only works with a shortlist of contractors who’ve built homes for other clients or have a clear track record of constructing residences in the BVI, the GM noted. “Nowadays, it’s even more important – because there’s a big construction boom – that the contractor doesn’t just have construction experience but really construction experience in building homes,” Koster said. Contractors, he explained, need to have the necessary ability, but also the necessary cash flow: The average build of a well-finished, three-bedroom home “in desirable areas” typically costs about $750,000-$1 million. ■
M A R C H 2 0 1 9 | 53
L A N D / P R O P E R T Y VA L U AT I O N S
The valuation process is essential to buying and selling property in the BVI
54 | V I P R O P E R T Y & YA C H T
bvipropertyyacht.com
A DREAM HOME’S VALUE As a buyer, you’ll likely be responsible for providing a valuation report on your new BVI home at multiple points throughout the purchasing process BY CONOR KING DEVITT
bvipropertyyacht.com
M A R C H 2 0 1 9 | 55
L A N D / P R O P E R T Y VA L U AT I O N S
VALUATIONS ARE AN integral part of the home purchasing process, and anyone interested in investing in property in the Virgin Islands should familiarise themselves with the different forms they take. At multiple points throughout course of buying a home in the BVI, potential purchasers may need to present market value reports on the property they’ve selected, according to Anthony Campbell, a commercial valuator at Smiths Gore. Initially, potential buyers may want to commission a valuation on a home they’re contemplating purchasing – though that’s uncommon, he explained. Most buyers tend to make an offer beforehand. When a buyer
56 | V I P R O P E R T Y & YA C H T
Qualified valuation firms in the BVI are governed by the United Kingdom’s Royal Institute of Chartered Surveyors and must follow strict valuation guidelines
subsequently goes to a bank to seek a mortgage, however, banks will pay for a valuation on the home, and this represents the majority of Smith Gore’s valuation clients, according to Campbell. Assuming the buyer is a foreigner, they also need to present a valuation report when applying for a nonbelonger landholding licence. That
same report will need to be presented when paying stamp duty, which for non-belongers is 12 percent of the purchase cost or market value of the home, whichever is higher. The same report could potentially be used for all three or four purposes, though if several months go by between applying for a landholding license and paying stamp duty,
bvipropertyyacht.com
changing market conditions could possibly invalidate an earlier valuation, explained Edward Childs, a director at Smiths Gore. In addition to determining what a property comprises, valuators must determine what the purpose of the valuation is and how it should be valued, and they’re required to issue terms of engagement to a client that go over those various points, according to Childs.
Valuation in the BVI When Childs first came to the BVI in 1990, the territory had few standards in place for valuing real estate. “There was very little in the way of regulation,” he explained. “Anyone could really turn around and do a valuation and submit it to a bank.” That’s not the case anymore, however. “That’s one of the big changes over the last five years,” Childs said. “The banks and other people are looking for really two things: Number one is are you qualified, number two is do you have professional indemnity insurance.” Qualified firms in the BVI are governed by the United Kingdom’s Royal Institution of Chartered Surveyors and must follow guidance the RICS issues about how valuations should be completed – as well as a host of other international standards depending on the client, the director explained.
BCQS_ThridPG_November-Issue_PRINT.pdf
1
2018-10-04
3:09 PM
L A N D / P R O P E R T Y VA L U AT I O N S
ABOVE Buying a
dream home in Virgin Gorda begins with the valuation process
Methodology There are three traditional valuation methodologies: the cost approach, the income approach, and the sales comparison approach. “Traditionally, the cost approach was used in the Caribbean on its own to estimate the market value of a property,” he said. “The cost of a producing a property – which is essentially what the cost approach realises – doesn’t necessarily amount to the market value of property, what it will actually sell for.” Depending on the property, the market value could be significantly less or more than the cost, he noted.
58 | V I P R O P E R T Y & YA C H T
Because of that, valuators typically now use a different approach to determine market value. “For residential properties, the primary approach for arriving at market value is sales comparison, and the reason for that is very simple: that’s how the market works,” Campbell said. “People compare one property with another.” Valuators rarely use the income approach – which takes the income you can make off a property and applies a multiplier – for residential properties in the BVI, he explained, because few rental properties in the territory make serious returns on investments – most only cover costs. There are some exceptions to that trend, however: a handful of indemand beachfront rental properties on Virgin Gorda and Tortola have
been known to make good rates of return, he added.
Sellers Instead of commissioning valuations, sellers will typically ask for a broker’s opinion on what they should list their property for, according to Campbell. Sellers also have access to other property listings around the territory, which has a tendency to lead them astray, the valuer explained. “I think it’s one of the challenges in this market that very often sellers tend to be guided more by asking prices than by actual sales and data,” he said. “And that can give rise to incorrectly priced properties, and so my advice for sellers is to make sure that they are fully aware of all the sales transactions that have actually closed. That’s necessary.” ■
bvipropertyyacht.com
Residential Sales Virgin Gorda Properties For Sale Virgin Gorda offers a range of ownership opportunities, from villas with amazing views, to boutique resorts with beachfront offerings. Smiths Gore, the premier real estate consultants in the British Virgin Islands, presents some of these exciting properties.
WINDY HILL VILLA, Windy Hill, Virgin Gorda
$1,100,000 Amazing view of Sir Francis Drake Channel and neighbouring islands. Comprises a main house and three cottages for rent.
ON THE ROCKS, Little Trunk Bay, Virgin Gorda 4
$3,600,000 Beautiful views of the sunrise over the Atlantic Ocean.
4
BLUE MOON, Leverick Bay, Virgin Gorda
Minutes’ walk to Crooks Bay, the most private beach on Virgin Gorda. Contemporary design with superior finishes.
4
4.5
ADAGIO, Mahoe Bay, Virgin Gorda
$500,000 One minute walk to Little Leverick Bay.
Spectacular view over North Sound. Moderate storm damage to roof, windows and doors
6
CASA ASOMBROSA, Crooks Bay, Virgin Gorda
$3,500,000 One minute walk to Little Trunk Bay, and adjacent
to Valley Trunk and Spring Bay. Beautifully renovated and accepting vacation guests. Offers invited.
6
$3,450,000 Panoramic views of Sir Francis Drake Channel
3
For more information on these listings or additional offerings, call Bernadette George at 284 542 2118 or email: bernadette.george@smithsgore.com
2
and one minute walk to Mahoe Bay. Fully renovated and accepting vacation guests. Offers invited
TORTOLA Britannic Hall
5
VIRGIN GORDA Virgin Gorda Yacht Harbour
www.smithsgore.com
6
LAND / SMART HOMES
MAKE YOUR HOME SMART
New “smart” technology can modernise your home and make your life easier and more enjoyable with some practical considerations for Caribbean properties BY CONOR KING DEVITT
WANT QUALITY OUTDOOR speakers to set the mood for your pool party? Consistent, throughoutthe-house internet access that doesn’t require multiple login passwords? Televisions that don’t dominate your floor with a labyrinth of wires and cables? What about a universal light switch that can shut off every bulb on the property? If you’re constructing your dream home, and these kinds of
60 | V I P R O P E R T Y & YA C H T
features are on your wish list, you’d better start planning for them early. “Something that’s critical for everyone to consider: Do not think of technology as something that you can install at the end,” says Rusty Henderson, the owner of AVL Limited, a company that specialises in integrating audio, video and lighting control systems into homes and resorts. “This has been my mission
for the last 15 years: To make sure that clients and architects consider technology at the very beginning.” Henderson notes that as a standard, architects weave in preparations for the plumbing, electrical and mechanical elements of a home early on in the design process. He says he still sees certain projects, however, that make significant headway without
bvipropertyyacht.com
bvipropertyyacht.com
M A R C H 2 0 1 9 | 61
LAND / SMART HOMES
factoring in any technological aspects. “It needs to be plumbed in the same way that electricity and water need to be routed throughout a home,” he explains. “We call it digital plumbing. It’s a construction process that you’ve got to go through. If you want to share stuff around, hanging the TV on the wall is the thing you do at the end.”
Reliability Henderson has been in the “smart home” business in earnest since 2009, and he’s worked on a variety of projects ranging from individual homes and villas to businesses to resort properties like Oil Nut Bay. “In the world of smart home technology, there’s multiple different disciplines within it,” Henderson explains. “For example, one of them is audio/visual, one of them is lighting control, one of them is shades and drapes, and there’s also the world of Internet of Things, [where] you can have your toaster talk to your microwave that talks to your phone that talks to your car.” AVL largely focuses on integrating different audio/visual and IT systems into homes and businesses. With that focus, Henderson notes, comes an
62 | V I P R O P E R T Y & YA C H T
emphasis on reliability: they want technology that looks and sounds amazing, and is “plumbed” into a space in a way that works seamlessly with the property’s aesthetic. While cutting edge gadgets and devices can be fun and amusing, more often than not they end up being an annoyance. “That’s an intolerance we all have with technology,” he says. “We love it when it works, it’s great, we’ll show it off, but the minute you show off say a voice command and you say, ‘Alexa, close the shades,’ and it says, ‘Tuning the radio to Jazz FM,’ you’re like, ‘No, no, that’s not what I said,’ – then it becomes really annoying. Our general strategy is we keep things as simple as possible – we only go with the most reliable, most proven technology and systems.” Part of that reliability comes from choices in material, which can have a serious impact in the Caribbean. “We’re far more sensitive to the marine environment,” Henderson explains. “As soon as anything goes outdoors, we’re using outdoor-rated everything: the speakers, the cables, everything gets treated as if it was on the deck of a boat, because the air is so salty and aggressive
LEFT Smart home technology
is making life simpler and easier than ever before
on components and metal.” Outdoor speakers, for example, should be a resilient plastic – not metal, as they often are in the United States, according to the AVL owner. Components should also be properly secured in case of a storm. “We like to lock everything down and bolt it using stainless fixtures, using dielectric grease, some silicone whenever possible,” Henderson says. “We just seal it away from the elements.”
Internet If you plan on renting a villa, having good internet is critical. “You want to stay away from some of the clunky systems that don’t have an integrated smart system that’s working as one complete network,” he says. In order to do that, AVL equips homes with internet access points in practically every room. Unlike sheet rock homes in the U.S., typical Caribbean building materials, like concrete, steel and wood, tend to block signals,
bvipropertyyacht.com
so numerous access points are a necessity, the AVL owner explains. Even certain windows have polarising material that can interrupt signals, so he recommends placing an accept point outside if you want internet by the pool.
Power conditioning Just choosing to use reliable technology is not, by itself, enough to ensure reliability in your smart home, however. Power conditioning – especially in the Caribbean – is a necessity when it comes to protecting electronics. “Down here, what most people are going to be surprised about is the number of power cuts, the outages, the sags, the dips, the spikes, the surges – all these electrical anomalies, they just play havoc with our electronics, and even if a TV or something doesn’t blow up immediately, that bad power experience can sit redundant for months before it exposes itself and
then goes ‘pop’ and one day something doesn’t turn on.” Electrical “brownouts,” when an electrical output dips and sags, can starve your technology of power, Henderson explains. That lack of power can cause physical damage to small components in your television, leading it to eventually fail. Power conditioning combats that problem with devices designed to ensure a certain quality of electricity is delivered consistently to your electronics, regardless of brownouts. AVL installs a certain degree of power conditioning in all its projects, using an apparatus called a doubleconversion uninterruptible power supply (UPS). The device takes power from an outlet, which can lose voltage output during electrical dips, and – by lifting the power onto a battery and then off – restores the output to 120 volts before it enters whatever device it’s connected to. AVL installs UPS devices wherever
unlt’d LTE
$174
/mth
there’s an intelligent system – like a processor, a router, or a switch – and, on more prestigious properties, behind every television. “That’s your insurance policy right there,” he says. “We wouldn’t dream of putting any systems in without some sort of protection.” AVL can also install intelligent surge protection into their systems, allowing their team to remotely assist with household problems through an app. “I suppose what we’re specialists in is dealing with ultra-highend clients in extremely remote locations,” Henderson explains. “Even though we’re up in the North Sound area most days, if we’re on the wrong island, and someone needs something, we’ve got to be able to respond as quickly as possible.” The app can help with that, allowing AVL employees to monitor systems and devices and reboot them when needed. ■
save up to $75
every month Bundle unlimited home LTE with BVI’s best value postpaid unbeatable plan.
Switch and save today. bvipropertyyacht.com
M A R C H 2 0 1 9 | 63
LAND / TRENDY POOLS
A pool is not only beautiful but an incredible place to relax
64 | V I P R O P E R T Y & YA C H T
bvipropertyyacht.com
TRENDY POOLS
Contractors in the BVI can offer you a wide variety of aesthetic and technical choices when constructing or renovating your home’s pool BY CONOR KING DEVITT
bvipropertyyacht.com
M A R C H 2 0 1 9 | 65
LAND / TRENDY POOLS
INTERESTED IN CONSTRUCTING or renovating a pool at your home? Geoff Seffer has some aesthetic advice. “Glass tile, pool plaster with a pebble finish and LED lighting – that’s the newest trend people are going with,” said Seffer, the director of a Virgin Gorda-based pool construction and renovation company, Mermaid Pools Ltd. Glass tiles will visually give the pool a “good pop,” the director explained, and can be purchased for anywhere from $6-$10 a square foot up to $30-$50 a square foot, depending on a homeowner’s taste and budget. “All of them have a nice look and a more updated look,” he said. Plaster-wise, Mermaid Pools tends to push an exposed aggregate, natural pebble brand of finish called SGM River Rok – a popular choice for customers across the British Virgin Islands, according to Seffer. It comes in a wide variety of colours and tends to hide blemishes better than a smooth finish. “The pebble has a better look at nighttime with lights on it, and also people tend to like the textured feel over the smooth feel,” he added. If a client is set on a smooth finish for their pool, Seffer notes they tend to use another SGM product called Diamond Brite, a blend of selected quartz aggregates and fortified white portland cement. In terms of lighting, many pool owners are getting away from incandescent lights. “Everyone’s switching over to LEDs,” he explained. “It’s more
66 | V I P R O P E R T Y & YA C H T
A pool can be a home’s most attractive feature with great materials, good lighting and a little technology.
efficient, the light is brighter and looks overall better in the pool. For a lot of the new pools and even if we’re doing a heavy remodel job, we’re changing over to some of the smallerstyle LEDs that are only about three inches in diameter, rather than the old-school 12-inch giant lights. They just look classy.” If a client chooses a darker finish, Mermaid professionals suggest they pair that with white lights to show off the plaster’s colours, Seffer noted. “In my opinion, I think a dark pool with white lights is the way to go,” he said. “It’s the most popular these days as well.” For those clients who do want a coloured light show at night, Seffer recommends a white plaster to complement it. With all the elevated properties and panoramic ocean views, the Mermaid director also noted that at least 85 percent of his clients opt for an “infinity edge” on their pools. Infinity edges have overflowing water, producing a horizon-like visual effect on one side of the pool.
Tech In the last 18 months, Mermaid has spent a significant amount of time changing out pool equipment that was damaged in
the saltwater intrusion in the wake of Hurricane Irma. When replacing or installing tech components, the company suggests clients choose Pentair products. “We’re a big fan and push Pentair,” Seffer said. “We like their pumps, we like their filters, we like their controllers.” Mermaid professionals also suggest clients install a “variablespeed” pump. “They save a lot of money because you can really turn down the RPMs – you’re not stuck with a conventional single-speed pump,” the director said. “They’re also a lot less noisy, and they filter the pool better. You’re pushing the water through the pipes and the filters slower, and that allows for better filtration.” Variable-speed pumps can also be linked into the other pool technology. “We would push a Pentair ‘EasyTouch’ System,” Seffer explained, “It integrates everything into the controller so you can tie in all your pool lights, your heater, your pool pump, say you have an infinity edge, you may have a secondary pump – it all ties into that EasyTouch controller, and then you can have a wallmounted screen inside your house, and you can control everything from that.”
bvipropertyyacht.com
bvipropertyyacht.com
M A R C H 2 0 1 9 | 67
LAND / TRENDY POOLS
If you want to take it one step further, he added, you can tie that system into a downloadable app that gives you the ability to control your pool’s pump, heating, lights and infinity edge from anywhere in the world. “They also tie in the chlorine generators and your acid feeds, so you can pull up on your phone and see how much chlorine and what your PH is doing in your pool, and you can adjust it,” Seffer said. All of these developments make much pool systems a more manageable
68 | V I P R O P E R T Y & YA C H T
enterprise for the average homeowner. “They’re pretty smart these days,” the Mermaid director said. “They’re easy to use, they’re convenient, they’re easy to install, and we service them and manage them if there are any issues.”
Sometimes, he noted, simpler is better. “Hiring a maintenance company and doing your once-a-week cleaning routine is your best bet down here [in the BVI],” he said. “And stay on top of them. Learn how to use a test kit and check your own water.”
Cleaning
Doing it right the first time
Thanks to new technology, there’s also been developments in “in-floor” automatic pool cleaning systems – though Seffer said they can often be more trouble than they’re worth.
Overall, when it comes to constructing or renovating a pool for your home, Seffer stresses the importance of doing it right the first time.
bvipropertyyacht.com
HomeInsurance
Ask for home insurance from Colonial. Extra cover and benefits are on the house! FREE! $250* when you first insure your buildings with Colonial SAVE! 10% discount on car insurance with your home insurance FREE! Automatic cover for accidental damage FREE! $1 million liability protection ZERO deductible for claims (excluding catastrophe) Interest free monthly payment plan Call 494-8450 /495-6403 or visit www.cgigroup.com ABOVE Good lighting and interesting features like waterfalls make a pool a great entertaining space.
“Budget’s always a concern with everyone, isn’t it?” Seffer says. “But at some points, not spending the few extra grand to put on new tile or not spending that little bit more to get the heater or to put in an efficient auto-fill device or getting it online, it’s going to cost more in the long run with adding it in later. Sometimes, you’ve got to spend that little extra and get it done right.” ■
COLONIAL INSURANCE (BVI) LIMITED Palm Grove House, P.O. Box 2377, Road Town, Tortola VG1110 Tel. 494-8450 Valley,Virgin Gorda,VG1150 Tel. 495-6403 www.cgigroup.com A member of Colonial Group International Ltd. insurance, health, pensions, life
Colonial Insurance (BVI) Limited is rated A-(Excellent) by AM Best.
bvipropertyyacht.com
SEA / THE HARNEYS SERIES
The latest installment of the Harneys Series addresses new legislative measures aimed at BVI ship registrations B Y VA R E E N VA N T E R P O O L - N I B B S
70 | V I P R O P E R T Y & YA C H T
bvipropertyyacht.com
THE GOVERNMENT OF the Virgin Islands has recently introduced new measures to support the continuing growth of ship registrations in the BVI and the Virgin Islands Shipping Registry (VISR). The Merchant Shipping (Amendment) Act, 2018 (the Act) was passed by the House of Assembly in December 2018 and is expected to come into force this year and by the date of publication of this article.
More Eligible Persons
Shipping investment in the BVI has just become simpler and easier.
bvipropertyyacht.com
Under Section 4 of the Merchant Shipping Act, 2001, VISR is only capable of registering ships owned by certain prescribed categories of persons (Eligible Persons). The Act has expanded the categories of Eligible Persons to now include nationals and corporate entities of a Member State of the Caribbean Community or the Organisation of Eastern Caribbean States; and persons who are citizens, corporate entities or foreign companies which are incorporated, established or registered in a recognised jurisdiction or any overseas country, territory or dependency of a recognised jurisdiction. For purposes of the Act, a recognised jurisdiction is one that is included in Schedule 2 to the Anti-Money Laundering and Terrorist Financing Code of Practice, 2008. Prior to the Act, the categories of Eligible Persons who could register a ship in the BVI were only citizens of the BVI, the United Kingdom, British Dependent Territories and British subjects, British nationals under the Hong Kong (British Nationality) Order 1986, and nationals of Member States of the European Union or European Economic Area, including the overseas territories of these Member States. Also, ships belonging to corporate entities of any Member State of the European Union or European Economic Area, including the United Kingdom, and having its place of business in such Member
M A R C H 2 0 1 9 | 71
SEA / THE HARNEYS SERIES
State; corporate entities incorporated in the Isle of Man, the Channel Islands and any British colony other than the BVI or in any overseas territory of a Member State of the European Union or the European Economic Area and having a place of business in such British Possession or overseas territory; and corporate entities incorporated in the BVI or any Member State of the Caribbean Community or the Organisation of the Eastern Caribbean States and registered in the BVI, comprised the list of Eligible Persons. With this newly introduced provision, VISR can now provide registration services to a significantly wider customer base including nationals and corporate entities of neighbouring Caribbean countries and the United States of America. Prior to the introduction of the Act, a company incorporated in a Member State of the Caribbean Community or the Organisation of Eastern Caribbean States had to be re-registered as a foreign company in the BVI under Part X of the BVI Business Companies Act, to become a Qualifying Person. The re-registration in the BVI as a foreign company meant that the company also incurred additional administrative and other costs in order to qualify to have a ship registered in the BVI. However, this challenging requirement of such companies having to be so re-registered has been removed.
Registration of bareboat charter ships is no longer restricted by tonnage of ships The registration of bareboat charter ships in the BVI is no longer based
72 | V I P R O P E R T Y & YA C H T
on tonnage, as VISR is now fully capable of registering a ship of any gross tonnage that is operating under a bareboat charter. The Act removed the previous restriction that only bareboat charter ships of 1500 gross tonnage and above could be registered in the BVI. Accordingly, once all other statutory requirements are met, any bareboat charter ship, regardless of its gross tonnage will be capable of being registered by VISR. The removal of the previous restriction regarding a ship’s gross tonnage in addition to the widened category of who may own a Virgin Islands ship is expected to have a significant positive impact on ship registration business in the BVI. Along with the registration of any bareboat charter ship, the Director of Shipping will also be able to issue dispensations to bareboat charter ships of any gross tonnage, provided that all other statutory provisions are met. The Director of Shipping will continue to only grant a dispensation however, if he or she is satisfied that (a) the ship is subject to a charter, for the period of which the registered owner is not responsible for the management, operation and control of the ship (b) where there is a registered mortgagee, such registered mortgagee has consented to the dispensation being granted (c) in addition to the registration of the ship in the BVI, the ship is intended to be registered under the laws of another country outside of the BVI, and (d) the ship will become subject to laws of that other country which implement and apply to it such provisions of the Collision Convention, the International Labour Convention, the Load Line Convention, the Marine Pollution Convention, the Safety Convention
and the Convention on Standards of Training, Certification and Watchkeeping for Seafarer, 1978 (STCW Convention), to the same extent that these convention provisions apply to a BVI registered ship.
Registration of ships under construction The BVI has taken another encouraging step towards provisioning for the registration of ships that are under construction. The recent amendment formally includes the registration of ships under construction as a distinct subject matter in respect of which the Government may make statutory rules and regulations going forward. The registration of ships under construction is a settled issue in the shipping laws of several competitor jurisdictions outside the BVI. VISR continues to demonstrate that it is keen to see the introduction of registration of ships under construction into the BVI’s shipping legal framework, which too would further increase the attractiveness of the BVI as a home for ship registrations.
About Harneys’ Private Client Team Harneys Private Client team regularly advises clients on the acquisition of ships including devising ownership structures for eligible persons to satisfy the tax, regulatory, succession planning and other needs of each client. For more information on these solutions or any other matters relating to ship registration, registering a business, or planning for future generations, please contact Sheila George, Johann Henry or Vareen Vanterpool-Nibbs. ■
bvipropertyyacht.com
Reduced restrictions have widened the category of who may own a Virgin Islands ship and are expected to have a significant positive impact on ship registration business in the BVI.
bvipropertyyacht.com
M A R C H 2 0 1 9 | 73
SEA / BVI FISHING
FISHING IN THE BOUNTIFUL BVI The Caribbean is an angler’s paradise; enjoy it safely and legally BY LAUREN HODGINS
74 | V I P R O P E R T Y & YA C H T
bvipropertyyacht.com
bvipropertyyacht.com
M A R C H 2 0 1 9 | 75
SEA / BVI FISHING
If you plan to fish in the British Virgin Islands, you’ll need a temporary pleasure fishing license for each eager angler 18 years of age and older.
76 | V I P R O P E R T Y & YA C H T
bvipropertyyacht.com
WHEN VACATIONERS ARRIVE in the islands, many come with their hopes set on relaxing by the beach and dining on their own catch reeled in during a fun day on the water. Mahi, tuna, Wahoo, and other edible fish are plentiful in the deeper waters off the Caribbean islands, creating a mecca for eager fishermen from around the world. But what many people don’t realise is that local laws, if not taken into account, can put a damper on the fishing experience. Happily, fishing is permitted in the British Virgin Islands, as long as enthusiastic fishermen (and fisherwomen!) follow the local laws and obtain the correct permits. If you plan to fish in the British Virgin Islands, you’ll need a temporary pleasure fishing license for each eager angler 18 years of age and older. The process is easy: simply fill out the application (which can be found on the BVI government website) and
bvipropertyyacht.com
M A R C H 2 0 1 9 | 77
SEA / BVI FISHING
78 | V I P R O P E R T Y & YA C H T
bvipropertyyacht.com
bvipropertyyacht.com
M A R C H 2 0 1 9 | 79
SEA / BVI FISHING
then submit it either in person or by email along with a photo ID and a $45 fee. The license is valid for 30 days. Sometimes, your yacht crew or trusted charter broker will even initiate this process for you! You’ll want to keep in mind that some species of fish living near the reef can be harmful to humans due to a toxin called ciguatera, which renders the fish inedible. Catching and releasing fish has the potential to injure or even kill them, so we’d encourage you to eschew fishing near the reef in favour of chartering a local fishing charter boat. In deeper waters, you’ll be able to fish for pelagic (edible) fish, such as Mahi, tuna, and Wahoo. These types of fish have a 30 lb bag limit, and people with pleasure fishing permits are not permitted to sell their catch. But fear not – that law simply translates to more delectable meals for you! If you’re thinking of breaking the rules and passing on procuring
80 | V I P R O P E R T Y & YA C H T
a fishing license before casting your reel, think again. The Virgin Islands levies steep penalties on those who are caught fishing illegally. Offenders may also have fishing equipment confiscated, could have their vessel seized, or could even go to jail. All in all, cheating the system is simply not worth the risk. Obtain your official fishing license and relax knowing that you’re free to while away the hours with your rod and reel - legally. Commercial fishing also exists in the British Virgin Islands, and like pleasure and sport fishing, requires the appropriate permit. Some species are only available for commercial fishing. Lobster, for example, is entirely illegal to catch in the British Virgin Islands unless you happen to be a commercial fishing vessel. For commercial fishermen, open season on lobster lasts from November 1 to July 30. And while you may not be able to catch and eat your own lobster in the British Virgin Islands, you can
certainly indulge at any number of the local seafood restaurants that will happily serve you lobster prepared just to your taste right on the beach! Be mindful that not all areas of the British Virgin Islands are open for fishing, even with a fishing license. While certain priority areas of the BVI are available for leisure fishing, other areas are considered “Marine Protected Areas” where fishing is strictly prohibited. To find a list of Marine Protected Areas, you can visit the BVI Conservation and Fisheries department website. The goal of protected areas is to conserve local fish populations and to encourage them to reproduce without troublesome humans nearby. Because of this, all human activity, with the exception of snorkelling, is prohibited in these areas. ABOVE Legal fishing in the territory helps keep fish populations healthy and thriving
bvipropertyyacht.com
On the other hand, some areas of the BVI are considered priority areas for fishing. These include Great Harbour, The Bight, Frenchman’s Cay, Benures Bay, West Guana Island, and Great Camanoe. These areas are specifically designated for licensed vessels and individuals to fish. However, snorkelling, diving, and other recreational activities are not permitted in these areas. Like commercial lobster fishing, several other species of fish in the BVI have open and closed seasons. To make sure you are following the law, be sure to check the Conservation and Fisheries website for information on regulated species. Of course, the removal of Leatherback sea turtles, Loggerhead turtles, and Goliath grouper is strictly forbidden, no matter the season! At the end of the day, fisherman or not, we all want what’s best for the beautiful Virgin Islands. Whether we live here or are simply visiting, we all want to protect the environment from harm so that we can enjoy the abundant beauty of the islands for many years to come! Fortunately, the British Virgin Islands are proactive in their approach, balancing the enjoyment of nature’s bounty with local conservation efforts, meaning plenty of opportunities for fishing fun while still investing in a sustainable future. ■
bvipropertyyacht.com
M A R C H 2 0 1 9 | 81
Stick to what you do best...
...and let us sell your house. That’s what we do best.
tel. 1 (284) 340 3000 www.coldwellbankerbvi.com
SOL Y SOMBRA VIRGIN GORDA, BRITISH VIRGIN ISLANDS STEPS AWAY FROM Little Trunk Bay, this classic and timeless British colonial beachfront villa has five suites, each furnished with custom-made teak furniture. A great room, office/library, dining room and fully-outfitted kitchen offer spacious and elegant entertainment areas. A 45-foot ocean-front infinity pool, observation deck and lighted tennis court are set within over an acre of tropical gardens. The property is proximate to The Baths, Virgin Gorda’s famous destination, and two unspoiled beaches, Little Trunk Bay and Valley Trunk Bay. A private movie theater, daily maid service, exercise equipment and gym and a chef (upon request) complete the villa’s offerings.
Smiths Gore (BVI) Limited T 284.494.2446 E bernadette.george@smithsgore.com W solysombrabvi.com
Build your legacy. Discover rare home ownership and luxury villa rental opportunities in one of the Caribbean’s most secluded island landscapes. Oil Nut Bay’s home ownership showcases a distinct combination of quality, art and science mixed with sought after resort amenities. During your stay explore the new Marina Village, a refreshing destination for unwinding including dining venues and boutique shopping.
Contact us to schedule a tour or inquire about villa rentals. VIRGIN GORDA, BRITISH VIRGIN ISLANDS | 1 284 393 1000 | oilnutbay.com
