Virgin Islands Option to Purchase Vacant Real Property
Description
How to fill out Option To Purchase Vacant Real Property?
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FAQ
As an American citizen, you can move to St. Thomas, in the Virgin Islands, without winning the jackpot. It's really no different than moving to another state, since you don't need a visa and can simply arrive and establish residency. However, the cost of living is high, and hurricanes happen all too frequently.
Thomas, St. John, St. Croix and Water Islandis the same as purchasing property in the United States. If you do decide to buy property in paradise, the title is handled the same and have the same guarantees and the Constitutional protections that one enjoys on the continent.
Costs of building a house start at around $250 per square foot; the amount varying considerably depending on materials used for building and finishing. Keep in mind that preparations and special structural requirements may need to be met making the total cost of the construction project more.
Building costs can start around $400+ per square foot for average (masonry) construction. A VI licensed architect or engineer must sign off on house plans. Building specs can be obtained from Planning and Natural Resources (DPNR) at 340-774-3320. Permits take 2-4 months for approval.
As an American citizen, you can move to St. Thomas, in the Virgin Islands, without winning the jackpot. It's really no different than moving to another state, since you don't need a visa and can simply arrive and establish residency. However, the cost of living is high, and hurricanes happen all too frequently.
St. Thomas was also recently a trending location for 2018 New Year's Eve celebrations by KAYAK, the booking platform travel website. The U.S. Virgin Islands rental real estate has a high occupancy rate and promising long-term prospects; making now the perfect time to consider owning investment property there.
Costs of building a house start at around $250 per square foot; the amount varying considerably depending on materials used for building and finishing. Keep in mind that preparations and special structural requirements may need to be met making the total cost of the construction project more.
Buying Process, Fees & TaxesYes, foreigners can buy property in the US Virgin Islands and the Government of the US Virgin Islands welcomes investment from overseas buyers.