Ownership is “fee simple” being under the U.S. flag here. There are no restrictions against purchasing solely for investment, and no laws dictating when, if ever, you must build on undeveloped land.
Property taxes are relatively low compared to many stateside areas. The property tax is based on the purchase price multiplied by following mill rates:
Homes/ Condos .003770 Commercial .007110
Timeshares .014070 Land .004946
All real estate transactions require a Government Transfer Tax (stamp tax), which can be paid by the buyer or seller; however, the Government holds the seller responsible for the payment at closing.
2% for property valued up to $350,000
2.5% for property valued from $350,001 to $1,000,000
3% for property valued from $1,000,001 to $5,000,000
3.5% for property valued over $5,000,001
Mortgage loans are available with banking institutions doing business in the Virgin Islands and with Leeward Island Mortgages. The buyer is responsible for the payment of a property appraisal, a survey and surveyor’s certificate, title search and title insurance, and bank attorney fees.
Windstorm and earthquake insurance is required for all home mortgage loans. The cost is approximately 2% to 3% of the replacement value. The cost varies due to types of construction, hurricane shutters and more.
All new construction must be engineered and built to VI building code to withstand at least 110 mph wind speed and Zone 4 earthquakes.
Building costs are approximately $450.00 per square foot and up, depending upon finishes.
Residential Properties: Approximately 85 properties available ranging from a modest one bedroom cottage priced at $595,000. to a luxury villa listed for $14,999,000.
Condominiums: Approximately 2-5 properties ranging from $450,000. to over 1 million.
Land: The MLS has over 200 listings all very different properties starting at $65,000. up to 7 million for waterfront and or multiple acreage development parcels.
Commercial: Most commercial real estate for sale or leaseholds. Occasionally an actual building or business is listed for sale.
Fractional/Timeshare: At least 125 dates and timeframes to own your piece of the Rock. “Timeshare” generally refers to the Westin, but there are others.
Read More about the different areas of St John……………..