Lan-y-Mor, located within Nail Bay Estate is part of a residential enclave which has a lease agreement with the Crown, extending to year 2164. Lan-y- Mor has a sublease that will be issued to the purchaser for the duration of the Crown lease.
Once an agreement has been reached between the buyer and the seller a legally binding purchase and sale agreement drawn by the seller’s attorney is signed by the parties. This will normally contain a condition that completion of purchase is contingent upon the buyer obtaining a Land Holding License from the BVI government.
Obtaining an Alien Landholding License:
The application for the Alien Landholding License is submitted to the Ministry of Natural Resources and Labour.
Each person whose name appears in the Application Form will be required to pay US $200.00. Each company that appears on the Applications Form is required to pay US $300.00. Additionally, each person or company is also required to pay US$600.00 on the approval of the License.
The application for an Alien Landholding License must be accompanied by:
- Two character references
- Two financial references from the applicants bank, employer or accountant which must indicate the applicant’s ability to purchase and develop the property
- A financial statement covering one years banking record
- A police certificate of good standing
- A passport size photo of each applicant
- Four consecutive local newspaper advertisements for the property
- A letter sized cadastral survey showing the land and surrounding properties
- A valuation report form a licensed surveyor plus other supporting documentation
For more information on this process click HERE.
Please click HERE.