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‘Give 1st time property owners 100% financing’- Premier to local banks

- Praises NBVI & Republic Bank for offering 100% financing to borrowers during Stamp Duty Waiver period
Republic Bank was praised for supporting the first Stamp Duty Waiver initiative for Belongers by offering 100% loans. Photo: VINO/File
National bank oft the Virgin Islands was also praised for supporting the first Stamp Duty Waiver initiative for Belongers by offering 100% loans. Photo: VINO/File
National bank oft the Virgin Islands was also praised for supporting the first Stamp Duty Waiver initiative for Belongers by offering 100% loans. Photo: VINO/File
Premier and Minister of Finance Honourable Andrew A Fahie (D1) during the Second Sitting of the Fourth Session of the Fourth House of Assembly today March 10, 2022, appealed to banks operating in the territory to grant first time homeowners or property owners who are Belongers 100% financing. Photo: YouTube
Premier and Minister of Finance Honourable Andrew A Fahie (D1) during the Second Sitting of the Fourth Session of the Fourth House of Assembly today March 10, 2022, appealed to banks operating in the territory to grant first time homeowners or property owners who are Belongers 100% financing. Photo: YouTube
DUFF'S BOTTOM, Tortola, VI- The leader of the Government of the Virgin Islands has appealed to banks operating in the territory to grant first time homeowners or property owners who are Belongers 100% financing to purchase property under the new Stamp Duty Waiver initiative.

This call came from Premier and Minister of Finance Honourable Andrew A Fahie (D1) during the Second Sitting of the Fourth Session of the Fourth House of Assembly today March 10, 2022.

Premier Fahie was at the time making his contribution to the Stamp (Amendment) Act 2022, which will see the exemption of Stamp Duty on the instrument of sale or transfer to a first-time property owner who is a Belonger.

"I am calling on the banks that once this is passed, Mr Speaker, that all our financial institutions move swiftly to allow first time homeowners and landowners who are Belongers to be able to get 100% financing. We have to continue to be innovative to help our people because Mr Speaker when you buy piece of property in the Virgin Islands, it means it signals, 1. We have confidence in your country, 2. You are saying you do not intend to leave and 3. You are saying we are in this together for the long run."

NBVI & Republic Bank commended

Meantime, National Bank of the Virgin Islands and Republic Bank came in for high praise for offering 100% financing to Belongers during the Stamp Duty Waiver period that ran between March 2020 and December 2021.

"I also want to commend those financial institutions such as the National Bank of the Virgin Islands, who led the way, along with the Republic Bank who are two I know for sure had programmes that complimented this initiative that, Mr Speaker, they allowed for one hundred percent financing of the persons with their first-time homeownership and other areas.”

The Stamp (Amendment) Act 2022 was subsequently passed in the HoA.

9 Responses to “‘Give 1st time property owners 100% financing’- Premier to local banks”

  • Earl (11/03/2022, 12:46) Like (15) Dislike (1) Reply
    Haha... yeah right..... banks want to see some sort of commitment from a borrower....especially with the track record of belongers who default on car loans and other loans with banks.
  • BuzzBvi (11/03/2022, 12:48) Like (11) Dislike (0) Reply
    Hope they know it is not like paying rent at the Pier Park or the market where no one sees the need to pay the rent.
  • W*F (11/03/2022, 13:08) Like (8) Dislike (3) Reply
    Put yourself in the shoes of the bank, and their risk...

    Then remember that this man is responsible for managing our country's money.
  • Blah Blah! (11/03/2022, 13:49) Like (31) Dislike (3) Reply
    Allow locals to purchase crown land at a affordable rate. These realtors selling land too expensive, when you pay $100,000 for land, where we going to find money to build. It have persons that want their own home, but its hard, the locals are suffering.
  • pat (11/03/2022, 20:17) Like (0) Dislike (8) Reply
    The premier is correct
  • Common Sense (11/03/2022, 21:57) Like (2) Dislike (0) Reply
    One does not see a problem with that request provided the BVI government provide a guarantee to the bank in the event of default.
  • Land Prices (12/03/2022, 14:00) Like (7) Dislike (0) Reply
    The land prices need to be regularize so locals can afford to buy land. That’s where the plea should also go. Lots of young people are deterred because they cannot afford land. The prices are set for the other people.
  • hmm (12/03/2022, 22:20) Like (1) Dislike (5) Reply
    Please locals you all must learn to sacrifice like the other people, please. I mean, instead of buying a $40,000.00 jeep buy a $20,000.00 although it can be lower. Instead of eating at a restaurant breakfast, lunch and dinner eat at home like the other people and save an additional $500 a month. Instead of going to the Saloon every weekend go once a month like the other people. Stop using so much credit card like the other people. Work two and three jobs like the other people. You don't need work permit.

    So Tolians PLEASE PLEASE PLEASE. Stop complaining about the other people and learn to sacrifice like them. Stop DAM FEELING ENTITLED.


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