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If you're thinking of buying
Virgin Islands Real Estate
Having an insight into local customs, island life, and customs of the West Indies can truly make this your island Paradise!
With almost 17 years of island living we'd like to share some general information as well as some insider tips:
GENERAL INFO - US Virgin Islands Real Estate
Compliments of Sunhaven Realty LLC
Your Expert in Real Estate US Virgin Islands
CLIMATE: The average rainfall is 43 inches, this coming mostly through Sept.-Oct. and May-June. The winter temp. is 77-84 degrees and the summer temp. is 82-93 degrees.
HISTORY: The US government purchased St. John from Denmark in 1917. A Naval governor ruled until 1931 when the Dept. of Interior assumed control. We are an unincorporated territory. Residents of the Virgin Islands vote for a local governor. We cannot vote for president of the United States . We do receive all other benefits awarded the (mainland) United States.
MAIL: Service provided through the US Postal Service as well as UPS, Fed Ex, DHL and American Airlines.
MEDICAL: Air Service insurance is $260.00 annually for a family. Myrah Keating Smith Clinic on St. John (with helicopter pad) and Roy L. Schneider Hospital on St. Thomas (via ambulance boat).
NEWSPAPERS: The Daily News, The Tradewinds, St. John Sun Times and the St. Croix Avis are the local papers. USA Today, The Wall Street Journal and several US metropolitan and Puerto Rico newspapers are flown in daily.
POPULATION: The most recent census for St. Thomas census is approximately 55,000.
St. Thomas Chamber of Commerce: www.usvichamber.com
SCHOOLS: There are 4 private schools and 7 religious schools. The University of the Virgin Islands is located on a 175 acre campus with both bachelor and master degree programs.
MISC: Grocery prices are higher than stateside. As land is so expensive very little is grown here, hence everything on the store shelves has been imported!
VEHICLE SHIPPING: From West Palm, FL to St. Thomas costs $700.00. and more. Cars made in the US are duty free. Cars manifactured in foreign countries pay a duty tax.
LOCAL REAL ESTATE INFO
PROPERTY TAXES: Calculated at. 60% of "fair market" value x 1.25%
MORTGAGES: Available through banks and lending institutions; including Banco Popluar, First Bank, Scotia Bank & Merrill Lynch. You will be required to pay for the tile search, title insurance, property appraisal, written certificate of surveyors property, perimeter survey and the bank‘s attorney fees. If you are serious about purchasing property in the US Virgin Islands we highly recommend that you PREQUALIFY
TITLE INSURANCE: Available and recommended.
TRANSFER TAX (Stamp Tax): All transactions require a "stamp tax" which starts at 2%. The price of property will dictate the transfer amount.
VI ZONING, BUILDING AND HOUSING LAWS AND REGULATIONS: May be obtained from the office of the Lieutenant Governor, Accounting Section, 18 Konens Gade, St. Thomas VI 00802 Tel. 340-774-2991.
BUILDING COSTS: From $200.00 a sq. ft. to $350.00 a sq. ft.
ELECTRIC: Supplied by our Water and Power Company affectionately known as "WAPA"
WATER: Collected from the roof and stored in a cistern. Required capacity is 10 gal. of cistern for every sq. ft. of roof on single story homes and 15 gal. for a two story home.
TAXES AND BUSINESS INFORMATION: USVI residents taxed on worldwide income according to standard (IRS) tax code. Non-resident US citizens taxed on income from USVI sources only. Corporations have a 10% surcharge on income with the exception of those enjoying investment incentives. Businesses pay 4% gross receipts tax on money earned from all transactions including services and may not deduct expenses. Ask about EDC and other tax incentives.
DUTY: A maximum of 6% of invoice value of foreign goods, there is no local duty on US made products.
EXCISE TAXES: The range is from 2% to 15% of the net invoice value plus a markup of 5% on items brought into the islands for business use or resale. 1993 government imposed 4% excise tax on imported personal goods (large appliances and furniture) valued at $500.00 or more.
Should you require more detailed information about living in the US Virgin Islands please contact us at: realestate@sunhavenrealtyllc.com
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