A COVID-19 relief measure – stamp duty waiver on sale or transfer of property in BVI
As part of the COVID-19 stimulus package promised by the Government of the Virgin Islands, the Stamp Duty Act, Cap 212 of the Laws of the Virgin Islands, (the Stamp Act) was amended by the Stamp Duty (Amendment) Act, 2020, (the Amendment). The Amendment was passed on 19 June 2020, assented to by the Governor on 23 July 2020 and gazetted on 28 July 2020.
The Amendment provides for the waiver of the four per cent stamp duty ordinarily payable on instruments for the sale or transfer of property to Belongers for the period 7 May 2020 to 31 May 2021. However, in the event that the property is sold or transferred to a non-Belonger within seven years, the stamp duty that was waived shall be payable by the Belonger to whom it was granted. The Amendment also allows for the reimbursement of any stamp duty paid on an instrument of sale or transfer of any property executed from 7 May 2020.
If you need assistance or further clarification, please feel free to contact Ayana Hull, Head of our BVI Private Wealth practice or your usual Harneys contact.