Buying & Investing in US Virgin Islands Property
As money has begun to be available for U. S. Virgin Islands, it is once again creating a boom in tourism, hospitality jobs and opportunities for all. Cruise ships are lining up again and sailing in from all over the world to be the first ones to see the Islands prospering again. Now may be an exceptional time to invest in a US Virgin Islands property.
Why Now is the Time to Invest in U.S. Virgin Islands Real Estate
1. High Rental Occupancy
Rental real estate has a high occupancy rate and promising long-term prospects; making now the perfect time to consider owning investment property there. A recent surge in visitors has outpaced hotel capacity on the island and travelers are turning to rental properties as the solution. Begin searching for investment property here.
2. US Virgin Island Infrastructure Projects
Governor Kenneth Mapp has awarded $530k for Phase One of the $1.2 Billion new road system project. The money will be spent to help pave the roadways of St. Croix, St. Thomas, and St. John.
The money will be spent to help pave the roadways of St. Croix, St. Thomas and St. John. New jobs are opening up due to this massive project which means unemployment is decreasing and will continue to do so. Governor Mapp announced that Phase One ($530k) of the 1.2 billion has been awarded to the Islands, in addition to, the Department of Housing and Urban Development (HUD) that is a record setting $1.6 billion specifically for Disaster Recovery Programs. Some of the funding is going to address seriously damaged housing, businesses and infrastructure including other major damage from previous natural disasters. In addition, this money is helping to fund new hospitals, schools and the electrical infrastructure.
3. Capital Tax Break Zones
The U.S. Treasury has also announced and approved capital tax break zones known as [TC1] which reduce taxes in designated areas in the U.S. Virgin Islands. This, along with Lieutenant Governor Osbert Potter announcing property tax amnesty, will reduce their total tax burden.
How to Buy Property in the US Virgin Islands
Buying property in the U.S. Virgin Islands—St. Thomas, St. John, St. Croix and Water Island—is the same as purchasing property in the United States. If you do decide to buy property in paradise, the title is handled the same and have the same guarantees and the Constitutional protections that one enjoys on the continent. The real estate will be owned free simple and the deed is recorded and filed at the Recorder of Deeds. Start your USVI Real Estate search here.
Considerations When Purchasing a Rental Property
1. Maintaining Your Rental Property
Managing a property can be a weekly, if not daily, responsibility. The good news is you don’t have to be the one doing it. Property management firms and experienced managers are available to help throughout the U.S. Virgin Islands. You can also hire your own manager to oversee the property if you’d prefer a more direct relationship. Our experienced associates will assist you in finding the most reliable and trustworthy firms.
2. Marketing Your Rental Property
Fortunately marketing your property has never been easier. Websites like Airbnb, HomeAway and VBRO allow you to easily set up accounts and begin marketing your vacation property to a global audience. In this social media obsessed world, how your property is rated by renters will go a long way to determining how successful your investment(s) will be. It’s not just first impressions that matter but every impression. The internet has also made payment collection seamless, instant and easy.
There are no limits to the income you could make – and the fun you’ll have – owning one or more vacation properties in the USVI. Contact Us to learn how earning that extra income can help you make your life a Caribbean breeze.
3. Making the Most of Your Investment
The US Virgin Islands are 1031 Exchange Eligible – learn about how a tax-deferred property exchange could enable you to get more for your money and make for a better investment.