BVI versus other tax havens | Cheaper? | British Virgin Islands
We continue to talk about the British Virgin Islands, of which we have already mentioned the huge tax advantages.
The cost of living in the B V I certainly cannot be called cheap, but it is still cheaper than both Bermuda and the Cayman Islands.
In the European context it could compare to the cost of living in the UK , however with numerous tax advantages that the U K does not have. It is also a safe territory with a very low crime level.
Accommodation is also generally cheaper than in the Cayman Islands and Bermuda. Apartments are also generally of good quality. In principle, for about two hundred and fifty thousand, you will buy a two bedroom apartment in a village, with numerous ancillary services and amenities.
And for just over half a million dollars you can buy a house with an ocean view. Even in the most prestigious and populous of the British Virgin Islands. Before you can purchase property in the B V I , however, you will need to obtain permission from the B V I authorities. Permission known as Non Belongers Land Holding Licence.
In addition, there are taxes related to the transfer of ownership, the rate of which varies according to certain conditions. However, it is not always easy to obtain permanent residence in the B V I .
Unless you make large investments in the local economy, or your spouse is a local. However, it does not appear to be a minimal investment, so local authorities could be contacted to start a negotiation.
In the last episode of this mini series, we will talk about the offshore companies in the B V I . We will also mention a very interesting tool in the field of international taxation.
Tool that can be found almost only in the BVI.
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