#The stamp act pdf#

The Non-Belongers Land Holding Regulation Act Where the exemption under the Act does not apply, the stamp duty payable in connection with the sale of BVI property to a Belonger shall be calculated at a rate of 4% of the higher of the purchase price and the market value of the property in question. Instruments effecting the sale or transfer of BVI property to Belongers executed (i) prior to or (ii) after will not be covered by the exemption under the Act. In broad terms, Belonger status is a legal classification that is associated with a number of British Overseas Territories, though the requirements to attain this status and the rights that such status confers, vary from territory to territory.ДЄs far as the BVI is concerned, a Belonger is a person deemed to belong to the BVI according to the Virgin Islands Constitution Order 2007. In the context of BVI property transactions, stamp duty is typically paid by the purchaser. The exemption under the Act therefore captures transfers of property in consideration of natural love and affection, notwithstanding only nominal stamp duty is typically payable in connection with such transfers.

The exemption under the Act is expressed to apply to Instruments effecting both the sale and the transfer of BVI property to Belongers.

where the Instrument in question is executed between and.

The exemption applies only in respect of the sale or transfer of BVI property: The Act amends the Stamp Act by exempting certain Instruments effecting the sale or transfer of BVI property from the obligation to pay stamp duty. The primary legislation governing the assessment of stamp duty in the BVI is the Stamp Act. Stamp duty is a documentary tax that is levied in connection with certain specified legal documents.

#The stamp act pdf#

The Stamp (Amendment) Act 2020 (the Act) is now in force, having been granted assent by the Governor on 23 July 2020 and is anticipated to have a positive impact on the number of property transactions taking place in the British Virgin Islands.Дownload a PDF of our Guide to theВ Stamp (Amendment) Act 2020.