Property Taxes are very low in the British Virgin Islands This is the one closing cost that is often prorated between the buyer and seller. If the seller has already paid the annual property taxes, the buyer typically reimburses the seller for the period in which the buyer will be occupying the property. Likewise, if the taxes have not yet been paid, the seller typically reimburses the buyer for the period in which the seller occupied the property.
Transfer Taxes and Recording Fees This is the cost for transferring ownership of the property. The fee is calculated at 12 percent for freehold property or 1.5% for leasehold property, of the sales price or appraisal value, which ever is higher.
