Realtors & Gov.t To Discuss
BVI Policy Investment Climate

Officials from the Ministry of Natural Resources and Labour are soon to meet with a delegation of local Real Estate Agents to discuss, among other things, approaches to reducing the length of time it now takes to process Non Belonger Landholding Licenses. This decision was taken following an increasing number of complaints being received by the government. These concerns were again raised during a March 2nd meeting with Chief Minister the Honourable Ralph T. O'Neal, Minister of Natural Resources and Labour Hon. Julian Fraser and two of his senior officers -Permanent Secretary Mrs. Sheila Brown and the Deputy P.S Mr. Donald Lettsome, who deals specifically with the issue. The Financial Secretary and the Director of Planning were also at that meeting. Several real estate firms were represented - Romney Associates, BVI Development Consultants Ltd., Caribbean Realty, Island Real Estate Ltd., Smiths Gore Overseas Ltd, Betteto Frett Real Estate, Trude Real Estate and BCQS Ltd.

The main agenda item was the BVI property investment climate. Chief Minister O'Neal said he sought to make it clear government's policy on such matters and sought to allay the unfounded fears with respect to Non Belonger Landholding Licenses.

"All the agents there expressed frustration over the length of time that it took for Non Belonger Landholding Licenses to be issued," according to the Chief Minister. He said they noted that some investors become frustrated and withdraw their interest, while others simply relocate to other jurisdictions. It was pointed out by the Permanent Secretary in the Ministry of Natural Resources and Labour that oftentimes when applications are submitted to the Ministry, there are significant errors that hinder the smooth and speedy processing of the application. Such errors, it was noted, many times include the wrong block or parcel number. In such cases, delays occur as it takes time to search the Land Registry, only to find these errors. The application would then have to be referred back to the sender, who would have to re-submit the document with the correct block or parcel number and the Land Registry searched again to assert the correctness of the information in the document.

Real Estate Agents reportedly undertook to ensure that these errors are minimized or eliminated and government, to ensure that the process is expedited. "Fear was even expressed that the value of properties may be falling because of the length of time in obtaining the license," the Chief Minister further reported. He said it was agreed that the Permanent Secretary in the Ministry of Natural Resources and Labour would convene another meeting with a small delegation of real estate representatives to discuss possible approaches to reducing the processing time for applications and to address other issues affecting the real estate industry. The Ministry has also announced the establishment of its own website, in the interest of ensuring that government's policies are clear to potential investors and locals alike. The website will contain information on land matters etc.