St. Croix Real Estate and Banking Information
of the Virgin Islands
Post Office Box 8580
St. Thomas, USVI 00801
Tel. (340) 693-2777
Fax (340) 693-2782
Post Office Box 420
St. Thomas, USVI 00802
Tel. (340) 774-6393
Fax (340) 693-5994
or (340) 776-5997
Post Office Box 24240
St. Croix, USVI 00824-4240
Tel. (340) 773-8500
Fax (340) 773-8508
Post Office Box 3126
St. Thomas, USVI 00803
Tel. (340) 774-2022
Fax (340) 776-1313
No. 6 King Street
St. Croix, USVI 00820
Tel: (340) 773-0504
Fax: (340) 773-2942
Post Office Box 5468
St. Thomas, USVI 00803
Fax (340) 776-3447
Post Office Box 6220
St. Thomas, USVI 00804
Tel. (340) 775-8800
Fax (340) 7776-0051
through Banks and lending institutions, including First Bank
VI, Scotia Bank, Allied Mortgage Capital Corp , Flagstar,
First Liberty Mortgage Co.& Merrill Lynch. Most banks
require the buyer to pay for the title search, title
insurance, property appraisal, and written certificate of
surveyor's property, perimeter or "as-built" survey and the
bank attorney fees. Many are able to pre-qualify you over
are calculated using the method of assessment that was used in 1998 and applying
the 1998 tax rate of .0125 x 60 percent of the assessed value. For more information,
please call the V.I. Tax Assessor's Office at (340) 773-6459 for
Christiansted properties or (340) 772-3115 for Frederiksted
TITLE INSURANCE: Available and recommended.
For more information call Virgin Islands Title & Trust Co (340)
773-0570 or Island Title (340) 773-3930.
TRANSFER TAX (STAMP TAX): All real estate
transactions involving residences and/or land sales require a
tax, which is based on the purchase price. Please be advised
that pursuant to Act No. 6630 (Bill No. 25-0121) effective
December 23, 2003, the documentary stamp a/ka transfer stamp tax
has been increased as follows:
A.) 2% for property valued up to $350,000
B.) 2.5% for property valued from $350,001 to $1,000,000
C.) 3% for property valued from $1,000,001 to $5,000,000
D.) 3.5% for property valued over $5,000,001
WINDSTORM/EARTHQUAKE INSURANCE: About 2%
- 3% of insured value or replacement cost for masonry/stone,
more for wood frame construction.
ZONING, BUILDING AND HOUSING LAWS AND REGULATIONS: Office of the Lt. Governor, King Street, Christiansted.
BUILDING SPECS: All new buildings must
withstand a minimum wind speed of up to 110mph and Zone 4
earthquake provisions. Generally the code follows Miami / Dade
counties building codes for hurricanes.
BUILDING COSTS: From $250.00 per sq. ft.
ELECTRIC: Supplied by Virgin Islands Water &
Power Authority (WAPA). Their office is located in Estate
Diamond cross from the Sunny Isle shopping center. Telephone
340-773-2250 or 340-778-5064. After you have purchased a
residence, hooking up your electric is easy...all you need is a
photo ID, copy of your deed, $125.00 deposit and a copy of the
previous owner's old WAPA bill with their account number on it
will expedite the process.
WATER: Mainly rain water collected from the
roof and stored in a cistern in most areas. Within city limits
you may have access to city water and sewer. Most condominiums
have common cisterns and may charge a separate water fee.
TAXES AND BUSINESS INFORMATION:
residents taxed on worldwide income according to standard (IRS)
code. Non-resident U.S. citizens taxed on income from U.S.V.I.
sources only. Corporations have a 10% surcharge on income with
the exception of those enjoying investment incentives.
Businesses pay 5% gross receipts tax on money earned from all
transactions including services. The U.S. Virgin Islands uses
the U.S. IRS Tax Code, but the tax dollars are kept locally and
filed with the Virgin Islands Bureau of Internal Revenue. Social
Security and Unemployment taxes are paid to the U.S. Federal
Government. The taxes are at the same rates and use the same
forms and rules as the federal income tax under what is called
the "mirror system" of taxation.
Updated December 4, 2012