His Excellency Governor Daniel Pruce has announced the government’s plans to introduce a modernized Non-Belonger Landholding Licence Policy, aiming to stimulate economic growth while promoting environmental and social responsibility.
The announcement came during the Governor’s Speech from the Throne, delivered on Tuesday, January 7, in the House of Assembly.
The policy, part of the government’s legislative agenda for 2025, is designed to attract and regulate investments in alignment with the Virgin Islands’ vision for a prosperous, resilient, and sustainable future. Governor Pruce emphasized that the framework will create an investor-friendly regulatory environment, fostering growth in real estate and other innovative sectors to broaden the territory’s economic base.
“The government will seek to bring forward a modernised Non-Belonger Landholding Licence Policy that integrates inclusivity, environmental stewardship, and social responsibility to attract and regulate investments aligned with the Territory’s vision for a prosperous, resilient, and sustainable future,” Governor Pruce said.
Economic Growth and Local Benefits
The policy aims to strike a balance between economic development and the preservation of the Virgin Islands’ natural and cultural assets. Governor Pruce highlighted that the initiative would ensure that investments contribute meaningfully to the local economy, support social programmes, and create opportunities to uplift residents.
“Economic development will be balanced with preserving the BVI’s natural and cultural assets, ensuring that development and investment actively contribute to the local economy, support social initiatives, and create opportunities that uplift residents,” he stated.
The transparent and predictable regulatory framework is expected to attract high-quality investments, particularly in innovative industries, thereby diversifying the economy and reducing reliance on traditional sectors.