Property Managers Face New Licensing Rules in Virgin Islands Real Estate Overhaul

The new real estate bill introduces a licensing requirement for property managers as part of sweeping industry reforms

No significant changes have been made to laws guiding the territory’s real estate industry since 1968. However, on Monday Senator Novelle Francis declared that he intends to “close the gaps” in the outdated legislation with the eventual enactment of Bill 35-0193. With the statute “largely unchanged” since its enactment, Mr. Francis observed that there are loopholes “being exploited for financial gain to the detriment of the Virgin Islands Community.” Consequently, the local real estate industry has “gained a reputation of being a wild wild west where anything goes,” the Senate President complained.