The NDP government has said it is considering to offer residency or even citizenship to wealthy investors who invest money in the British Virgin Islands.
According to BVI News, Premier Dr D Orlando Smith made this announcement in the House Of Assembly on Thursday, June 28, described the move as a ‘national trade policy’ to “create an attractive business environment for both domestic and foreign direct investors”. This move is intended to diversify British virgin islands.
Under the new NDF policy,
- Persons with a ‘substantial business presence’ in the territory,
- Direct investors’ who have a net worth of $100 million,
would qualify for immediate residency or, perhaps, citizenship.
A debate competition held on March 23, discussing whether foreign investors should be given citizenship based on major investments made in the Territory.
Premier Smith said …
“We are not selling citizenship. This is not what it is all about. This is encouraging people to invest in the territory. And I would not like to believe that if someone invests $100 million in the territory, we would not want to allow them to come to the territory undisturbed, or give them some form of residency; whether it is for a certain number of years,”
BVI Residency
Residency is offered to those who employed in a senior management position in a company with a substantial business presence in the BVI, or Persons with independent means including retirees with a net worth of $25 million or more.
Premier Smith denied the claim of selling citizenship.
“We are not selling citizenship. This is not what it is all about. This is encouraging people to invest in the territory. And I would not like to believe that if someone invests $100 million in the territory, we would not want to allow them to come to the territory undisturbed, or give them some form of residency; whether it is for a certain number of years,” Premier Smith said.
The British Virgin Islands (BVI), or “Virgin Islands”, are a British Overseas Territory in the Caribbean, to the east of Puerto Rico. British Virgin Islands (BVI) are made up of 4 larger islands; Tortola, Virgin Gorda, Jost Van Dyke and Anegada, and 32 smaller islands.
BVI has a population of 30,000 and uses US dollar as national currency.
Tourism accounts for approximately 45% of national income. The islands are a popular destination for US citizens. Financial services account for over half of the income of the territory. The British Virgin Islands is a significant global player in the offshore financial services industry.
British Virgin Islanders are British Overseas Territories citizens and since 2002 are British citizens as well. Parts of the islands were damaged in September 2017 by Hurricane Irma.
The British Virgin Islands holds Associate Member status in CARICOM.
Recently as of 26 June 2018, Nationals of the People’s Republic of China (PRC) have been granted access to enter and remain in the Virgin Islands for business and tourism related matters only, for a period of less than six months without the need for a visa.
Permanent Residents
According to BVI Immigration office currently, An applicant for permanent residence must reside in the Virgin Islands consecutively for a period of 20 years before application can be considered. An applicant can only be absent from the Territory for 90 days in any calendar year except when pursuing further education or as a result of illness. Belonger is the short form for the phrase “person deemed to belong” or “person who belongs to the Virgin Islands”.
BVI Passport
The British Virgin Islands passport is a British passport issued to British Overseas Territories citizens with a connection to the British Virgin Islands .
British Overseas Territory Citizenship
British Overseas Territories citizen (BOTC) a category of British nationals created by the 2002 amendment to the British Nationality Act (BNA) 1981 to describe the persons who are British through a connection with a British Territory. This connection could be by birth, descent, naturalization or registration. (British) Virgin Islanders are BOTC, so are Anguillans, Montserratians, Bermudians, Turks and Caicos Islanders and others. Prior to 1 January, 2002 all citizens of British (UK) Territories were called British Dependent Territories Citizens.
Naturalisation
Naturalisation is a process under the British Nationality Act of 1981, by which persons can become citizens of the Virgin Islands. Naturalised citizens become British Overseas Territories Citizens. British Virgin Islands passport and are eligible for a United States visa waiver They can also apply to register as a British citizen of the United Kingdom. According to UK Government ,You automatically became a British citizen on 21 May 2002 if your British overseas territories citizenship was gained by connection with a qualifying territory. British Virgin Islands is one of the qualifying territories.
Visa free access
British Overseas Territories citizens (BOTCs) enjoy visa-free entry to a number of countries and territories. However, in some cases, foreign authorities only grant them a visa-free entry if they present a passport with an endorsement stating their right of abode in the United Kingdom.
BOTCs only have visa-free entry to the UK if they have a certificate of right of abode or if they have obtained and are travelling on a full British Citizen passport.
Currently BVI passport has visa free travel to over 100 countries including EU schengen states, Canada, US (visa waiver), United Kingdom, South Africa, Caribbean and all over South America
