WILL PROPOSED BVI RESIDENCY BY INVESTMENT BECOME THE NEW BACKDOOR METHOD FOR WHITE-COLLAR CRIMINALS TO ENTER THE UK?

This week's announcement, by British Virgin Islands Premier NATALIO WHEATELY, that the BVI government intends to explore the possibility of creating a Residency by Investment (RBI) program, similar to the one currently being offered by Portugal, in an effort to attract increased foreign investment to the British Overseas Territory. While we understand the Premier's good faith efforts to positively impact his jurisdiction's economy, The BVI's long history of official corruption would seem to indicate that such a program might facilitate an increase in money laundering, as well as other financial crime, in a territory which recently saw its then-sitting Premier, and others, imprisoned in the United States for long sentences for money laundering and narcotics trafficking. Additionally, a recent official UK-sponsored report highlighted systemic problems that plague BVI's autonomous local government.

Speaking from the compliance viewpoint, individuals who would be approved for Residency by Investment appear to then become British Overseas Territory Citizens (BOTC) a category of British Citizen that is allowed visa-free entry into the UK, to stay for up to six months, with other rights, including obtaining indefinite leave to remain there, and run for election to the House of Parliament. This is, in essence, a backdoor method of entry, which would potentially become available to career criminals, and frankly, I do not trust the corrupt BVI government not to accept bribes and kickbacks to grant them RBI, as occurs in many other CBI jurisdictions.

Will flack from the United Kingdom scotch this RBI program, before it becomes a reality? We cannot say, but in our humble opinion, based upon decades of observing and reporting upon the CBI/RBI debacle, the Foreign Office would best kill this idea in its infancy. There are enough career white collar criminals who sneak into the UK through CBI/CIP, from the Caribbean and from Malta, already; we don't need more.