DOES THE SIMPLE POSSESSION OF A CBI PASSPORT FROM A CARIBBEAN TAX HAVEN EXPOSE THE HOLDER TO INCREASED RISK?

                                                                       Blackfridge Chief Executive Officer Zhijun Sun

I have long explained to my readers that the five economic passport issuing states in the Eastern Caribbean ( St. Kitts & Nevis, Antigua, Dominica, St. Lucia & Grenada) all have a long and sordid history as dodgy offshore tax havens, where international financial criminals and money launderers have long placed the proceeds of crime, and when investors purchase CBI passports, they run increased risk of drawing unwanted attention from the world's law enforcement agencies. This little detail has been pointedly ignored by the investment migration industry, but I believe that they are obligated to point it out, as part of full disclosure to consumers. Unfortunately, sellers of Caribbean CBI passports generally fail to disclose the specific risks attendant to their possession and use.

Perhaps now I will be taken seriously. Media in the Isle of Man is reporting that a number of Chinese nationals, all holding IOM residential visas, have had their visa revoked, meaning that they are now required to leave the jurisdiction forthwith, and are prohibited from reentry, upon pain of arrest. Their wives and children, (who attend local schools), have also had their residency rights cancelled. None of them can now enter both the Isle of Man as well as the UK. One of their companies, the fintech BLACKFRIDGE, has had its financial services license suspended.

The government has stated that the reason for this action is Confidential, which is allowed in cases involving National Security. It is noted that some of the individuals hold CBI and CIP passports from Saint Kitts & Nevis and Saint Lucia; one of the individuals was physically in Saint Lucia, when the IOM government took these actions. The presence of these individuals was said to be "not conducive to the Public Good."

We will be watching future developments, involving any similar governmental actions against holders of Caribbean CBI passports, and advise our readers accordingly. We thank our readers in compliance sector in the Isle of Man for bringing it to our attention.