Government proposes Residency by Investment programme
The Virgin Islands government has announced plans to establish an official Residency by Investment (RBI) programme aimed at boosting economic development and government revenue.
Speaking recently with BVI News, Premier Dr. Natalio Wheatley described the RBI programme as a strategic initiative to generate revenue through application and processing fees for residency permits, as well as taxes on new businesses and economic activities brought by investors.
“The RBI is designed to diversify and strengthen the economy by encouraging investments aligned with the territory’s economic goals and standards,” Dr. Wheatley stated. “It aims to attract investments across various sectors, including emerging industries, and foster job creation and skills development through new business ventures.”
The Premier also highlighted potential additional revenue streams, such as property taxes and other related fees, as part of the programme’s objectives.
Not to be confused with citizenship by investment
Unlike the Citizenship by Investment (CBI) programmes offered by some Caribbean countries, such as Dominica, St. Kitts and Nevis, and St. Lucia, the proposed RBI programme will focus exclusively on residency rather than granting citizenship.
“This initiative primarily focuses on residency for direct investment rather than immediate citizenship,” Dr Wheatley explained. “It aims to attract foreign direct investment (FDI) by offering residency permits to investors.”
The programme will involve a joint evaluation process between the Investment and Immigration agencies to assess and approve applications. “This approach ensures that investments meet both economic criteria and immigration requirements, potentially making it more precise than some CBI programmes,” Dr. Wheatley added.
Governor Daniel Pruce, in his Throne Speech on Tuesday, January 7, confirmed that the RBI programme will be separated from the Investment Act and incorporated into the Immigration and Passport Act. The move is expected to provide new pathways to residency, establish clear guidelines and criteria, and implement a quota system based on the territory’s capacity.
While no implementation date has been set, Premier Wheatley confirmed that the initiative is currently under discussion in the Cabinet. The overall aim, he said, is to create a clear, effective, and collaborative approach to administering the residency policy while maintaining robust immigration management.
“Its ultimate goal is to contribute to the Virgin Islands’ economic development while upholding strong immigration standards,” Dr. Wheatley emphasised.
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Follow the crowd and sell out, kmt.
I am looking forward to all the comments, from people too stupid to read and understand the story, that the Government should not be selling belongership, land, etc!
Maybe there should be a test that anybody wanting to make a comment has to take, to check whether they have read and understood a story, before they are able to make a comments
The Premier
-just rushed and forced a Police Bill (did you read it?)
-was immediately elected for UKOTA president
-pushing a cyber crime bill (did you it?)
-is now pushing Residency by Investment
They(UK) are obviously pulling the strings on this operation
No NO and NO!!!. where will this extra money be used to? Dont we generate enough? you will give away the residency and the land! STOP SELLING OUT!!!!
Who selling out the country now? Where are the VIP cowbirds! First they gave out nearly 2,000 belongers and now this.
Indeed, if we see the sequence oUKf events it shows a clear picture of where we are heading. POLICE BILL, UKOTA PREIDENT(EH EM). THEN ALL OF A SUDDEN BVI AMONG TOP 52 PLACES TO VISIT. Just a few weeks ago this wasn’t the case. What changed?
As usual most people will comment without properly reading the article. It’s residency, not citizenship/belongership being offered in this instance. Residency just means a person can travel to and from the BVI without time restrictions. They still have to pay non-belonger land taxes and cannot vote etc.
But they can buy land….
Which will be sold to them by a BVIslander!
residents need NBLHLs to buy land – the clue is in the words Non-Belonger!
Did you catch the short bus? Persons from outside the Territory could always buy land, they just pay a far higher tax on the purchase than a Belonger would. Everyone complains that the government needs money but nobody has any ideas, just want want want. The people are elected to lead, let them lead and next election cycle you either vote them back in or vote them out, it’s not rocket science.
Anyone can buy land that have money
that is usually the first step towards belonger status
As usual, you a clown. You just repeat what I said. These people who buy residency are usual very rich and will have more incentive to buy out the land (that we already like to sell off to foreigners) because they now have no time restrictions.
Aint like you going see any of the money that ‘generated’ from this sellout scheme that they forcing the Premier to do.
I don’t hear BV Islanders complaining when they are all getting their UK passports and are able to buy land in the UK!!!!!
Yeah man, compare 60 sum million population to our 30k population
Build luxury hotels on the outer islands and the sister islands to boost tourism and jobs and careers and professions and work and employment. Build Sandals Resorts and Marriott Hotels on the outer islands and the sister islands only if they generate jobs and careers and professions and work and employment to sustain the lives of the local bvi islanders living the British Virgin Islands in terms of daily cost of living.
Locals don’t want jobs in hotels in the BVIs. Especially not those that pay min wage.
to spend loads of money and only become a resident of the BVI. Might as well buy a nice yacht with the money and visit all the islands in the Caribbean instead of just one worn out island like Tortola.
Build eco-friendly resorts and hotels on the outer islands and on the sister islands but do not destroy the lives of British Virgin Islanders.
The lives and character of these zvI have been destroyed by the current overwhelming imported and installed destructive immigrant population.
Watering down and /or eliminating this element would have a better future for the VI and VIslanders.At some juncture a BVIslander with this new and able demographichas a possibility for reaping a profit from investments. Currently not so ,in general. We now look forward to at least 2 additional prisons,more schools with inadequate education and lower income housing,handouts and an expanded hub of FSN and welfare.
it’s a good idea but make the fee really high, let’s say 250k at least and for a million you get citizenship and a passport
$250 would make us the cheapest in the Caribbean
What a fine plan….a xenophobic nation selling itself out to outsiders. What could possibly go wrong? And, given the general state of the place, there are plenty of competing options for said investors.
lol I said they just gon follow the playbook of other BOTs
Will there be restrictions, on the AMOUNT, of land, that they can purchase?
And how long, will it take for these “residents”, to become Belongers?
Maria! Or is that one of many pseudonyms you use daily? Looks like you’re off the meds again wiggy piggy!
This is an exile for disaster! Can we get stats from SK, SVG and the others whom have travelled down this road to verify the real outcome of this CBI scheme?
DO NOT DO THIS PREMIER. ARE YOU IN YOUR RIGHT DAM MIND?
Millionaires are going to flood the airport for the right of living here with the only right of enjoying our roads LMAO
More taxes on new business and investors. People will be flocking to our shores.
The government needs to look at and develop the infrastructure first before opening up to the hordes. We are going through a housing crunch and rentals are way above what most hard working people can afford. Between this new agenda and the opening of a medical school, where the hell are these people going to live…? Where are we lowly underpaid individuals going to live…?
Ok, let me get this right, someone who will drop a cool million dollars into the BVI coffers will gain resident status ahead of me who has been in the BVI and working hard for 28 years and applied for residedent status some 21 long years ago and am still waiting…? Is that what I am hearing…?
suspicious contracts and off shore accounts will only increase?
I don’t think people them that kind of idiots to pay money to get the mean residency, Report a year later, the response would be 0
people who went away as colonizers are now being welcomedback as investors, who will then control us even more so now than the current colonial structures currently in place.
Imagine, they are currently all over UK having a fit that a Black woman is is acting COP. And, she is acting because the governer and his apperatuses are eot inclined to have a Black woman or man sit on that kind of power.
Such positions must be set aside just for them. Which is why they no sooner brought a baby not knowing a** from elbow and made it Deputy COP.