In January this year, the British Virgin Islands government announced the launch of a Residence Permit by Investment program offered to foreign nationals. The Prime Minister Natalio Wheatley described the innovation as a strategy to attract direct investments from overseas.

The starting date is not defined yet, but according to Governor Daniel Pruce, the program will introduce a system of quotes based on the capacity of the islands to accommodate new residents. The initiative aims to create new job positions and diversify the local economy under a rigorous immigration control.

The British Virgin Islands is a United Kingdom Overseas Territory covering 36 islands with a total area of 151 sq. km located in the north-east of the Caribbean basin. It is a widely known offshore zone where incorporated companies are exempt from income tax provided that their business is conducted beyond the Virgin Islands.

The BVI Residence program will focus on residency only and will not grant citizenship. This restriction is due to the limited authority of the Overseas Territories to enact citizenship laws.

The resident status confers exclusive rights within the Virgin Islands, including the eligibility to vote in local government elections. However, it does not enable visa-free entry, residence, and work permits within the UK.

Caribbean countries that offer citizenship by investment include Antigua and Barbuda, Grenada, Dominica, and Saint Lucia.

Please contact Astons for a free consultation to find out more information.