The British Virgin Islands (BVI), also known as the ”Virgin Islands” is a British Overseas Territory located in the Caribbean, just east of Puerto Rico. The British Virgin Islands do not offer direct citizenship by investment program.
There are several features introduced in the Virgin Islands Investment Act. A key component is the introduction of the Virgin Islands Trade Commission, whose primary functions include:
∘ considering investment proposals and approving investment plans as well as promoting investment in the BVI;
∘ maintaining a register of both domestic and international investors and their investments;
∘ reviewing compliance with any approval, registration requirements, and conditions by investors and investments;
∘ undertaking periodic reviews on investment policies and trends both domestically and internationally.
National Economic Investment Fund
Another significant introduction is the establishment of a National Economic Investment Fund, to which investors with qualifying investments will be required to contribute. The fund will finance infrastructure development and the BVI’s social programs.
There are specific provisions that are beneficial to foreign investors.
Quasi-Residency to Foreign Investors- Before the passing of the Investment Act, there was no concept of citizenship or residency by investment available to foreign investors. Now, subject to a foreign investor satisfying specific criteria, he or she could be eligible to obtain BVI visas and resident permits for him or herself and his immediate family. The permits would allow BVI residency from year to year, albeit for a far less permanent period than typical in other jurisdictions’ investment models.
There are two (2) options available to foreign investors:
∘ Stay incentive – An investor is eligible to receive a two (2) a year entry permit, provided the investor maintains the business throughout that period. A minimum investment of $5 million is required, and 60% of all employees must be Belongers (effectively BVI citizens);
∘ Residency by investment – The Investment Act establishes a Residency by Investment Unit, and applicants for residency by investment must apply through an approved agent who must be a Belonger. The level of investment or the other eligibility requirements are to be determined.
A Belonger is a person deemed to belong to the BVI according to the Constitution of the BVI. In broad terms, a Belonger is a person of BVI ancestry and includes other persons who have been granted Belonger status under the relevant immigration legislation. It is possible for Belonger status to be granted to a person who is a Non-Belonger, but the circumstances in which the status may be granted are very limited.
There are many advantages to becoming a resident of the BVI.
• An idyllic beach and sailing destination offering outstanding natural beauty.
• Tax advantages include no capital gains tax, no inheritance of gift tax, no VAT or sales tax, no profit tax, and 0% income tax.
• Safe and secure destination with a low level of crime.
• An overseas territory of the UK with close links to the UK and Europe.
• A parliamentary democracy with a legal system based on English law.
• live in the country for at least 20 consecutive years;
• be absent from the country for no more than 90 days in a calendar year (except when pursuing education or in case of illness).
• any dependents of the residence permit holder need to apply for their own certificated 6 months before their eighteen birthday, should they wish to retain their residence status.
• Valid Identification Bank statements
• Proof of Social Security benefits or other related evidence to substantiate self-sufficiency.
• Evidence of Prearrange accommodation
• Two copies of a Police Certificate of Character from the country of birth, in addition to country of residence on arrival upon approval
• A medical certificate in the prescribed form.
Step 1: Customer submits completed application form(s) and supporting documents to the Immigration Department.
Step 2: The application is verified for completeness and accuracy. If not completed, the applicant must make the necessary changes and resubmit.
Step 3: Once completed and verified, the application is forwarded to the Processing Unit to conduct an analysis of the application.
Step 4: The application is then sent to the Various Unit within the Immigration Department, the Board of Immigration, and Cabinet for review and decision.
Step 5: The Status Unit sends a letter of approval/denial to the applicant.
Step 6: If approved, the applicant then presents himself/herself to the Immigration Department to make payment on the fees. A receipt of the transaction made will be provided to the customer as proof of payment for service.
Step 7: Status Unit issues the Belonger Card and Certificate to the applicant.
Step 8: If denied, an applicant can make relevant changes and reapply.
Privacy World offers its services to anyone, not only looking to obtain residency and citizenship processes but our experts figure out legal ways to:
Privacy World can also help you with incorporating your company into the British Virgin Islands, assisting in getting you settled in the country, and coordinating with you so that this experience will be less hassle.
Want Privacy World to handle your case? Have any questions? Contact us!
Yes, British Virgin Islands allow dual citizenship.
Persons are encouraged to write to the Chief of Immigration Officer requesting such permission.
An applicant for permanent resident 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.
British Islanders are classed as British Overseas Territories Citizens.
Yes, there will be an in person interview.
You must complete the entire naturalization process in person and takes a total of six months.
If you are visiting the British Virgin Island, your passport should be valid for the proposed period of your stay. If you are a resident in the British Virgin Island, your passport must be valid for at least 3 months from the date you arrived.
The BVI has a zero-rated income tax regime. However, payroll taxes are assessed on every employee for services rendered wholly or mainly in the BVI whether or not the remuneration is paid in the BVI.
There are no net worth/wealth taxes in British Virgin Island.
There are no inheritance taxes in British Virgin Island.