‘We have not considered a Citizenship by Investment Scheme’ – Premier Smith
In an exclusive interview with this news site on Sunday August 9, 2015, Premier Smith when asked whether the scheme is being considered for the VI said, “We haven’t thought about that…we haven’t discussed that.”
He said he was aware of it being done in other countries but it is not something that has engaged the attention of the Government of the VI at this time.
It is apposite to note that while on paper a Citizen by Investment programme may be appealing and justifiable, the reality of the starkest example of St Kitts and Nevis showed how the system could be abused leading to serious consequences for the country.
Loss of visa-free access to Canada
St Kitts and Nevis, which has the longest running Citizen by Investment programme in the world, had its visa-free access to Canada for its citizens removed late last year because of abuses by the then administration of the Citizenship by Investment scheme which saw prohibited persons entering the US and Canada after they would have gained St Kitts passports.
When then Opposition candidate Dr Timothy S. Harris was in the VI in December 2014 he explained how it was that the system was being abused to the point that visa-free entry to Canada was revoked. He had vowed to make it a priority to restore good diplomatic relations with Canada upon taking office.
Concerns of transparency and accountability
A recent BBC article entitled 'Where is the cheapest place to buy Citizenship?' said that while in the past two years or so, Citizenship by Investment programmes have been introduced in Antigua and Barbuda, Grenada, Malta, the Netherlands and Spain, concerns have been raised about transparency and accountability.
“The Caribbean islands of St Kitts and Nevis have the longest running citizenship-by-investment programme (CIP) in the world, which was founded in 1984,” the article dated June 4, 2014 points out.
“There are two methods to obtain citizenship, with the cheapest option being a $250,000 non-refundable donation to the St Kitts and Nevis Sugar Industry Diversification Foundation, a public charity. A second option involves a minimum $400,000 investment in real estate in the country,” it said.
According to the article, the programme has recently been singled out by the US Treasury, which cautioned that Iranian nationals could be obtaining passports and then use them to travel to the US or make investments, which could violate US sanctions. (St Kitts closed its programme to Iranians in December 2011.)
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19 Responses to “‘We have not considered a Citizenship by Investment Scheme’ – Premier Smith”
That is a bold face lie from hell.
‘We have not considered a Citizenship by Investment Scheme’ – Premier Smith
- St Kitts example shows how system can be open to abuse
Headlines sometime in October:
'Granting outsiders citizenship through investments can be beneficial to the BVI'- Hon. Myron V. Walwyn.
-Allowing outsiders to spend their money in the BVI will accelerate developmental projects in the BVI.
[Sample of the future article]
When questioned about the worries about transparency and accountability some BVIslanders and expatriates may have on Citizenship by Investment here's what Hon. M.V. Walwyn had this to say:
"This is right for the BVI. We need not be so hesitant of change if we are to become independent. The steps we are taking now are necessary for our future."
Then, in a turn of events that not only baffled this reporter but everyone else in the in attendance to this press conference [including Premier Smith], the Minster of Education and Culture began a non-sequitur ramble about cups and water.
"Look at this cup in my hand. Ask anyone and they will tell you it is black but I'm afraid those people are wrong. The cup is not black but rather the water in the cup is."
At that point, an audience member objected, too outraged to remain silent.
"I was just getting to my point, @$$hole! As I was saying, water is known to be transparent but this is a magical cup that causes objects in the cup to break the laws of physics. If I put transparent water in this cup, it turns into black water. Likewise, if I put this Citizenship by Investment Act in this cup then automatically [as if by magic] it becomes a good idea."
Please allow this reporter to be audacious enough to say that he is still stun, folks, even as he writes this article. It may seem comical, but this reporter promises you, these words are true and exact. This happened in the British Virgin Islands on Tuesday, October 13, 2015 at 10:53 am.