ROAD TOWN, Tortola, VI – When 124 persons took the oath to become British Overseas Territory Citizens of the Virgin Islands (VI) in the week of July 14, 2023, a familiar name, Sir Richard C.N. Branson, was amongst those listed, according to information released by the VI Government.
Sir Branson, 72, is a billionaire business magnate, commercial astronaut, and is also the founder of the Virgin Group which controls more than 400 companies.
Branson believed to have held Belongership status
Before then, Mr Branson was alleged to have been holding Belongership status in the territory, a status which Social Commentators had concerns about over it allowing Branson certain privileges connected to the islands he owns in the VI.
Back in 2020, Branson sparked controversy when he announced plans to use his Necker Island property as security to raise a £500m loan from the UK Government in order to offset the drop in Virgin Atlantic’s business as a result of the COVID-19 pandemic.
This he said would save as many jobs as possible, however at the time, social commentator Claude O. Skelton-Cline said the VI should have the right to be able to have oversight in a deal like that.
“But you see you can’t do these things when the paste is already out of the tube. First of all, I am never in favour of selling islands. I don’t know what that was about back then,” he added.
The commentator on the April 21, 2020, edition of his ‘Honestly Speaking’ radio show, alleged that because Mr Branson was holding Belongership status in the Territory, he can do as he liked with the land as he urged Government to explore if they can have a say in his proposition.
Not in VI for tax reasons – Sir Branson
Many have wondered why Branson has chosen to call the VI home, with a Guardian report in 2013 reporting him saying it was not for tax reasons but rather, a love for the “beautiful” location.
The Virgin Group founder had written an entry on his blog explaining the reasoning behind the move from the UK to the [British] Virgin Islands and pointed out that he began living on the island with his wife Joan in 2006.
“I have not left Britain for tax reasons, but for my love of the beautiful British Virgin Islands and in particular Necker Island, which I bought… as an uninhabited island.”
“Seven years ago we decided to move permanently to Necker as we feel it gives me and my wife Joan the best chance to live another productive few decades. We can also look after our health.”
Sir Branson bought Necker Island in 1979 and began building the Great House on the Caribbean island, which is used by his family and friends as well as being available as a holiday destination to destination.
“I have been very fortunate to accumulate so much wealth in my career, more than I need in my lifetime and would not live somewhere I don’t want to for tax reasons,” he said.
Mr Branson is also the owner of Moskito Island.
