BVI OFFICE BEING SET UP IN LONDON

The government of the BVI has purchased leasehold property in London to 
provide a base for the promotion of the territory’s interest in the United 
Kingdom and Europe, Chief Minister the Honourable Ralph T. O’Neal has 
announced.

The property is located at 15 Upper Grosvenor Street, Mayfair, London W1 
and provides 6,293 sq ft in total, including 2000 sq ft of residential 
accommodation. The purchase price for the 128-year lease was £4.7 million 
or approximately US$7.2 million.

Responding to a question posed by Leader of the Opposition Dr. the Hon. D. Orlando Smith in the Legislative Council on Tuesday, the Chief Minister 
admitted that a cost benefit analysis was not carried out.
He said a BVI London Office is being set up in the building. “It would 
serve as a focal point for collection of information of interest to the 
territory from the United Kingdom and European sources, including the 
monitoring of political and economic trends. On the other hand, it would 
also facilitate the dissemination of information about the territory 
throughout these areas, including promotion of tourism, financial services 
and other areas of trade.”
Mr. O’Neal said while some discussions have taken place towards the 
selection of someone to manage the office, these have not been concluded.
He estimated that based on information obtained from the U.K. Offices of 
the other Overseas Territories viz. Gibraltar, Cayman Islands, Falkland 
Islands, Montserrat and St. Helena, the approximate annual costs would be 
close to $1M. Running and maintenance costs would amount to $190,000, 
while office operation including salaries, promotional expenses, etc. 
should be around $750,000.
“It should be noted, however, Mr. Speaker that in the short term, it is 
proposed to let two of the five floors of the building and rental income is 
projected at $175,000 per annum,” Chief Minster O’Neal stated.