UK Parliament House
No place like home is a popular parlance within migration circles. No matter how long one has travelled away from his native country, this statement advises s/he has to keep a level of treasure back home to tie the mind there. The wisdom in this advice proves to be valid for all time, and ubiquitous, too, because the government of one's country of sojourn can make a law at any time that may be unfavourable to migrants (of course, it is understandable any government might consider the welfare of only her own native people when faced with a serious challenge that warrants it).
An example was the recent UK law Read Details on UK Government Website HERE
The UK Government recently introduced a new law that requires foreigners who own properties in the country to explain the source of their funds or risk forfeiting them to the government. According to the new law, Unexplained Wealth Orders (UWOs) could be obtained on any property or combination of properties valued at 50,000 pounds ( N25 million) or more, for which the owner is unable to explain a legal source of its funding. “All seem to be in panic over the prospect of losing their investments,” said a source within the Voluntary Assets and Income Declaration Scheme (VAIDS) Office in the Ministry of Finance, Nigeria, a source to which Nigerians home and abroad have frantically turned for help, trying to secure their investment in the Uk. It was reported that the line dedicated to attend to such cases crashed of late owing to the large volume of calls.
According to a British law firm, Mishcon de Reya, the requirements for obtaining the UWOs include that “there are reasonable grounds to suspect that the known sources of the respondents’ lawfully obtained income would have been insufficient for the purposes of enabling them to obtain the property.” There is a special focus on politically exposed persons (PEPs), but there is an implied presumption of guilt for non-politicians too. Interestingly, the orders can be obtained even if the property was purchased before the law came into effect and it does not matter where the property is located, whether or not the person resides in the UK or whether there may be other persons who hold the property. In summary, it will be relatively easy for the UK Government to secure these orders against foreigners.
This is a call on Nigerians in the diaspora not to invest all their fortune in a foreign country on the premise that they 'get value for their money' there. When the tide turns negatively, such 'values' may become useless. We all know these choice pastures only get greener with the water of foreign capital being continuously diverted into them, at the expense of their native countries'. In a nutshell, 'Do Not Put All Your Eggs in a Basket'! If you must invest in the UK, or wherever, invest back home, too. Today's example captured the UK. Tomorrow, it will be another 'choice destination'. Even if the law was targeted at corrupt and PEPs, innocent people will also be affected. Are you abroad, or do you have your people there? Personally use, or share this piece of advice with them!
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