IDENTIAL
Pan Gramonwealth Office
shao › BV JA ZAR
HE Mr M J Bradley
Governor
GEAND TURK
Telephone 01- 270-2694
Your reference
Our reference
Date
15 August 1989
|_ HWT
341/4.
R
15A01989
ادا
TURKS AND CAICOS MORTGAGE COMPANY
1.
| 88 16/8 |
दह
In your letter of 16 May you wrote about a proposal by a Canadian firm of accountants to set up a mortgage company in TCI using cash investments from Hong Kong residents. You will have seen since then copies of internal minuting on the question of selling Permanent Residence Certificates to Hong Kong residents, and Alan Penrith's very helpful letter of 26 July about Evancic Perrault Robertson (EPR).
2.
HMG would look very We are unhappy about the EPR proposal. foolish if the press ran a story that we were conniving or helping out in a project to relieve pressure on the UK by diverting Hong Kong belongers to the DTs. If they settled, the effect of large numbers would be politically explosive, and would ruin any chance the DTS might have had of getting the present immigration restrictions lifted after 1987. We must therefore advise caution if the proposal is taken in Executive Council. You might point out that a limited inflow (say 20 or 30 a year) on an ad hoc basis could still help to spark the TCI economy.
3. Our friend, John Shearer, seems to be actively involved in making money out of the resettlement of Hong Kong belongers. may be interested to see the enclosed copy telegram about his proposal to resettle 10,000 BDTCs in Belize!
4.
You
For your and other Governors' information we understand Montserrat is similarly interested in attracting Hong Kong
investors, and more than one HK company is exploring a move to Bermuda. Other Dependent Territories may also spark on this. aim therefore to undertake a wider exercise to look at the
We
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