Click to join an upcoming live event

Turn off Ads (click)

Click on your language to translate this article:

Afrikaans Afrikaans Albanian Albanian Amharic Amharic Arabic Arabic Armenian Armenian Azerbaijani Azerbaijani Basque Basque Belarusian Belarusian Bengali Bengali Bosnian Bosnian Bulgarian Bulgarian Catalan Catalan Cebuano Cebuano Chichewa Chichewa Chinese (Simplified) Chinese (Simplified) Chinese (Traditional) Chinese (Traditional) Corsican Corsican Croatian Croatian Czech Czech Danish Danish Dutch Dutch English English Esperanto Esperanto Estonian Estonian Filipino Filipino Finnish Finnish French French Frisian Frisian Galician Galician Georgian Georgian German German Greek Greek Gujarati Gujarati Haitian Creole Haitian Creole Hausa Hausa Hawaiian Hawaiian Hebrew Hebrew Hindi Hindi Hmong Hmong Hungarian Hungarian Icelandic Icelandic Igbo Igbo Indonesian Indonesian Irish Irish Italian Italian Japanese Japanese Javanese Javanese Kannada Kannada Kazakh Kazakh Khmer Khmer Korean Korean Kurdish (Kurmanji) Kurdish (Kurmanji) Kyrgyz Kyrgyz Lao Lao Latin Latin Latvian Latvian Lithuanian Lithuanian Luxembourgish Luxembourgish Macedonian Macedonian Malagasy Malagasy Malay Malay Malayalam Malayalam Maltese Maltese Maori Maori Marathi Marathi Mongolian Mongolian Myanmar (Burmese) Myanmar (Burmese) Nepali Nepali Norwegian Norwegian Pashto Pashto Persian Persian Polish Polish Portuguese Portuguese Punjabi Punjabi Romanian Romanian Russian Russian Samoan Samoan Scottish Gaelic Scottish Gaelic Serbian Serbian Sesotho Sesotho Shona Shona Sindhi Sindhi Sinhala Sinhala Slovak Slovak Slovenian Slovenian Somali Somali Spanish Spanish Sudanese Sudanese Swahili Swahili Swedish Swedish Tajik Tajik Tamil Tamil Telugu Telugu Thai Thai Turkish Turkish Ukrainian Ukrainian Urdu Urdu Uzbek Uzbek Vietnamese Vietnamese Welsh Welsh Xhosa Xhosa Yiddish Yiddish Yoruba Yoruba Zulu Zulu
Airline News Airport news Breaking Travel News etn European travel news Feature Article Government and Public Sector Tourism News International Visitor News People in Travel & Tourism Responsible Tourism News Tourism Investment News Tourism News Transportation News Travel News Travel Wire News UK Travel News

Branson offers his Caribbean island as collateral to UK for Virgin Atlantic bailout

Branson offers his Caribbean island as collateral to UK for Virgin Atlantic bailout
69-year-old British business magnate, Sir Richard Branson, has attempted to secure a massive bailout of his air carrier Virgin Atlantic, by offering up his Necker Island in the Caribbean as collateral to the UK government.

Branson, who’s net worth is reported at $4.4 billion, made the offer in a blog post today, trying to obtain a £500 million lifeline for Virgin Atlantic to help it through the “devastating impact this [COVID-19] pandemic continues to have.”

Branson revealed that he was offering up his private isle in the tax-free British Virgin Islands – which he bought in 1978 for $180,000 – in an attempt to persuade the UK government to help save “as many jobs as possible” and prevent his airline from going bankrupt. PM Boris Johnson’s administration has reportedly turned down his £500 million bailout request.

Branson’s latest move in response to the deadly coronavirus outbreak, which has severely hit the airline industry, has been dismissed online as mere “PR posturing.”

It’s not the first time Branson, who was dubbed a“tax refugee”, has come under strident criticism for seeking state support.

“He lives in the British Virgin Islands and since the UK has no worldwide taxation, [he] pays no taxes. Yet wants the UK taxpayer’s backstop,” one blistering tweet said.

The British businessman moved assets worth $1.1 billion from the US to the British Virgin Islands in March, highlighting his use of tax havens as he attempts to minimize his losses during the coronavirus crisis.