Are you one of the many Nigerians who own plush properties in Gulder Green, United Kingdom? Or are you one of those many Nigerian or African politicians who stashed away their country’s money to buy that palatial and magnificent building in one of the choicest neighborhoods in United Kingdom? Well, the days of reckoning may be around the corner. A new law in United Kingdom is most likely going to affect your property. If you cannot explain how you acquired that property, you may end up forfeiting it to the British government.
A new UK law called on Unexplained Wealth Orders (UWOs) requires foreigners who own properties in the country to explain the source of their funds or risk forfeiting them to the government.
Nigerians who own properties in the United Kingdom, have been visiting the Ministry of Finance’s Voluntary Assets and Income Declaration Scheme (VAIDS) and calling its hotlines to find out how the law affected them. Other massive calls and frantic requests are coming from tax payers based in the UK, asking for extension of time to enable them complete their VAIDS declaration forms. Last week, the volume of calls received was so much that it caused the lines to crash.