The final report on ‘Building on a thriving & sustainable Financial Services sector in the British Virgin Islands’ has been released.

The three month effort was commissioned by Government and facilitated by global consultants McKinsey with involvement of the industry and other stakeholders. The aim was to lay out a pragmatic strategy and implementation plan to ensure a thriving and sustainable Financial Services sector. 

Ladies and Gentlemen of the Media, Good Morning.

On March 12, 2015, I laid a report in the BVI House of Assembly titled “Building on a Thriving and Sustainable Financial Services Sector in the British Virgin Islands”.

At that time, I explained that my Government commissioned the internationally respected consulting firm of McKinsey and Company to develop a pragmatic strategy and implementation plan that would chart a new direction for our financial services industry.

The Government of the Virgin Islands, through the International Tax Authority (ITA) of the Ministry of Finance is informing all financial institutions that the British Virgin Islands Financial Account Reporting System (BVIFARS) is now open and ready to accept enrolment applications from financial institutions required to submit information to the Government under the Intergovernmental Agreement (IGA) between the British Virgin Islands and the United States of America.

The British Virgin Islands (BVI) has moved up 13 positions to 34^th in the most recent Global Financial Centres Index (GFCI). The Index also revealed that the BVI is the most highly ranked offshore jurisdiction, ahead of competing jurisdictions.

The International Tax Authority (ITA) of the Ministry of Finance, Government of the Virgin Islands, is informing the public that it has now published Version 2.0 of the Guidance Notes on the International Tax Compliance Requirements of the Intergovernmental Agreements (IGAs) between the British Virgin Islands and the United States of America and the United Kingdom.  

Stakeholders in the financial services industry are pictured here at the brand launch of BVI Finance earlier this month.

Your Excellency, Ministers, Members of the House of Assembly, Deputy Governor, Members of the Financial Services Industry, Ladies and Gentlemen- Good Evening.

It is my great pleasure to formally introduce you to the new BVI Finance brand and share some of the plans for the new organisation that will also bear the same name.

Businesses and organisations, including registered and not-yet-registered non-profit organisations are reminded that their participation is needed in the ongoing National Risk Assessment (NRA) exercise currently being conducted in the Territory.

The NRA exercise is confidential and information gathered will not be used for any other purpose; any information provided to NRA assessment teams is maintained solely by the NRA and will be kept in the strictest confidence. 

Businesses and organisations, including registered and not-yet-registered non-profit organisations are reminded that their participation is needed in the ongoing National Risk Assessment (NRA) exercise currently being conducted in the Territory.

BVI Finance, the voice of the financial services industry in the BVI, will be launching their new brand identity on 4th March 2015.