Saturday, February 18, 2006

How important is offshore business for BVI government

The British Virgin Islands is very active when speaking about popularizing both the country as such and its products. While the territory of the BVI is one of the smallest in the Caribbean, its financial status is far ahead of other dependent territories.

The British Virgin Islands get its income mostly from offshore financial services, tourism, and the marine industry. The financial sector of the BVI has located the BVI on the world map and has led to attracting hundreds of thousands of investors using the services for boosting their businesses and at the same time bringing in much income to British Territory.

When the Minister of Finance, Hon. Ronnie Skelton suggested delivering the 2006 Budget Address during the 13 December sitting of the Legislative Council, British Virgin Islands Government foresees a record of $233,155,000 of revenue during the upcoming fiscal year 2006.

Hon. Ronnie Skelton indicated the following: “This (projected revenue) represents an increase of 7.4 percent above 2005 projected revenue. This optimistic projection in revenue is due largely to the excellent performance of the Financial Services sector, because this revenue was derived from sources all over the world, it signifies that our global marketing strategy is paying dividends”.

There's nothing to add to the importance of offshore service sector in the British Virgin Islands.

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