BVI Premier Meets Overseas Territories Officials at COCTC

BVI Premier and Minister of Finance, Dr Orlando Smith, has returned from the meeting of the Caribbean Overseas Countries and Territories Council (COCTC) which took place in Montserrat from May 15-16 and had the purpose to discuss the regional programming for the 11th European Development Fund (EDF).

On the meeting, the BVI Premier encouraged members of the Council, which included officials from the Caribbean British and Dutch Overseas Territories of Anguilla, Turks and Caicos Islands, St Maarten, Curacao, Montserrat, and the British Virgin Islands, to strengthen the level of cooperation, and to assess jointly the political, economic and social situations in the Caribbean region.

The Caribbean Overseas Countries and Territories Council was established in April 2012 for discussions aimed at strengthening regional cooperation, enhancing international cooperation, sharing resources and addressing issues of mutual interest and concern among Caribbean Overseas Territories.

BVI and USVI Government Officials Met at Inter-Virgin Islands Council

During the meeting of government officials of the British Virgin Islands and United States Virgin Islands on the sixth Inter-Virgin Islands Council on May 8, the areas of shared interests were discussed by the parties, as well as initiatives to strengthen ties between the jurisdictions. The council launched updates and developments on law enforcement, tourism, in the sphere of education, and many others.

The BVI delegation included permanent secretaries and relevant senior officers and was headed by the Premier and minister of finance, Dr Orlando Smith. Representation of the British Virgin Islands government at the Inter-Virgin Islands Council meeting reaffirmed its commitment to strengthen regional and international relations, and maintain close ties with the United States Virgin Islands. 

The Inter-Virgin Islands Council was established in 2004, by signing the memorandum of understanding by BVI Chief Minister Dr Orlando Smith and former USVI Governor Dr Charles Turnbull. The first meeting of the Council was held in April 2005, on St Croix.

UK Minister for Overseas Territories Visited the BVI House Asia

The UK Member of Parliament and Under Secretary of State for Foreign and Commonwealth Affairs Hon. Mark Simmonds visited the BVI House Asia, Hong Kong, with a fact-finding trip. Mr Simmonds confirmed his support for the BVI, and stated that the financial services industry was a ‘fundamental pillar for the future of the BVI’. 

During his visit, Mr. Simmonds received presentations from Director of BVI House Asia Ms. Elise Donovan, Deputy Managing Director of the BVI FSC, Mr. Kenneth Baker, as well as presentations from some other members of the BVI financial services industry in Asia, which gave an overview of how BVI companies are used across the region. According to the Premier’s Office, the presentations outlined the advantages of doing business in the BVI, the flexibility of its corporate structures, legal system, and strong BVI legal expertise. 

The BVI practitioners told the UK Minister for Overseas Territories that the BVI was still the most important jurisdiction in the Asian market, and they were pleased that the BVI Government had established BVI House Asia to provide support for their work in Asia. They also stated that taxation was not a primary reason for using BVI corporate structures, and the most important reasons for use currently and in future are asset protection, wealth management, funds management, investment holdings and trading.