BVI Discussed Freedom of Movement to EU with UK Representatives

Representatives of the UK Home Office and UK Department for Exiting the EU held a meeting with the BVI delegation to discuss freedom of movement to the European Union for Overseas Territories citizens at a Brexit technical roundtable in London held on May 9. During the roundtable, BVI London Office director and EU representative Benito Wheatley emphasised the importance of visa-free travel to the EU for the BVI business persons and stated that the jurisdiction is the headquarters of the Commercial Court Division of the Eastern Caribbean Supreme Court and home to a new International Arbitration Centre.

Previously, the BVI delegation took part in a Brexit technical roundtable on fisheries and agriculture in April this year, and is planning to attend upcoming technical roundtables on European Union funding, trade, and financial services. 

The BVI Premier Dr Orlando Smith mandated Brexit Task Force chaired by permanent secretary in the Premier's Office, Brodrick Penn, to prepare a White Paper on the opportunities and risks posed to BVI by Brexit, ahead of the second UK-OT Joint Ministerial Council on Brexit Negotiations on July 12.

BVI Finance Presented at Africa Financial Services Investment Conference

BVI Finance, which is responsible for marketing and promoting financial services industry of the jurisdiction, showcased BVI unique propositions for Africa at the Africa Financial Services Investment Conference (AFSIC) which was held in London on 3-5 May.

This year, BVI Finance was the gold sponsor of the Conference which is a leading investment event focused in Africa's financial services sector. BVI team comprised six members of BVI Finance who engaged with stakeholders from across the continent and positioned the BVI as a leading jurisdiction for chanelling investment in and from Africa. 

Interim executive director at BVI Finance, Lorna Smith, made a presentation during a panel session entitled "The BVI Advantage" where highlighted BVI advantages as a leading partner for the region, emphasized the quality of professionals working in the BVI international financial sector, and capital flows that already exist between the BVI and Africa.

In her comments on the conference Smith said:"AFSIC was a major success for BVI Finance. We educated many influential stakeholders about the BVI and its unique advantages and made some excellent connections which will put us in good stead for the future.”

New Vistra Report: BVI Ranked as Top Offshore Jurisdiction

The 2017 edition of Vistra 2020 report was launched in Hong Kong and Singapore, which ranked the British Virgin Islands as the top offshore jurisdiction in the world. The United Kingdom was ranked first as the onshore jurisdiction, followed by Hong Kong as midshore; the BVI is in the third place, followed by the United States in the onshore category.

The report named "Vistra 2020: The Uncertainty Principle: The State of the Trust, Fund and Corporate Services Industry 2017" examines trends and factors affecting global financial services industry, in the period since the last report published in 2015. 

The Asian growth drivers of the financial industry listed in the report are supporting the BVI position as Asia's number one international finance jurisdiction. Investors from China and other Asian countries make use of the trust-related offerings of the jurisdiction to develop succession planning and secure asset protection under Virgin Islands Special Trust Act (VISTA) trusts and Private Trust Companies (PTCs). BVI trusts and wealth-planning services provide privacy, since assets are held in the trustee’s name.

Elise Donovan, director, BVI House Asia, said: “The newly licensed Bank of Asia, the first online, cloud-based bank, will launch later this year. It is poised to drive banking costs lower while increasing the level of convenience and efficiency afforded to customers opening BVI accounts.”