BVI and EU co-chair Meeting to Discuss EU Tax List Issues

BVI and European Commission co-chaired the meeting of financial services partnership working party which was held in Belgium between the EU and a number of Overseas Countries and Territories. During the meeting, the EU list of non-cooperative jurisdictions for tax purposes was discussed. From OCT jurisdictions, there were representatives of Aruba, British Virgin Islands, Cayman Islands, Turks and Caicos Islands and some others, from EU, there were the officials from the Directorate General for Tax and Customs Union and Directorate General for International Development and Cooperation. 

Beside the listing process and ongoing procedures, the participants of the meeting also discussed beneficial ownership developments in the EU and OCTs and EU approach to taxation in the digital economy sector. 

BVI London Office director and UK and EU representative Benito Wheatley co-chaired the meeting on behalf of the BVI, and currently is co-chairing the OCT/EU financial services partnership working party. He said in his comments: “It is critical that the EU and OCTs maintain dialogue on tax and other financial services issues to gain a greater understanding of any concerns.”

BVI Finance Hosting Expo for Job Seekers in Financial Services

This week, BVI Finance is hosting a Financial Services Opportunities Expo to give the possibility for job seekers to join the financial services industry of the jurisdiction. More than 75 job seekers are already considered to be hired. BVI Finance has said in the media release that participants will have opportunities to speak directly with financial services firms and be interviewed for available positions. Also, they can attend breakout sessions surrounding professional development in the financial industry, and participate in feedback sessions.

According to BVI Finance, “The Expo aims to help the islands rebuild by facilitating gainful employment. This initiative is from the Committee to Revitalize Financial Services of the Virgin Islands that was established last year. Later this year, similar expos will be planned for the tourism and general business industries.”

BVI FSC Announced Registration of Loss Adjusters

The Financial Services Commission issued a public notice advising insurance professionals and general public of the list of the Loss Adjusters, including Public Loss Adjusters registered under Section 9(6) of Financial Services (Continuity of Business) Act, 2017 (the “Continuity of Business Act”). The document provides for the registration of Loss Adjusters to assess insurance claims resulting from Hurricanes.

It is advised by the Commission that the Loss Adjusters named in the list have been registered pursuant to the Continuity of Business Act until 31 March 2018, when the Continuity of Business Act ceases to be in force.

BVI Gets New Status on EU Tax list

On March 13, 2018, the European Union has made changes to the list of non-cooperative tax jurisdictions: three countries were removed and further three were added to it. Bahrain, the Marshall Islands and Saint Lucia were said by the EU Council to have made commitments to answer the EU’s concerns about them, and the Bahamas, Saint Kitts and Nevis, and the US Virgin Islands were, in their turn, included in the list.

The British Virgin Islands, along with Anguilla, Antigua and Barbuda, and Dominica were added to annex II of the list, which includes territories that have made commitments to reform their tax policies. These jurisdictions are subject to close monitoring. The original list comprised 17 jurisdictions and was announced on December 5, 2017.