BVI Provides Visa Exemption Policy for Chinese Nationals

Chinese nationals received the right to enter and remain in the British Virgin Islands without the need for a visa, for business and tourism only, for a period of less than 6 months. This continues the BVI visa exemption policy which went into effect on September 1, 2016, and through which foreign nationals, including Chinese people, were allowed to enter the jurisdiction without BVI visa if they held the UK, U.S. or Canadian visa.

The BVI government believes that the visa exemption will help with the country’s global marketability in tourism and financial services sector. Chinese nationals will have the right to visit the BVI for business matters related to the BVI incorporated companies, as well as litigations in the BVI courts. 

China is currently the largest tourism source market in the world, and the second largest economy. It has been the largest trading partner of the British Virgin Islands for more than 25 years. Chinese and Hong Kong companies comprise 41% of the US$1.5 trillion of assets going through the BVI.

BVI Premier on a Mission to Asia to Promote BVI Financial Services

From June 2 to 17, BVI Premier and Minister of Finance Orlando Smith was leading a delegation to a number of cities in Asia, to host mini-conferences to promote traditional and new business and financial services products of the British Virgin Islands. During his visit, he had meetings with main government and industry professionals in the Asian region.

During one of the conferences held on June 12, among the topics discussed there were BVI Advantage, the opening of Bank of Asia in BVI, new BVI products such as Micro Business Companies Act, Limited Partnership Act. This conference was attended by more than 100 practitioners from BVI and China private sector. 

The Premier commented on other meetings held: “I am pleased that we have also had productive meetings with the Ministry of Foreign Affairs, Ministry of Commerce and the China Friendship Association, all of whom welcomed the several developments in the BVI that will further the economic relationship between BVI and China.”

BVI Government Appoints Legal Council to Advise on Public Register

In the press briefing held on May 30, BVI Premier and Minister of Finance, Dr Orlando Smith, announced that the government has appointed legal counsel to advise on potential legal issues related to the public register of beneficial ownership imposed by Britain. This appointment followed the UK Sanctions and Anti-Money Laundering Bill which requires Overseas Territories, including the BVI, to make public beneficial ownership of all registered companies. With this Bill, the UK receives the right to implement sanctions on individuals, companies and states, and address money-laundering after the Brexit.

BVI Premier said that the legal team “is confident that the imposition of a public register would raise serious constitutional and human rights issues and would be subject to constitutional challenge.” 

A week earlier, BVI diplomat Benito Wheatley has informed the British government that the UK decision to force public registers of beneficial ownership will negatively impact the jurisdiction’s financial services sector that makes more than 60 percent of government revenue.