Premier Commented on the Impact of HK Protests on BVI Financial Services Industry

BVI Premier Andrew Fahie stated that the BVI financial services industry have had a minimal impact from the recent political protests in Hong Kong; answering the question from the Opposition in the House of Assembly, he stated that neither the financial industry itself nor the British Virgin Islands as a jurisdiction of choice were influenced significantly, due to the fact that most protests are announced ahead so that authorities and media know the potential obstacles in advance.

According to Premier, economic losses following those protests are minimal. Regarding BVI House Asia set up in HK with the purpose to promote jurisdiction’s financial services, he said that “most business entities in the financial sector have continued as usual, including BVI House Asia.” He acknowledged that the protests have created practical inconveniences locally for those working in the branch offices of BVI law firms and other corporate service providers, however, the government’s strategy will continue to be constant monitoring of the situation and any significant changes in the financial situation that could influence the usage of BVI financial services. The BVI House Asia is providing weekly updates on the situation to the International Affairs Secretariat, the Premier’s Office and BVI Finance.

China, Hong Kong and Macau invest more than 40 per cent of the US$1.5 trillion going through approximately 400,000 BVI-registered companies.