BVI Hosted Meeting of Winair, Air France and KLM

On January 9, 2017, Winair, Air France and KLM had a joint sales and marketing meeting in the British Virgin Islands, with the purpose to share the latest positive developments between Air France, KLM and Winair which will enhance the market. The companies shared their schedules, traffic patterns and growth of European customers with stakeholders in the BVI.

The participants also discussed the planned codeshare between Winair and KLM and will further enhance connections to the BVI. The code share agreement between Winair and Air France cause the 100% yearly increases of French market growth to the BVI, and the planned codeshare with KLM will unite the route structures of Air France, KLM and Winair and promote better connections to the BVI and other Caribbean countries at a lower price.

Winair (Windward Islands Airways International NV) is a government-owned regional airline, providing air transportation in the Caribbean region, having interline partners with 11 airlines from North and South America, Europe and the Caribbean, and a codeshare agreement with Air France.

BVI Premier Confirms Support of G8 Tax Decisions

Last week, Premier and Minister of Finance of the British Virgin Islands Orlando Smith returned from London and gave his comments on G8 Tax Statement, confirming his support of the UK government’s global agenda on tax, transparency and trade, and his agreement to take an active part in the new initiative of multilateral automatic tax information exchange agreed upon by the UK, Germany, France, Spain and Italy. The BVI Premier also confirmed the plans to prepare national actions to meet the FATF standards on beneficial ownership, and to join the Multilateral Convention on Mutual Assistance on Tax Matters.

Orlando Smith noted in his comments: “In the debate about tax and transparency the fact that the BVI already has stronger financial regulation for trust and corporate service providers, as well as rules regarding beneficial ownership than many countries in the G8 itself, has not been adequately appreciated… For many years we have implemented the highest international standards on transparency, accountability and information exchange on tax matters, as set out by the OECD. The BVI will continue to be a constructive partner in evolving and setting the highest standards of regulation.”

BVI Hosted Meeting of Task Force on Trade and Investment

On May 30-31, 2013, the seventh meeting of the EU Overseas Countries and Territories (OCT) Task Force on Trade and Investment was organized in the British Virgin Islands with participation of Caribbean Export Development Agency as chair of the CARIFORUM, and French Caribbean Outermost Region (FCOR). During these two days, the members of the task force were examining key developments that have taken place in 2010-2012 and have related to the CARIFORUM-EU relationship, including an update on the CARIFORUM-EU partnership strategy, deliberations in the CARIFORUM-EU EPA institutions and an update on EDF programming.

The EU Overseas Countries and Territories (OCT) Task Force on Trade and Investment is promoting dialogue on issues related to trade and investment, and assisting with the projects between CARIFORUM states and the French Caribbean region, which is part to the European Partnership Agreement through its political status with the French Republic.

At the opening of the Trade and Investment task force meeting, BVI Premier Dr Orlando Smith said: “Although BVI has only observer status in the organisation we are proud to be part of a forward moving process and congratulate the region for being able to move forward with the European Partnership Agreements (EPA) with the European Union (EU).”

Ralph O'Neal Signs TIEA with France, BVI having talks with Netherlands

Last week, the Prime Minister of the British Virgin Islands Ralph O'Neal signed Tax Information Exchange Agreement with France. The signing of this TIEA which had been already announced in the beginning of June brings their number for BVI to eleven, while twelve are required by OECD in its report on tax transparency and information exchange standards.

The tax agreement with France was signed by BVI Prime Minister and French Budget Minister Eric Woerth who commented that the signing of the agreement was “further evidence of the British Virgin Islands' willingness to implement the OECD principles of transparency and information exchange.”

It is worth saying that in a press conference before the document signing O'Neal talked on territory's intention to be removed from the OECD grey list. He said that the last needed agreement will be signed soon, but BVI will continue negotiations with other countries like Germany, Austria, Brazil, Mexico, Argentina, Canada and as many countries as they will make contact with.

Another related information from Europe: The tax minister of Netherlands Jan Kees de Jager said on June 25, 2009 that his country has reached agreement with Switzerland on exchange of tax and banking information. He also mentioned that he already agreed deals with Belgium and Luxembourg, Bermuda, Guernsey and Jersey. Currently the talks are ongoing with the authorities of the British Virgin Islands, Cayman Islands and Singapore.

The Dutch minister commented the already signed tax agreement with Switzerland saying that “the measure on exchanging financial information is part of a revision of the tax treaty between the Netherlands and Switzerland.”

BVI premier going to France to sign tax agreement

On June 9, the Premier of the British Virgin Islands Ralph O'Neal reported during press conference about his plans to make visit to France, in order to sign Tax Information Exchange Agreement with French government. After the agreement with France will be signed, the number of TIEAs signed by the Territory will be already 11. So, the British Virgin Islands will come closer to the recommendations stated in the report issued by the Organisation for Economic Cooperation and Development and concerning tax transparency, and the new international tax standard of 12 tax treaties signed by each jurisdiction, established during the G-20 summit in April.

Ralph O'Neal stated in his comments that, after negotiations with France are complete and the TIEA signed, the BVI will continue to pursue similar agreements with other OECD countries in order to fully comply with the new standards, and be moved from the “grey” to the “white” list of jurisdictions. Some weeks ago, BVI Government signed tax treaties with the group of Nordic countries.

During the same press conference Premier was asked by media on the effects of the global financial crisis of the financial sector of the territory. He answered that the BVI Government is still “keeping a close eye on the Financial Sector”, but he did not say how many companies have been removed from the BVI IBC Register. He explained that the number of companies to be liquidated seems not to increase, but added that liquidation statistics solely cannot give information on how many companies in the industry have been affected.