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BVI Begins Work To Boost Financial Services Industry

by Mike Godfrey, Lowtax.net, Washington
09 September, 2015

The British Virgin Islands Financial Services Implementation Unit (FSIU), "intended to reinvigorate the territory's financial services industry," is now fully staffed and operational.

The establishment of the unit was among the recommendations outlined by international consulting firm McKinsey and Company, which was commissioned to develop a strategic plan to support the future development of the domestic financial services industry.

The FSIU has been tasked with driving the implementation of the other nine recommendations of the McKinsey-led consultancy, which include revamping the international finance center, enhancing customer service at the Financial Services Commission, attracting value-added services, reforming immigration and labor rules, reviewing tax initiatives, planning investments in infrastructure, strengthening business development, and engaging with taxpayers.

The team met with the Premier and Minister of Finance, D Orlando Smith, who reiterated the significance of the Unit: "The creation of the Financial Services Implementation Unit is indicative of the much-needed emphasis being placed on securing the future of the financial services industry."

"Solving the issues at hand is vital to the future and longevity of our financial services industry and the livelihood of our community. It will require all of us – public and private sectors, government and opposition, local and expatriate practitioners, local and international stakeholders, and the entire BVI community – to work together to build a brighter and sustainable future for the Virgin Islands."

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