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BVI Forward Initiative Taking Shape

by Mike Godfrey, Lowtax.net, Washington
22 June, 2016

The British Virgin Islands has briefed the financial services sector on progress under the islands' 10-point inward investment promotion strategy, BVI Forward.

BVI Forward is intended to ensure the territory maintains its status as a world-leading offshore financial center. The Financial Services Implementation Unit (FSIU) is implementing the project.

At a recent meeting with financial services representatives, Kedrick Malone, Director of the FSIU, said: "The FSIU team has been very hard at work and these efforts are beginning to bear fruit. Many changes are imminent across most of the initiatives and details will be made available soon. We are working with many stakeholders to ensure that the changes are institutionalized."

"We have formed partnerships with stakeholders such as the Departments of Immigration and Labour on enhancing work permit and immigration processing. We have also partnered with the Ministry of Education and Culture on building capability among Virgin Islanders. We are hoping to finalize a Memorandum of Understanding between the ministry and the industry associations soon."

BVI Forward Steering Committee member Ray Wearmouth added that the territory is keen to encourage corporations to establish headquarters in the BVI and to entice family offices, law firms, e-commerce firms, intellectual property and Greentech businesses to locate there.

Wearmouth said: "We need to do more from less; we need to grow the value-added services that we already have and attract new value-added services. Having greater substance gives BVI more control over its own industry. We are on the right track with the BVI Forward initiatives; BVI Forward is fit for purpose."

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