“Seek First to Understand, then be Understood” – the key quote which has driven MONEY MATTERS BVI (the financial literacy program at the BVI Financial Services Commission (BVI FSC)) to try to help residents become more informed consumers when it comes to insurance products - this time, through a Forum on Rising Insurance Premiums scheduled for 28 March 2019 from 6:15 – 8:00 p.m. at the BVI FSC Training Centre, Pasea Estate, Tortola.

BVI Finance today welcomed the European Union’s recognition of the BVI as a cooperative jurisdiction as it has delivered on its commitment relating to economic substance as defined by the EU.

Ladies and Gentlemen of the Virgin Islands,  I am pleased to report to you that the European Union has announced today that it recognises the BVI as compliant with its fair taxation principles as well as being a cooperative jurisdiction.

Last Friday, I brought to the attention of the people of the Virgin Islands a new development in the UK Parliament which sought to amend the Financial Services (Implementation of Legislation) Bill on public registers of beneficial ownership.  

The number of businesses and individuals registering Limited Partnerships in the British Virgin Islands (BVI) increased by 200% between Q2 and Q3 2018, as the Territory’s new partnership provisions came into full effect.

Guidance Notes to compliment the legislative changes made to the Mutual Legal Assistance (Tax Matters) Act, 2003 are now available.

Chairman of BVI Finance Robert Briant has paid tribute to the outgoing head of BVI Finance Mrs. Lorna Smith, OBE following her “immense contribution” to the jurisdiction’s financial services sector over the years.

Premier and Minister of Finance, Dr. the Honourable D. Orlando Smith, OBE announced that the BVI has passed important legislation which addresses the European Union’s (EU) concerns over “economic substance” and came into force from January 1, 2019.

The Government of the Virgin Islands has implemented Base Erosion and Profit Shifting (BEPS) Action 13, Country by Country Reporting by way of amendment to the Mutual Legal Assistance (Tax Matters) Act, 2003 (MLA) in section 14 of Act No. 8 of 2018 where a new Part IV has been inserted in the MLA.  

Siobhan Flax of the British Virgin Islands London Office was elected to the 2018/2019 Executive Committee of Young Diplomats in London (YDL).