Even as travel bounces back postpandemic, Caribbean destinations risk pricing themselves out of the market if they don’t find a way to lower taxes and fees on airline tickets and …
September 28, 2022
September 28, 2022
Barbados PM denounces ‘biased’ de-risking
Barbados Prime Minister Mia Mottley urged the United States House of Representatives Financial Services Committee earlier this month to discourage US banks from ending correspondent banking relationships with the Caribbean. …
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September 20, 2022
Crypto collapse ‘a chance to take stock’
The recent collapse of Virgin Islands-registered cryptocurrency hedge fund Three Arrows Capital proved to be one of the most dramatic local impacts of the massive sell-off that has been called …
September 14, 2022
Under fire, finance industry pushes back
The Virgin Islands financial services industry generated $196 million in revenue for the territory last year, up from $189.75 million the previous year, and kept the economy largely afloat during …
September 7, 2022
Acts strengthen tax regulator
Two laws the House of Assembly passed in May will strengthen the powers of the International Tax Authority to inspect financial institutions and to interview people associated with Virgin Islands-registered …
September 7, 2022
MarineMax targets superyachts
With a new acquisition, a yacht retailer and charter company with a base in the Virgin Islands is expanding its offerings into the luxury megayacht space. The Clearwater, Florida-based MarineMax …
August 29, 2022
Money launderers targeting hotels
Money launderers have been targeting the Virgin Islands hospitality industry, the Financial Investigation Agency warned recently. The agency’s Financial Investigation Unit issued a press release last month advising hotels, resorts …
August 12, 2022
Vendors give Festival mixed reviews
Around sunset on Sunday, July 31, in the Bernard “Yampie” Nibbs Festiville, bartender Dr. Garvin Dougan was learning how to make a new cocktail. He hadn’t heard of the combination …
August 12, 2022
HOA agrees to cut remittance tax
Cabinet’s July 20 decision to reduce the remittance tax — often criticised for targeting the territory’s poorest residents — got the green light from the House of Assembly on Tuesday. …
August 1, 2022
Bill would amend companies act
An amendment to the BVI Business Companies Act that passed last Thursday in the House of Assembly includes several provisions designed to strengthen the territory’s compliance with international standards combating …
July 29, 2022
Christmas in July draws 400 boats
On Monday, Tomas Dardet and nearly 20 of his friends and family members toured The Baths in Virgin Gorda, climbing in and out of the rock pools and exploring the …
July 25, 2022
70 officials trained for coming evaluation
As the Virgin Islands continues to prepare for the Fourth Round Mutual Evaluation next year from the Caribbean Financial Action Task Force, more than 70 representatives from government agencies and …
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July 25, 2022
Peter Island mum on re-opening
One of the Virgin Islands’ flagship resorts is still rebuilding five years after Hurricane Irma, but the owners have been tightlipped about its progress. Although Peter Island Resort and Spa …
July 22, 2022
Myett’s loses appeal to laid-off workers
The Court of Appeal has dismissed an appeal by Myett’s Enterprises Limited against a dozen former employees who lost their jobs after Hurricane Irma severely damaged the hotel and restaurant …
July 22, 2022
Global tax deal hits hurdles
A deal for a global minimum tax rate that could impact the Virgin Islands’ financial services industry is facing roadblocks in the United States and Europe, according to news reports. …
July 15, 2022
Incorporations climb in Q1
Incorporations could be on track to top last year if first-quarter trends continue, according to the latest quarterly report from the Financial Services Commission. In 2021, new incorporations in the …
July 15, 2022
VI-registered crypto fund collapses
Three Arrows Capital — a Virgin Islands-registered, Singapore-based cryptocurrency hedge fund once worth more than $3 billion in assets — rocked the crypto world on Friday by filing for Chapter …
July 4, 2022
Guv withholding some COI docs
A bundle of more than 100 supporting documents submitted to the governor with the Commission of Inquiry report — including contracts, letters, emails, minutes, memoranda and numerous other types of …
July 4, 2022
Premier defends biz licensing law
After business stakeholders raised concerns about several aspects of the Business Licensing Act passed two weeks ago in the House of Assembly, Premier Dr. Natalio “Sowande” Wheatley defended the bill …
July 4, 2022
Online tax system to launch next year
More than three years after the deputy head of the Inland Revenue Department called the agency’s computer system “outdated” and “unstable,” government is scheduled to introduce a new online tax …
June 30, 2022
‘Unfettered discretion’ out the door for grants
Assistance grants that were formerly disbursed at elected officials’ discretion will now be administered by the Social Development Department after the Commission of Inquiry blasted the existing system for a …
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June 25, 2022
HOA passes trade licence bill
A bill aimed at making the Virgin Islands business climate more competitive by updating and streamlining the licensing process passed with amendments in the House of Assembly last Thursday as …
June 25, 2022
Chamber expo promotes VI businesses
The sun blazed and tourism season was winding down, but the co-owners of Golden Journey Concierge Service were full of enthusiasm as they talked to potential customers at the Buy …
June 17, 2022
Reform plan a first for OTs
Forty-eight of 49. That’s how many Commission of Inquiry recommendations the new National Unity Government has pledged to complete over the next two years under the proposal recently agreed with …
June 17, 2022
SOL to replace Delta as BVIEC supplier
SOL will step in to provide No. 2 Diesel fuel and other services to the BVI Electricity Corporation through 2024, after the utility’s original contract with Delta Petroleum was terminated …
