Financial services firms in the Virgin Islands have set their sights on the Latin American market with a major push into the region.
As part of that effort, the territory used the Society of Trust and Estate Practitioners (STEP) LatAm conference in Mexico City this month as a showcase to highlight the VI’s offerings in a rapidly changing business environment, according to BVI Finance.
“In a world defined by uncertainty, the BVI offers the stability and confidence global investors need,” BVI Finance CEO Elise Donovan said.
Ms. Donovan added that she played up the territory’s business-oriented reputation at the Sept. 4- 5 gathering.
“With our trusted legal system, consistent outcomes, deep professional expertise, and global connectivity, we are not starting from scratch: We’re building on a foundation of strength and experience,” she said. “And with a clear mandate to keep innovating, we ensure your capital, your companies, and your families can move forward with confidence.”
Ms. Donovan added that the event highlighted the territory’s finance acumen — especially its accounting, banking, trust and estate planning, and investment advisory sectors.
LatAm commerce
Also at the conference, BVI Finance hosted an event designed to cultivate partnerships that deepen relationships with Latin American commerce. Topics covered during the session included the territory’s legal and financial services offerings.
BVI Finance said it also used the conference to stress the VI’s reputation for “balancing transparency with the protection of privacy and client confidentiality.”
Attendees at the Mexico gathering also received regulatory updates from Glenford Malone, deputy managing director of regulation at the BVI Financial Services Commission.
Another VI speaker was Ayana Glasgow, the executive director of international business regulations at the Ministry of Financial Services, Economic Development and Digital Transformation.
Ms. Glasgow delivered a talk on the proposed legitimate-interest access regime for the expanded beneficial ownership register the territory plans to launch next year.
The event was chaired by Joan Johnson, managing director of Praxis BVI and chair of STEP BVI.
21,000 members
The STEP LatAm Conference is widely considered to be a leading gathering of private wealth professionals serving Latin American clients.
With more than 21,000 members in 95 jurisdictions, STEP provides a global platform for education, professional development, and collaboration in trust and estate planning.
The focus on Latin America comes as the FSC is looking at setting up a dedicated overseas office in the region modeled on the one in Hong Kong, which VI officials say has attracted investment from the Far East.
Panama is seen as the prime site for the new investment operation as the territory tries to attract firms in Central and South America.
