Starting in August, for the first time in almost a year, Virgin Gorda residents will have access to full banking services, government announced last week. “Following a series of meetings …
April 12, 2019
April 5, 2019
Insurance premiums spiked after Irma
A soft insurance market in the Virgin Islands and a surge in payouts from reinsurers has led to rising insurance premiums in the territory, according to Kishma Baronville, general manager …
March 23, 2019
More contracts awarded under CDB loan
During the month of February, several more contracts were signed and awarded under the $65 million Caribbean Development Bank rehabilitation and reconstruction loan. Now, nine of 18 consultancy contracts have …
March 18, 2019
Disciplinary tribunal now in place for lawyers
More than three years after the House of Assembly passed legislation to revamp the rules for attorneys in the Virgin Islands, the territory is finally getting a disciplinary tribunal to …
Continue reading “Disciplinary tribunal now in place for lawyers”
March 16, 2019
VI avoids EU blacklist, but remains on ‘grey list’
On Tuesday, the European Union added 10 more jurisdictions to its expanding blacklist, tripling the number of jurisdictions already listed. The Virgin Islands was not one of them. In an …
Continue reading “VI avoids EU blacklist, but remains on ‘grey list’”
February 21, 2019
Virgin Islands launch new BEPS measure
In December, the Virgin Islands implemented a new Base Erosion and Profit Shifting (BEPS) measure, according to Government Information Services. The Organisation for Economic Co-operation and Development created a BEPS …
February 21, 2019
New liquor licence rules take step towards becoming law
Before dissolving the House of Assembly last month, lawmakers introduced the Liquor Licences Act, 2018, which if passed would grant liquor vendors longer licensing periods but also institute higher rates. …
Continue reading “New liquor licence rules take step towards becoming law”
February 21, 2019
Caribbean Development Bank looks ahead
The Caribbean Development Bank projected two percent overall economic growth across its 19 regional borrowing member countries this year, as well as 2.2 percent growth specifically in the Virgin Islands, …
February 21, 2019
Lambert schedules reopening for November 1
It’s been a long time since Lambert Bay has been crowded with tourists, but that could change soon. The beach’s resort underwent a significant facelift in 2016 and 2017, closing …
Continue reading “Lambert schedules reopening for November 1”
January 25, 2019
BVI Airways ‘failed to deliver a return,’ Premier says
After years of first denying problems and then deflecting the blame for them, Premier Dr. Orlando Smith acknowledged last week that government’s $7.2 million injection into BVI Airways was a …
Continue reading “BVI Airways ‘failed to deliver a return,’ Premier says”
January 25, 2019
BVI Finance-commissioned report touts benefits of offshore
International finance centres like the Virgin Islands facilitated $1.6 trillion of financing to developing countries between 2007 and 2014, according to a recent report by Dr. Judith Tyson, a research …
Continue reading “BVI Finance-commissioned report touts benefits of offshore”
January 17, 2019
Dutch blacklist was a surprise, Premier says
As the Virgin Islands awaits a decision from European Union officials regarding the territory’s potential inclusion on an international anti-tax-avoidance blacklist, one country on that continent has already decided to …
Continue reading “Dutch blacklist was a surprise, Premier says”
January 11, 2019
Questions surround ‘economic substance’ legislation
The Virgin Islands’ new “economic substance” law took effect on New Year’s Day, but financial services stakeholders remain uncertain about its specific requirements and what impact those rules will have …
Continue reading “Questions surround ‘economic substance’ legislation”
December 28, 2018
Government hopes to rebuild Palm Grove Shopping Centre
The government will soon invite proposals for rebuilding the Palm Grove Shopping Centre, which was demolished in August after being gutted by Hurricane Irma, according to Premier Dr. Orlando Smith. …
Continue reading “Government hopes to rebuild Palm Grove Shopping Centre”
December 17, 2018
US DOJ charges four in ‘Panama Papers’ case
The United States Department of Justice has charged four people with crimes allegedly brought to light by the International Consortium of Investigative Journalism’s Panama Papers expose, according to a DOJ …
Continue reading “US DOJ charges four in ‘Panama Papers’ case”
December 17, 2018
Vistra study: VI second-most important global financial jurisdiction
The Virgin Islands ranked as the second-most-important financial jurisdiction in the world in a recent study published by Vistra, a corporate services provider. The research — titled the “Vistra 2020 …
Continue reading “Vistra study: VI second-most important global financial jurisdiction”
December 10, 2018
Necker Island back up and running; no timeline yet for Mosquito
After shutting down following the passage of Hurricane Irma, Necker Island officially reopened in October and has been welcoming groups of up to 30 guests, according to a Virgin Limited …
Continue reading “Necker Island back up and running; no timeline yet for Mosquito”
December 10, 2018
$400k insurance settlement for Fishing Complex approved
Last month Cabinet approved a $400,000 settlement offer from Nagico Insurances for the damages Hurricane Irma caused to the BVI Fishing Complex, which hasn’t been operational since the storm. Government’s …
Continue reading “$400k insurance settlement for Fishing Complex approved”
December 10, 2018
Exploring the depths without a dive certificate
Snorkelling enthusiasts in the Virgin Islands who don’t have their scuba diving certificates now have an alternative way to explore deeper underwater environments: BVI Snuba. Snuba — first conceived by …
Continue reading “Exploring the depths without a dive certificate”
November 29, 2018
$200 million Norman Island project moves forward
Last Thursday, government officially signed a development agreement with Dr. Henry Jarecki to begin plans for a roughly $200 million project on Norman Island, which is expected to span at …
Continue reading “$200 million Norman Island project moves forward”
November 29, 2018
FSC gives women financial advice
This article originally appeared in the Beacon’s print edition on Nov. 22. At a “Money Matters” discussion last Thursday, almost any topic relating to women and finance was fair game. …
November 25, 2018
Government, European Union in talks over looming blacklist
Government officials have devised what they believe is a solution to the looming European Union blacklist threat, according to Neil Smith, the executive director of government’s Office of International Business …
Continue reading “Government, European Union in talks over looming blacklist”
November 25, 2018
Cabinet approves Norman project talks
Cabinet gave the go-ahead at the end of October for government to negotiate a development agreement for Norman Island with Dr. Henry Jarecki, the island’s owner, according to a report …
November 15, 2018
InterCaribbean errors cause delays across region
A series of snafus with interCaribbean Airways has reportedly caused delays, missing luggage and serious inconveniences for airline passengers in recent weeks. Over the weekend, scores of people commented on …
Continue reading “InterCaribbean errors cause delays across region”
November 5, 2018
United Kingdom to update ‘offshore compliance strategy’
United Kingdom Chancellor Philip Hammond delivered the UK’s autumn budget to Parliament last week, touching on several points designed to further regulate offshore finance. One of the budget’s initiatives is …
Continue reading “United Kingdom to update ‘offshore compliance strategy’”
