$154K for financial services report

The government-owned BVI Finance said it invested $154,000 to commission the recently published report on the British Virgin Islands (BVI) financial services industry, adding that the highly favourable report will help it in “drawing a line in the sand for the BVI”.

BVI Finance, which was established to market and promote the industry, disclosed that more than a third of the funds paid for the report came from the industry. It did not give specifics in a media release issued today, June 28.

“This report has created real value for us, in that it has enabled us to engage in a way that we have never been able to before. It will also continue to prove its value in the months and years ahead,” said Interim Executive Director of BVI Finance Lorna Smith.

Although the research and report were funded by the government-owned entity, that entity has maintained that the findings are independent, adding that the government did not put any undue pressure on the company that was contracted to produce the report.

The report, which speaks glowingly of the BVI financial services industry that has been facing harsh criticisms internationally, was produced by British company Capital Economics. It is entitled Creating Value: The BVI’s Global Contribution.

The report – among other things – declared that the BVI is not a tax haven. It further claims that the BVI enables global investment and trade that supports more than two million jobs worldwide, and contributes more than US$15 billion in tax revenues annually for governments around the world.

Smith, who heads BVI Finance, is now saying: “This report has been invaluable for us in drawing a line in the sand for the BVI. The evidence base has enabled us to have valuable engagement across the waterfront over the last week from policymakers and media in Asia and Europe, but also here in BVI.”

“However, this is only the start, as this report will give us the platform for ongoing engagement as we continue to tell our story and make our case for how much BVI contributes to the global economy,” added Smith.

She further asserted: “The research is important for the financial services industry worldwide as well as in the BVI. The findings will be a useful tool for supporting their business activities and helping them continue to promote our unique offering for financial and business services. It is also a testament to the combined efforts of the public and the private sector in delivering this report which is of benefit to all of us, both within the financial services sector but also for the territory as a whole.”

BVI Finance, in the meantime, described the report as groundbreaking. As such, there has been significant activity around the launch of the report – including launches in BVI, London, and Hong Kong. There was also a press briefing for local media, a forum for BVI Finance members, a simulcast of a briefing for the private sector in London and Hong Kong, as well as meetings with parliamentarians in the UK.

To read the full Capital Economics report, CLICK HERE