BVI News

BVI doesn’t stand a chance after Britain leaves EU — Fraser

Fraser

A concern has been raised as to how the British Virgin Islands will fair when negotiating with the European Union (EU) once Britain breaks away from the EU through a process called Brexit.

“It’s to our disadvantage to be representing ourselves with the European Union, as we speak, right now. It was fine before when Britain was a part of the EU, [but] essentially they’re not [anymore] … I don’t see us standing a chance,” said Opposition legislator Julian Fraser.

He reasoned that the BVI cannot negotiate from a position of strength without the backing of the United Kingdom (UK).

Premier Dr D Orlando Smith has, however, said that the BVI will still have support from Britain even after it (the UK) leaves the EU.

“Discussions are ongoing with other Overseas Territories [and] also with the United Kingdom who we expect will continue to work with the Overseas Territories in representation at the EU, despite Brexit,” Dr Smith said.

Fraser’s concerns come at a time when the EU is being accused of ‘bullying’ the BVI to pass a piece of legislation known as the Economic Substance (Companies and Limited Partnerships) Act. The bill, which the EU said must be implemented by December 31, requires offshore financial services companies to physically set up office spaces in the territory if they are to continue doing business with/through the BVI.

If the BVI fails to comply, it will be added to the EU’s blacklist of tax haven jurisdictions and subjected to diplomatic sanctions.

Legislators from both the government and opposition side of the House have said they fair the economic substance legislation will have unfavourable impacts on the territory’s financial services sector after it has passed.

READ: Offshore companies must open physical offices in BVI, or else …

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18 Comments

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  1. Doomed for sure says:

    No one takes the BVI serious and that is a known fact. One big mess.

    Like 5
    Dislike 2
    • Napoleon says:

      Wait. Since one of our forward thinking Ministers has already declared war on the U.K., why don’t we form an alliance with one of Britain’s enemies? Does anyone have Napoleon’s tele?

      Like 4
      Dislike 1
    • Well says:

      If that was true, then there would not be the glaring and radical effort to destroy the BVI’s economy.
      Todays BVI and other Islands and former colonised places with leadership by the descendats of slaves are very much a threat to the new world order.
      Tis a new day.
      Elect new and forward thinkers whose descisions will be influenced by the history that has driven us this far and who have a firm knowledge of the histories past and present of the USA and the UK.

  2. Anonymous says:

    You all get p****d off over the EU requirements for offshore companies. The reality is that the BVI has been harboring these offshore companies and are well aware that they ALL exist to hide money from the tax collectors of their respective countries. The EU is requiring that you no longer participate in harboring criminal activities. Sooooo, you get mad because you have been making millions off of criminals and now need to stop. Apparently it’s not ok for a family to harbor their drug dealing son but this is ok? You are sinking so fast that you don’t know how much your under water you’ve taken on. The good thing is that soon the politicians, investment club members and belonger families will be exposed with their offshore companies and the monies they have appropriated from the Treasury

    Like 18
    Dislike 18
    • To Anonymous says:

      Your comment is of pure ignorance and makes no sense. Do you even work in financial services? The BVI is not a banking centre like Cayman that has big banks where lots of non-residence can maintain bank accounts. It is rather difficult for a BVI company to open a local bank account.
      Why do you think Bank of Asia is here? They are here to actually help in that sector. Much, if not most, of the money made in financial services here is from law firms giving offshore legal advice. We have sound anti money laundering legislation and people of high competence working with the FSC and FIA.

      Like 21
      Dislike 4
      • You're both right says:

        Comment 1 has been proved behond doubt in leaks of offshore registrations in the BVI. Comment 2 is correct as, the number of registrations coupled with the number of above board reasons for legitimate companies to incorporate in the BVI. I’ve seen the depths of financial services. Depending on it strips a society of its moral compass as it richly rewards looking the other way. Sort of like casinos, they make money provide jobs

      • @@Annonymous says:

        No you are the ignorant one. The BVI provides a location for offshore corporations to incorporate and hide their assets. Where their money is kept is irrelevant. What the incorporation in the BVI allows is a corporation to exist away from the owners home country and tax collectors. What the local lawyers do is facilitate this all by setting up the corporations. Legal advice? Really? These people who are hiding millions and billions of dollars need the great legal minds of the BVI? Hardly!! The locals are just a necessary evil which is why the legal community keeps a very close watch and limits those that can practice in the BVI. Now take your ignorance and use that to support yourself when the financial sector is gone.

        Like 3
        Dislike 5
    • @@@annoyomous says:

      You sound illiterate and ignorant, as a previous posted stated ‘do you know what an offshore company is?’ . All financial and banking systems will always be used by elements of the criminal enterprise; illegal drugs, tax evaders etc. You all are quick to crucify the small countries but praise the big ones, for decades Switzerland been offering similar products to private individuals, right in the EU back yard. Panama does the same with far less regulation than the BVI but no one will touch them because of the canal.

      Like 4
      Dislike 1
      • @@@@anonymous says:

        So you tell me I’m illiterate and then proceed to tell me that offshore corporations are used by criminals and that it should be ok because it is done in Switzerland and Panama. If you read, which you obviously don’t, both of these countries as well as many other territories and countries are being forced to comply with transparency world wide. The BVI is no exception. However the other countries don’t rely on criminal activity to support their entire being. The BVI does and will now pay the price. The African lives for today without any thought for tomorrow. The Hurricane was evidence of this. No preparation!! Now the loss of the financial sector. No preparation!! Give the Territory to Disney and let them run things. Maybe they’ll give you all free tickets to the outlet malls in Orlando. LMAO

        Like 2
        Dislike 4
    • Taxman says:

      How many BVI companies do our Ministers and their families own? Shouldn’t they have to let us know? Don’t you agree? Come on, let’s demand that!

      Like 5
      Dislike 2
  3. VG Residnet says:

    Exactly how much business does the bvi do with the EU countries and can other countries provide whatever the EU provides. My thought is to inform the EU that the BVI will no longer do business with the EU, but favor countries which are not demanding that the BVI do this or that. Can someone tell what do the EU countries have that is so essential for the BVI. As far as I know persons in the BVI can buy whatever they want or need from the USA and other countries.

  4. To vg resident says:

    Lots of countries don’t have nothing to do with America, and can do without doing business with them, but yet still America put sandshans on them and make life really hard for them so be careful what you saying.

    Like 3
    Dislike 1
  5. John says:

    Not surprised the UK is leaving the EU which is a nice around its neck. The UK should forge a closer relationship after the UK leaves the EU which suffers from a Democratic deficit.

    Like 1
    Dislike 1
  6. Hmm says:

    Canada is the way to go make ties with them

  7. Well sah says:

    So we don’t stand a chance representing ourselves against the EU without help from the UK, but in the same breath we talk about being independent? We are really British. Have no idea what we want, much less our “leaders.”

  8. 7 seals burst says:

    A place where you have no say and no human Rights a place where it is no fairness or balance a place where there is no help no knowledge no honesty pack with slavekmasters and theeir indoctrination is ????% visible no matter who wins it’s the same result with the car moving in reverse only there is no real progress in this place and all these puppeteers do is control these puppets for the Nwo bvi is totally lost and backwards racist to their on kind is their philosophy and whorship the white man as God he can control our destination these KKK but not our ppl bvi you so lost an found by evil men and Satan himself lives on you islands

  9. 7seals says:

    Sell outs !!!
    Their jobs is to mess up everything

  10. Mark J T says:

    What’s interesting to me is that the USVI were black-listed in March 2018 and don’t seem to be too worried. Never even appeared on the grey-list, just went straight to black-list. https://ec.europa.eu/taxation_customs/sites/taxation/files/eu_list_update_25_05_2018_en.pdf

    Why is BVI stressing so much if USVI does not? I have no idea but would be interested to hear anyone’s thoughts.

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