BVI in dilemma with open registers — Walwyn
Sixth District Representative Myron Walwyn warned that the BVI faces a dilemma with the looming threat of open registers of company beneficial ownership to its financial services industry.
While speaking in the House of Assembly recently, Walwyn pointed to the 2023 Mid-Year Fiscal Report which showed a marked decline in company renewals and new incorporations for the industry.
“It goes on to say without any analysis being completed, there appears to be linkages between the substantial declines and the numerous challenges and threats facing the industry, including continued market saturation, challenges such as a publicly accessible register of beneficial ownership, possible taxation, etcetera,” Walwyn said.
He also pointed to the budget speech and said it showed that the revenue from the Registry of Corporate Affairs which pertains to the financial services industry is forecast to drop by 1.24 per cent, compared to 2023 from 208 million to 206 million.
The lawmaker said despite a favourable ruling from the European Court of Justice, issues for one of the territory’s main economic industries remain.
“We end up now, in a very difficult position when it relates to financial services. Because my concern surrounds the economy of the country, and you have a COI report, which this government accepted wholesale without any consultation with the people who elected them,” Walwyn said.
He also pointed to the $400 million loan guarantee from the United Kingdom that was rejected by the 2019 Virgin Islands Party government which declared that the repayment terms were too oppressive.
“The Premier goes up to the UK and asks them to give me back that money. They say, ‘No, I offered you the money before. Get away from me. You’re not getting it.’ And now we are seeking a hundred million dollar loan facility that requires the very same UK government to sign off on it,” he argued.
Walwyn then questioned how the territory will proceed with the looming threat of an Order in Council hanging over its head which Premier Dr Natalio Wheatley recently said threatens to abolish democracy in the territory.
“We are in a dilemma and, those of us who understand the financial services sector and how important it is to the economy of this country, if we only lose even 10 per cent of the revenue from financial services it spells catastrophe for the services that we offer here in the territory,” he argued.
The lawmaker said the government has offered no conversation about how it will deal with the possible loss of revenue. He added that the government did not propose any measures for diversification in its budget, including measures that explore improving the territory’s tourism product if something catastrophic happens.
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Their plan is independence.lol And when the BVI gets blackballed and BVI IBCs are forced to declare the beneficial owners in order to do business in more and more jurisdictions despite our refusal to have a register in the BVI the whole deck of cards collapses.
This is already the case to own property in the UK and other jurisdictions using an IBC. Its only a matter of time before it spreads to other types of business. The UK is pushing the government to deal with the inevitable but their heads are in the sand as usual. It is only a matter of time and as Walwyn says Government has no plan, alternative, or strategy.
You mean BCs. IBCs done with donkey years now.
…who has been in government in the past 30 years should be ASHAMED of themselves for not doing more to improve the number and value of the revenue streams here.
Sitting back on your large over paid behinds and expecting it will all be OK is no way to run a country. Never has been, never will be.
Walwyn is the ONLY one who is minding the store. Everyone else is thieving and looting.
So he still honest after the high school wall? Please sit down and be quiet.
High school wall was him splitting up contracts to give to the small man. Wall stood strong during Irma. Could it have been done better? Yes.
Meanwhile our former premier on trial, 40 million dollars unaccounted for, several million dollars in “walls” up long trench completely unoccupied and the lot of you silent.
Who likes him or not this man always speak with crediatability.It Myron who can move this BVI forward not people begging for prayers.Knowledge is POWER when shared
The reason the financial sector is down in the BVI is because of the lack of trust in the last and current government. Think about that. That’s a very serious consequence. We need a strong government to reinstall faith in the stability of our country otherwise our best choice is for the UK to take control and send a message.
No audited financial statements since 2016. We in trouble, Buddy
This is someone who knows about what it takes to move this BVI forward,not someone asking for prayers knowing the wrong and unjust they bestowered on us.Like Myron or not he has what it takes
I agree with you 1000%, He is a true leader
Walwyn your government NDP was the first to turn it down. The VIP government was trying to change anything that had to do with the UK under Andrew Fahie and Natalio D. Wheatley now he wants to go back to the UK and beg for the loan I am glad the UK turned him down. Walwyn I was starting to like you but you change my mind when you talk CRAP like this you change my mind. Maybe the financial services industry is forecast to drop because of all the Corruption in the government. As a plication you will never think that way.
How can the NDP have turned it down when they set up the RDA. The entity which had to be in place to manage the $400m in the first place.
You all simply cannot admit that the VIP, especially the last two administrations have been nothing but a disaster to this territory.
They are simply riding on all the projects and funds that the NDP had set up. The ‘L’ shape high school, CDB loan funds and on and on. They cannot even account for the admin insurance funds or get the building finished. Spending +$9m on an eternity DDM building project started before AF was arrested.
They somehow managed to hoodwink over $40m as a grant from SSB and still, according to the British, “bollocks it up”. We have a lady being heralded as a champion for education, yet no one knows what has been accomplished by her.
But this is what you all voted for. Forward ever?
Hmmm… Why can’t we charge $100 per enquiry on the register? Are we to give this way for free?
Likewise, why can’t the register automatically notify the local trust company that someone is enquiring about X, Y or Zed? Good for the goose and good for the gander.
I wonder if you good in your head. That’s it and that’s all.
@@Yes to UK very good in the head are you??? That’s it and that’s all blind man.
We need to tell the UK plain out we not doing it unless its an international standard. Forcing the BVI to do something that its competitors in the industry doesn’t have to do is not solving any problem the business is just going to move elsewhere. Is the UK going to give us the money they trying to take out of our pocket by trying to kill our financial services industry in getting us comply with rules that don’t exist nowhere else?
There seems to be a misunderstanding among bloggers that the UK offered A LOAN OF $400m THEY DID NOT. They offered a LOAN GUARANTEE which meant government could search for loans, and any lenders could be happy that if government defaulted, it would be covered by the UK. It also meant that lenders could loan at smaller interest rates, happy that the UK would cover.
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