BVI ranked the most competitive financial services centre in region
The British Virgin Islands has been listed as the most competitive financial centre in the Caribbean and Latin America.
They received this rating in the 29th edition of the biannual Global Financial Centres Index — which ranks competitiveness based on a global online survey of more than 10,000 respondents who evaluate 126 financial services centres worldwide.
The territory ranked 58th on the index, outperforming other regional jurisdictions such as Barbados who was the closest behind at 64th.
The BVI improved its standing by 14 places.
“It is good to see the BVI increase its ranking in this global index. This is testament to the continued hard work of our outstanding financial services sector and the BVI’s world-class and progressive financial regulatory regime,” said the CEO of BVI Finance, Elise Donovan.
The territory’s improved ranking on the global index comes as the BVI grapples with the ongoing COVID-19 pandemic that crippled the tourism sector.
‘Exceptional Circumstances’ Act keeping sector afloat
But as one of the territory’s two economic pillar struggles, the other — financial services — was able to stay afloat thanks to legislation such as the Financial Services (Exceptional Circumstances) Act, 2020.
The legislation — which the Andrew Fahie administration introduced in April 2020 — allows for stability of financial services operations, conducted in and from the territory during extraordinary situations like the pandemic.
And with the effects of COVID-19 still present, the BVI Financial Services Commission has moved to extend the deadline for the Act to remain active from March 31, 2021 to September 30.
In the meantime, the top jurisdictions on the Global Financial Centres Index are New York, London, Shanghai, Hong Kong, Singapore, Beijing, Tokyo, Shenzhen, Frankfurt, Zurich, and Vancouver.
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Can’t wait to see the blogs from the few Government haters that blog negativity all day.
@youth it’s just C***Y and her people them. You’ll ain’t note the amount of actual good results that’s been happening? C***y is just a bitter individual and the international media will see pick that up and fix her good. She and her goons
I am voting VIP forever. They sail a steady ship no matter who bad talks them or try to destroy them.
I commend the Government amd all who work Financial Services Commission and the in the actual industry. We are better that some are trying to percieve us to be.
Send your news person down to *** Cane Garden Bay. Lots of Drama over there rite now… U all go and investigate.
M——–/F—–a agrees. They sent hundreds of dodgy accounts to BVI firms
They are competitive because their due diligence is pretty slack and hundreds of dodgy accounts are accepted – it’s all about the money! Ever heard of the Panama Papers.
Wow! You people think it hard to say one positive thing about the VI. Despite it all ‘we will survive!’
Thank you to all responsible and all their hard work.
FACT OR FRICTION
ITS NOT THE VI ITS THE MINDS OF SOME THE PEOPLE IN CERTAIN POSITION IN SOCIETY IN THE COUNTRY