BVI’s wealthy to be targeted in Resilience Fund scheme
As he moves to secure a fresh mandate from voters at the upcoming general elections, Premier Dr Natalio Wheatley has set his sights firmly on finding new and innovative ways of growing the territory’s revenue base.
One of the means of achieving this goal was through targeting a relatively untapped resource in the form of wealthy persons that live among residents in the territory, the Premier indicated.
Dr Wheatley explained that a Resilience Fund — a programme he said was set up in partnership with members of the community — is expected to be announced by his government within the next two months as a means of addressing that challenge.
“We have many wealthy people who live in the BVI,” Dr Wheatley explained last evening on the VIP Let’s talk radio programme. “And a lot of these wealthy persons in the United States of America are able to get tax write-offs when they make a charitable donation. But most of those charitable donations, they don’t get the tax write-off in the Virgin Islands.”
He continued: “Very soon, some of the wealthy individuals who reside in the Virgin Islands will be able to make charitable donations to things like our recreational facilities, things like our schools,” said the premier while noting Meade Malone as “one of the persons helping to move this forward”.
According to Dr Wheatley, many persons might be completely unaware of the type of wealthy persons that actually live and spend most of their time in the territory.
He suggested these wealthy persons can address challenges such as building schools, educational and recreational programmes, struggling single mothers and social programmes, which he argued can help to strengthen the fabric of the society.
What is the Resilience Fund?
But this is not the first time the Resilience Fund was being introduced. Originally conceptualised as the BVI Restoration Fund, former Premier Andrew Fahie explained back in 2020 that the initial fund was designed as an institution to provide disaster relief to the territory and to help repair and rebuild critical infrastructure after hurricanes Irma and Maria caused widespread damage.
However, that fund never got off the ground fully after it was first introduced in 2017 as the brainchild of Malone.
“For various reasons, the Fund never became operational,” Fahie told the House of Assembly back in June 2020, “and this may have contributed to the potential loss of interest, and consequently donations, as time lapsed.”
He continued: “I have always said that I do not believe in seeing good ideas being shelved no matter who were the originators of those ideas.”
Fahie related at the time that contributors were willing to support such a programme as long as they could see that the Fund is properly managed and that there is transparency and accountability. He described the revamped Fund initiative as “a grand opportunity for US contributors to partner with the Virgin Islands” and said the BVI looked forward to being a beneficiary of such donations.
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I listen to this dude on tola radio and he met my expectations because he sounded so immature, amateur and underwhelming. He must be the first leader i listened to that brought absolutely no inspiration. I did not even want to listen. Some of the gibrish talk after a question was asked before he could actually answer seemed like a necessary pause for someone who was either writing or texting an answer for him. How can anyone be confident in their folly is a mystery to me. Or are we watching fake confidence. Where he was going with fiyaaaah. Like what? People need to be honest and accept the man is not a leader. He is being led. And the plan of a resilience fund is not a novel one. Where are the funds from the environment tax. Why didn’t they purpose the tax funds they were charging on money transfers to help the less fortunate. No. They were trying to figure out a way to eat up the funds even after they retire under their greedy bill. The country will feel like a better place once we are delivered from this panel of evil.
Rather than talking about pass and present politicians, what are you bringing to the table, so many things at stake in this country. Yet not one of these politicians bringing forward solutions. We need a modern Road Town, modern infrastructure, modern road network, modern community centre where youths can go and learn skills that can turn them into entrepreneur. Things and times are changing so one as to adopt and change with the times, soon only the ones with a trade and skill will be able to survive in the new future that is here already.
Find the solutions on ndpbvisolutions.com
VOTE FOR PERLINE….ITS TIME TO GIVE A LADY A CHANCE IN THE 7TH.
How about…. you don’t pass GREEDY, money-grabbing legislation that allows lifelong pensions and huge payments to those who don’t deserve it? How about you DON’T establish a system where a person can work for the civil service for 10 years and then get a pension for life – I know of people who are retired at 50, living in a different country, off the money they are being paid by the BVI government as a ‘pension’. I know of persons who did their 10 years in a government department and then at 35 have gone into the private sector earning a salary whilst getting paid their government ‘pension’ every month, FROM 35?!?! – this is ridiculous. You should get a pension at pension age. Not before.
The best way to grow the territory’s revenue base is to get the rid of you and the VIP.
Just don’t put the mouse to watch the cheese.
It is my honest opinion that the Resilience Fund Scheme is a very good idea for those who are interested in donating to our Territory. I remember when H.L. Stoutt was building the Community College he reached out to many of our friends who have called the Territory their second home and assistance grants were donated.
Our Cultural Centre was a wonderful donation to our community.
Donations to this Fund, however, should be handled by an entity such as the RDA so that we are able to realise the full benefits of these donations in a short time. We are in need today of a donation and expertise to assist with our garbage disposal system before the entire western community goes up in smoke.
yes the wealthy get tax breaks in the USA and everywhere else for donations but seeing as they pay ZERO tax here how will it benefit them??? You cannot give a tax break when you do not charge tax
This man is delirious. Tax write-offs for charitable donations are allowed only in the country where the person/corporation earns their money NOT in foreign countries/territories like the BVI. A US citizen could donate millions of dollars to the BVI NPT but that donation does not earn a ‘tax write-off’ in that persons US annual income tax. This man needs to review the tax laws of the US Internal Revenue Service before opening his mouth in public.
tell me why the tracks have lights and we have the children out side in hot a** sun…these events need to be moved later down in the evening and maybe even the support “Revenue” would be greater
You don’t know? the mouse is watching the cheese. But not only watching, but eating heartly and fattening the belly off of it also. We been frig!
If I know my lil corrupt BVI this gonna just become a tax loophole for the rich people.
Many of the wealthy donate, they just don’t write their checks to Acct General. People give directly to the charity of their choice (submitting the proper identificationform of course). Hardly anyone wants to donate to government which tells us the depth of distrust of governments past and present. Please don’t messing with that. Some local charities depend on the donations that keep them afloat above the governments subvention pittance.
Don’t be surprised if VIP bring out a website and then start to claim they had one first. Petty AF.
Did you know what that social security and NHI contributions are only paid on earnings up to the insurable earnings amount (SS is $47,000 NHI is $94,000). What this means is that big earners stop contributing on earnings above these amounts. What this means is that the lower your salary, you disproportionately pay a greater share of your salary. If we want rich people to contribute more then we need to remove the cap on contributions and also potentially increase the threshold so that lower earners dont start contributing as soon.
Well said…??
or just stop government raising SSB all the time and wasting other tax revenue
Any such find will be corrupted and stolen
by the government cronies just like all the other
money.
Will that money finally help to fix Ms. W. house in Sabbath Hill that has been damaged for 5 years?
Re build our Boat building Industry..Whats going on With Peter Island Hotel.? Rebuild prospect into a long staying conference Center, We have all we need to grow our economy. We just need the external investor to partner with us.
Why doesn’t Ms W fix her own house like I did? I had no money,
no insurance, poor health. If I can do it so can others.
Spoken like a man that has never had to figure out how to develop and trade value and lacks the entrepreneur’s sprit. Just take the money Dude? Wow
The Tax break or exemption doesn’t have to be given or realized in the country that the donation was made, but actually in their home country. In many cases of the wealthy 2re to hold on to the money keeping it in their account, they might end up paying more in taxes, (a gift to the home country).
Instead they contribute overseas to worthy causes and get a tax break by having the donation amount deducted from the greater normal Tax they would have had to pay. I lived in the US some 15 years and maintained relationships with folks involved in Real Estate appraisals and other investments. I also did studied Financial Planning.
Surely our rich legislator pensioners will be contributing the most as they have gained the most. Time to give back some of the cheese.
Care
It already is all rich whites fromm uk run down hiding from the high tax there .
Somewhat correct. It had the be an IRS recognized charity to get the charitable deduction. If it’s formed in the bvi it won’t work.
Apart from the lack of eloquence and basic understanding of how tax deductions work, this is a non starter.
“these wealthy persons can address challenges such as building schools, educational and recreational programmes, struggling single mothers and social programmes”
This is government’s job.
I ask again… Where does all the money go???