BVI News

EU says we will not be placed on their blacklist

Premier Andrew Fahie (BVI News photo)

The BVI will not be placed on the European Union’s blacklist of non-compliant tax haven jurisdictions.

Premier Andrew Fahie made that announcement on Tuesday in a report to the House of Assembly.

He said: “The European Union has announced today that it recognizes the BVI as compliant with its fair taxation principles as well as being a cooperative jurisdiction. The BVI has been working closely with the EU to meet its requirements regarding fair taxation.”

“This milestone has been achieved due to the hard work and tireless efforts of the previous government administration and your new government,” the Premier added.

He said the outcome was not surprising considering that the BVI “has always been a jurisdiction that keeps pace with international standards”.

At the beginning of the year, the Economic Substance (Companies and Limited Partnerships) came into effect. The Act, which was implemented under an NDP government, was a requirement for the BVI to keep off the EU’s Blacklist.

The crux of the legislation mandates that offshore financial services companies registered in the British Virgin Islands are expected to physically set up office spaces in the territory if they are to continue doing business with/through the BVI.

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  1. Hmmm says:

    Where are Fahie’s critics now?

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    • @hmm says:

      All of that was made possible by the previous government, this new government has yet to accomplish anything as they have just been elected thus all that is happening now is due to the work of those who where there before and that is facts.

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    • Eagle eye says:

      “This milestone has been achieved due to the hard work and tireless efforts of the previous government administration and your new government,” the Premier added.

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  2. Truth Sayer says:

    Did you red the article carefully? You would note that we are not on the EU blacklist because of the work of the NDP Government. This all happen before the new government came into being. Give due credit where credit is due.

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  3. Politico Nuevo says:

    It is great news that the VI is not being on the EU Black List. However, credit is due to the NDP for its invaluable effort in satisfying the EU. It was a difficult job well done. Nonetheless, are there enough office space for entities conducting business in the BVI to have minimum physical space to housed personnel?

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  4. Real talk says:

    What I do not understand. If Andrew going to give jacket it jacket give it honestly and fairly. His government just got in which the truth of the matter had no role to play in any legislation or measures in place to keep the BVI off EU blacklist it was so let the previous government.

    His job moving forward is to ensure that measures continue to keep us off such list and how his administration going to handle such measures with this Act in place.

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  5. Really says:

    So you are saying that Fahie should be given credit for this new Development. You people never cease to amaze me with the level of ignorance.

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    • @Really says:

      Read the article. Fahie gave credit to the past administration. Also, give the current Premier some credit. Stop the hating.

  6. Does It REALLY Matter? says:

    Does it really matter which Government was able to make this accomplishment? Point is the BVI has not been placed on the EU’s Blacklist. What we need to focus on is keeping the BVI of the EU’s Blacklist.

    Election is over (well almost cause we still have the by-election to take place)but let us move forward as a country in unity and stop the bickering. The BVI is a beautiful place to live. We have numerous nationalities among us who have chosen the BVI to be their home. Let us come together.

    Just my two cents.

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    • Hello says:

      Yes it does really matter. Because we all painted the NDP (past) government black and accused them of doing nothing and fast asleep. Had the country been blacklisted, Fahie would not have let us forget it was the NDP’s fault! So yes, give credit where it is due. Fahie needs to ensure that he does the necessary moving forward as his turn will come up and he wont be able to blame the previous government.

      So we are watching and we watching intently.

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  7. Really?? says:

    Yes it does Matter!

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  8. Django says:

    I think most politicians will take credit for anything good, regardless of their actual input and involvement. In this case, I see Fahie’s acknowledgement of the NDPs hard work as balanced , fair and the decent thing to do. I didn’t vote for him but kudos for this. At this stage in the electoral cycle it’s easier to be magnanimous but credit where it’s due.

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  9. Shame on him says:

    So are we really that dumb to believe that the New VIP government had something to do with the EU not blacklisting us. The new government ministers got sworn in 7 days ago, Election was 19 days ago. Are we out of our minds? Didn’t anyone see the work that was done by the last Premier to get the economic substance bill through the House and all the other work that was done by the industry. Hon. Fahie continues to be d*******t. I hope we are prepared for what is to come. When a person shows you who they are you must believe them.

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  10. What a set says:

    If the BVI was on the EU blacklist all of you would have come on here blaming Fahie. Yes the former government worked on it but so did the present government. Ayo is just a set of hypocrites.

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  11. Truth be told says:

    We all know that if the report read otherwise (ie. BVI remains blacklisted) the new Pemiere would not have included himself nor his administration in taking resposibility for even a small part of it. They would have put ALL the blame on the NDP.
    Talk about being hypocritical.

    I have nothing against this new Government but let’s be fair. They had NOTHING to do with this. It was ALL NDP.

    Is it soooo difficult to admit that the NDP did good things while in office?

    The election is over. Give Jack his Jacket.

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