Financial services professionals urged to speak up now
Premier Dr Natalio Wheatley has urged financial services professionals to use this period of reform in the BVI to advocate for changes they’d like to see in the industry.
The United Kingdom ordered major political and legislative reform for the BVI this year, after a Commission of Inquiry identified a culture of dishonesty and lack of transparency among elected leaders.
The financial industry, which is one of two major economic pillars of the territory, is expected to be impacted by these changes.
Speaking at a meeting with financial services professionals last week, the Premier said now that changes are being made to governance in the BVI, now is the best time for industry’s workers to lend their voices to create change where it is needed most.
According to a statement from BVI Finance, professionals had a candid dialogue with the Premier on several matters affecting the industry, including: facilitating and adapting to the economic substance regime, finding opportunities in legislative and policy reform.
They also discussed issues such as “immigration, travel challenges, inflation, USVI/BVI partnership and increasing awareness of the impact of the industry on the territory.”
The meeting with financial services professionals was facilitated by BVI Finance, which is responsible for marketing and promoting the territory’s financial services sector.
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any person employed in the private financial services sector from any type of work permit, time limits, family restrictions and annual immigration status.
The BVI needs to become a part of the USVI.
The situation would improve because:
a) when there is a disaster or pandemic there will be funding/stimulus;
b) less harassment traveling between STT and these side of the islands, especially for tourists. This will mean more money in the hands of the people.
The government need to keep out of financial services business and leave that to the statutory body for the industry being the financial services commission. You cant even come up with an estimate of how much has been spent so far on the COI. Stay away, sorry.
Who comes up with the idea that Registry fees should be steadily increased and is the Industry consulted on such?
There is no thought on the repercussions of the reduction in incorporations and companies that choose to contunuw out to another jurisdiction with the negative impacts of these few hikes.
Find a way to ensure fairness within the industry.
Compare compensation packages for expats vs. belongers per role. People assume that once you are working in the private sector, you make a lot of money, but in comparison to expats coming to do the same exact job, we are getting the short end of the stick and are living month to month with a much smaller salary.
Some companies go as far as paying for living expenses and school for children of expats hired, particular in senior positions. They get to enjoy the BVI in its entirety, while locals in similar positions are basically working to pay bills but cant really do much else if they want to save anything.
Base salaries and allowances especially in certain roles where the employee is subject to more personal risk. The compensation should align with this for everyone, not just for some. Everyone whether expat or local should be compensated fairly.
Aside from that, this industry earns so much and not enough is being done within the community. there is lack of Corporate Social Responsibility all around. Not all companies do nothing, but there should be more done especially by the bigger companies.
We all benefit when corporations take the initiative to ensure that some aspects of our economy get a helping hand.
Less Government bureaucracy wanted over all Immigration and Labour matters, an efficient system to pay all NHI, SSB, etc. electronically through file uploads, a direct air link to the USA, etc., etc. The private sector has been saying these things for decades and generating virtually all the money that the Government has been spending, yet the Government, including the Premier, hasn’t been listening for decades. Why should we expect things to change. All elected officials for the last 30 years should be banned from standing again. A fresh team is needed which puts the interests of the country first, not their own pockets.
The fair and equal treatment of all Expat workers regardless of their nationality. Efficient streamlined computerised labour and immigration procedures would be useful. We are in the 21st century but BVI Government departments are not. There should be online applications and renewals system with systems that actually work. There was a suggestion years ago about the granting of 3 year work permits – what happened to that? Most expats in the financial services industry come for 2-3 years so the Government could get the fees upfront and no refunds if they leave early. The majority of people that work in financial services are professionals or work for regulated entities. Also once a person has been here in the BVI why not permanent residency after 7 years like in Hong Kong.
Also streamlined and efficient procedures for DMV are required – it takes 5 minutes for the vehicle inspection and a 3 hours wait to pay for it.
Expatriates usually are not accepted at ESHS and do you really think anybody from Europe will want to have their children go to school there with bullying, fights, knifes and knuckle rings. So to get anyone to move here Employers have to offer an attractive package.