BVI News

Financial services providers given extension on operating outside BVI

The BVI Financial Services Commission is the regulatory body for financial services in the BVI.

Financial services providers that are currently operating outside of the BVI due to the effects of COVID-19 have been given another two months to continue these operations.

This is because government has extended to December 31, the order made earlier this year that allows businesses to move operations outside of the territory because of COVID-19. It has been extended several times since COVID-19 started affecting the BVI.

The number of financial services providers operating outside the BVI due to COVID-19 is unclear.

The order was made under the new Financial Services (Exceptional Circumstances) Act 2020, which was passed in March this year.

It allows financial services providers to relocate outside the BVI and elsewhere within the territory during or after an ‘exceptional event’.

The legislation replaces the Financial Services Continuity of Business Act of 2017, originally created in the aftermath of the 2017 hurricanes to allow businesses to continue their operations in neighbouring countries.

An excerpt from the new Financial Services (Exceptional Circumstances) Act 2020 showing some of the purposes of the legislation.

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8 Comments

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  1. EU Citizen says:

    “Financial Services” is a joke. It’s money laundering and tax evasion.

    Like 5
    Dislike 17
    • Wait what? says:

      You mean countries as Ireland, the Netherlands and Luxembourg? Those are all bigger tax havens than the BVI.

      Educate yourself before stating such nonsense.

      Like 10
      Dislike 1
    • V4 says:

      You’re an idiot with that comment, end of conversation

    • V4 says:

      You won’t think it’s a joke when the financial services relocates to a more coherent educated country, that along with the lack of tourism whether you are materialistic or not, my friend you are going to struggle with your GDP and corrupt government

  2. Mr. Green says:

    It’s also 63 % of the money the Government has to spend on all of the BVI. It’s NOT a joke!!!!!!!

    Like 4
    Dislike 1
  3. Wait a minute says:

    The government is currently not at all trying to accommodate people to come back to the territory. How are we then supposed to commence business from inside the territory?

    Or are you still trying to get locals to run the companies?

  4. Anonymous says:

    This country is the laughing stock of the Caribbean. Poor management is leading it to a wreck. The Queen needs to take over.

    Like 4
    Dislike 1
  5. Sandra says:

    This country is the laughing stock of the Caribbean. Poor management is leading it to a wreck. The Queen needs to take over.

    Like 3
    Dislike 1

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