Financial services too critical to be politicised

Premier Dr Natalio Wheatley has emphasised the importance of keeping politics out of the BVI’s financial services industry, describing it as “too important to play politics with”.

Speaking from Macau, China during an interview with Acting Director of Communications Karia Christopher, Dr Wheatley underscored the significance of the financial services sector to the BVI’s economy, noting that approximately 57% of the territory’s business comes from the Asia-Pacific region, including 44% from mainland China, Macau, and Hong Kong.

“It’s our bread and butter,” he stated. “We want to reassure our partners here that we remain a reliable, stable, respected, and reputable partner for them to do business with.”

Dr Wheatley’s comments come amid global turbulence affecting financial services, as regulatory changes continue to reshape the industry. He stressed the need for political unity in safeguarding the sector, highlighting the importance of bipartisan cooperation.

“There’s unity in the House of Assembly on financial services matters,” he said. “It sent a strong message to the industry practitioners here… that we are committed.”

Dr Wheatley was accompanied by members from both the government and opposition, including Eighth District Representative Marlon Penn, who praised the Premier’s initiative for fostering political maturity. The collaboration marked a historic moment for the BVI, as it was the first time both sides united for a financial services mission.

“It adds a layer of security for persons when they see government and opposition singing from the same song sheet,” Dr Wheatley explained. “If financial services goes down, we all go down. We must be committed to the success of financial services.”

The Premier also highlighted the importance of updating legislation to safeguard the industry and maintaining a consultative approach with stakeholders. “We have to pass legislation to safeguard the industry. It’s important that we show unity,” he asserted.

During the tour, the BVI delegation celebrated the 10th anniversary of its Hong Kong representative office, which was first opened by former Deputy Premier Lorna Smith in 2014. Dr Wheatley acknowledged Smith’s contributions, noting, “Having her guidance has been extremely important.”

The BVI’s financial services industry is a key pillar of the economy, generating over half of the territory’s revenue primarily through the licensing of offshore companies and related services. In recent years, the government has introduced measures to enhance transparency and strengthen regulatory frameworks to maintain its status as a reputable global financial hub.

“We continue to be a strong partner for the Asia-Pacific region,” Dr Wheatley said. “We want to let them know that we remain a reliable partner.”