Premier eyes action on offshore firms
Premier Dr Natalio Wheatley has signalled his intention to address concerning practices in the financial services industry, where firms may exploit employees in the Virgin Islands while shifting operations abroad.
The Premier made the remarks during an appearance on the Talking Points show, responding to mounting concerns about employment practices and offshore firms’ use of BVI resources.
Dr Wheatley emphasised the importance of protecting the local workforce and ensuring that the benefits of the financial services industry extend to the people of the Virgin Islands.
“The Virgin Islands is a gold mine because of what we’ve built with the financial services industry, primarily based on our laws, our system of laws,” the Premier stated. “But it’s not a situation where you’ll be able to just take and not give.”
The issue arose during the discussion when hosts raised concerns about firms allegedly laying off local employees or pressuring them to resign while relocating operations to cheaper jurisdictions. Questions were also raised about the apparent lack of redundancies among non-Belonger employees and reports of local personnel being sent abroad to train staff in other countries, potentially violating agreements.
Dr Wheatley acknowledged these concerns and assured the public that such practices were unacceptable. “What you describe, what I’ve heard from others as well, is not something that I support,” he said.
He pointed out that while government revenue benefits from the financial services sector, employment opportunities must be prioritised, especially in top positions.
“We want the benefit of employment as well. And employment in top positions, wherever our talent is able to take us. There shouldn’t be any glass ceilings for us,” he emphasised.
The Premier further noted that he intends to hold discussions with the industry to outline his expectations and, if necessary, implement measures to address these issues.
“I would like to have a conversation with the industry, let them know my expectations. But certainly, if we have to take additional measures to prevent things like that from happening, we’ll have to take those measures.”
The issue highlights the delicate balance between maintaining the BVI’s status as a financial services hub and ensuring the local population benefits meaningfully from its economic opportunities. Critics have also pointed out the potential misuse of the BVI’s registry system, VIRRGIN, which is designed for access within the territory but is reportedly being used overseas.
The Premier, who also serves as Minister for Labour, assured the public that he would monitor the situation closely and act decisively to protect the interests of Virgin Islanders and the integrity of the financial services industry.
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One reason for the move out of the Territory is your labour policies. While they don’t need senior management here, it was a desirable place to live; I say was as the road blocks you keep putting in place have made it difficult for anyone to consider it as a long term investment, especially for families.
Keep tying the Golden Goose’s tubes and kiss the eggs good by!!
Sorry but the local education system in the BVI does not adequately prepare young BV islanders for employment in the global financial services industry. Additionally ALL professionals in this industry will regularly transfer to other jurisdiction during their careers. No aspiring professional will stay in the same jurisdiction for their entire career!
You sound like you need the education, remember this ain’t back then.
It’s really frustrating to hear these issues being discussed without any real accountability from the FSC. They know these companies are abusing the system, but nothing seems to be done about it. Families are being affected, and it feels like no one in power truly cares.
Take Pitchfork Trust as an example— Former Labour Minister(LS) talked about automation being the reason for letting people go, but that’s just not true. That company doesn’t have any kind of automation infrastructure. They’re making false redundancies, and Labour is allowing it to happen.
How is this fair to the people of the Virgin Islands? These companies are taking advantage of the system we built and using it against us. The FSC and Labour Department need to stop turning a blind eye and actually do something to protect Virgin Islanders and their families. Enough is enough.
Dear Pickle: You will find I think that there is no law requiring that all office functions be done in the BVI. Unfortunately your government and public officers do not encourage business to establish here or permit owners to hire the necessary staff to grow a business. Functions are outsourced to overseas jurisdictions because labour is less expensive and easier to hire, and staff are fully trained and eager for work. Until you realize that you are part of a global economy and react to be part of it, rather than fight it, your blinkers will continue to blind you…
Come out your feelings, you just sound salty about something but whatever you went through ain’t what every business going through. Some BVI Staff are capable of handling business on a global level and even better than their superiors.
There are facts and there are inferences. It is cheaper to outsource? Not a fact when paying 4 people to do 1 person’s job and a piece of the pie has to go to the overseer of the operation who is usually assigned from a major jurisdiction (1st world, not 3rd world). Hiring is easier? Not a fact when the low level workers being hired do not have the qualifications or experience to take in the job function so it creates a bigger problem and costs more money. Staff are fully trained? Ha! Words of an outsider, is my inference here. The Premier clearly is receiving first hand reports and have spoken FACTS! FACTS! FACTS! There is a major problem and local jobs are being taken away under the guise of outsourcing. This includes admin level work so please tell me what exactly is too difficult for our own people to take on? Blind cannot lead those who can see. Blink blink.
Yes, but there is regulation about accessing registry’s system by outside users who are not BVI employees and not in BVI. So hopefully there is no company in the BVI that is setting up non-BVI employees in registry’s system. Also hopefully no company in the BVI is telling those non-employees not to call registry if you have any issues but instead forward issues to a pawn local who is too slow to realize they are being used. Because this type of fictional scenario is quite questionable, luckily that does not happen in the BVI.
I know that company well, Family member of mine showed me the email where they offered packages to leave so they don’t have to pass it off as redundancy but yet they account sharing with Panama, Hong Kong & Cyprus using the same login details of some of the employees that were made redundant.
Someone in there reported them to FSC and not a thing was done but FSC done went talk the person business. #crooks
Hon. Premier you either deal with the Labour/Immigration issues or continue to face this fallout. There needs to be a proper balance otherwise we will continue to feel the pain. The BVI is a service based economy, let’s get that in our heads and get rid of the pompous behavior. We are heavily reliant on foreign investment but sometimes pretend as though we print money at the admin complex.
To claim offshore business was created internally is a joke. Bermuda , Cayman, BVI entities only exist because of foreign tax laws , and the foreign accountants and lawyers who designed schemes and bought control of these islands tax systems and manipulated them offering the local governments riches for their compliance . The idea this was a brilliant locally conceived plan is laughable.
No sh*t Sherlock. BVI didn’t invent financial services but ask yourself why they are one of the preferred jurisdictions and ask yourself why some places mimicking the BC act. They didn’t invent it but they made some good decisions that made it more attractive to do business in the BVI.
its due to the FS that the cost of living is so high in the BVI. Thats a fact , they pay over the top for property rentals and purchases, have pushed the local labour out of the housing market and now they want to leave after screwing up the economy for everyone else trying to work in other fields.
Property prices will crash, landlords will become the banks and after 5 years the BVI will be a much better more easy gig place again as all the crime dwindles as the money they are ere trying to rob will have gone overseas.
I know a person that worked for a particular Law Firm and their job was outsourced to another country in order for the friend of the Managing Partner to get employment. The MP believes they can outsmart the Government by not registering the person and not paying for NHI, Taxes and Social Security. They even made several of their employees redundant, fired a few and kept the bare miniumum to operate the business. Anyways, karma has come home to roost because the business lacking everything including personnel required to deal with the services they are being offered. Whem you treat others good, good will follow you. Ingrates paying for all the underhanded thievery and other abominable acts they did to people
We must always remember one cannot serve two masters and the Lord in heaven neither slumber nor sleep. You hear me L***a in nobody S****r.
These companies outsourcing the jobs and passing the staff off as BVI Staff or BVI Support, while account sharing local accounts which violates FSC policies.
Well said honourable Premier!
The FSC can do us all a favour by KEEPING VIRRGIN ACCESSIBLE IN BVI ONLY!!! or else they will be the ones to blame for empty offices all over the town when more layoffs take place as a result!! Take heed and stop being manipulated. This should not even be a question.
Remember a lot of these who in there that ain’t want retire only there for the bribes not the salary! Integrity is rare these days, and those who actually have integrity don’t get the job because people in these organizations corrupt and hire their friends who they can drink and party with and give them increments with no yearly review like tourist board!
Please note that this is just the tip…. BVIslanders are being marginalized in the industry. Especially at senior level, where the goal is to fustrate the employee who is qualified and experienced so that they may leave to make room for the preferred race or color to take their place. So Mr. Premier please look it in more detail. Please conduct an industry survey, one for employers and one for employees, this way you would be able rule out any descreptancies in the employees’ responses.
Sowande if you reading this and truly love BVI landers fix this problem or create some new revenue streams for your people or we might have to all relocate to Panama and Cyprus. The woman in the corner too cozy with them foreigners that’s why they sell her that bag of BS that she went and spew in the House of Assembly. These companies maximizing profits and outsourcing the work. They got a lot of work for BVI people. Business isn’t as great as 10 or 20 years ago but it good enough to employ dozens of Panamanians and Cypriots. Make this make sense. They ain’t contributing a dime to NHI or any other local taxes but their only work is for BVI companies. These people are not specialist or have some expertise that could not be found in the BVI. These people doing basic corporate admin work and taking away jobs from locals. If they could they would outsource the receptionist and all. One trust company use the cheat code now all of the big ones doing it. When they lose access to FSC database watch them come back home to the locals.
Some of these offshore companies are releasing senior BVIslander staff and replacing them with outsiders with no knowledge or experience of the BVI jurisdiction and who require work permits………..why is the Labour Department facilitating this carry on ?
Just today the big boss from one parent company arrived here and sacked a 25 year veteran of Financial Services. This individual was on jury duty for the past few weeks and the on island manager didn’t like the times he was coming to work. This makes it 5 BVIslanders that were sacked by this company in recent times.
Everyone just seems to look and shake their heads and say nothing. Mr Hastings, if you can’t protect your people please vacate your position.
If you think Lorna bad, H* is a big sell out! He needs to go, he self does take them same Trust Companies on yearly tours, you think he going jeopardize his income?! Dude has no integrity!
The Activities of Politics have always been a Dirty Game, the BVI not excluded, especially with this Younger set of Politicians. They continue to chant how they care about Virgin Islanders or the people of this Territory. Yet they continue to play them for Fools by selling out their Rights every chance they get. They continue to think people are Fools. If they care so much about the people, why was the Minimum Wage Implementation postponed? The people need to know the Truth. How can someone say because its now Financial Services that you care so much for the people and wish to support them and in the next Breath its mostly Tourism and other Businesses you can get away with not caring. Mek dat Mek sense. Some Politicians are like Dogs who quickly turn around and eat their Vomit. You all Better remember. There is a God who sits high but looks Low. Time will tell.
Love how so many of you are using arguments based on the ethics of employing local people or not, its not fair, families are affected, etc etc.
Nothing ethical about this industry!
You all are the hoarders and hiders of the wealth of the world. People die in hospitals and from starvation because your job is to hide the money of the thieves and corrupt politicians and crooks who steal it from what should be peoples health services, their housing programs, food programs, etc.
Ethics. SMH!
It’s a dirty, sneaky business based on the philosophy of selfishness. Of course they play dirty and sneaky!
It’s all about GREED. Loopholes disadvantage the MASSES.Greed fattens the pockets of a few, when the loopholes are implemented, the gravy train dries up, banks seize apartments, outsiders enter the job market under disguise without oversight, jobs are lost, less taxes received and then the M is reduced and what’s remains A’s bray down the place.
Better the wealth stay here than to be taxed and spent on missiles to kill people including women children and men who dont want to fight in the Palestine Lebanon and Ukraine. Each weapons shipment is payed for with taxes. That is dirty.
The money isn’t for schools or hospitals billions to fund wars & fund murder and you still talk about taxes for schools cmon they are for blowing up the schools…
Law firms are guilty too!