Premier rejects ‘tax haven’ label amid heightened scrutiny
Premier Dr Natalio Wheatley has firmly rejected claims that the BVI is a tax haven, insisting that the territory operates within international regulatory frameworks and is a responsible financial services jurisdiction.
“We are not a tax haven, and we are not a haven for money launderers or anything like that,” Dr Wheatley stated at a press conference last week while responding to continued allegations from international media.
He emphasised that the BVI adheres to global tax standards and cooperates with international financial regulators.
“We have between 350,000 and 400,000 companies, and we are adhering to all international standards,” he said. “You see us going through the House of Assembly now, strengthening our anti-money laundering, counter-terrorist financing, and proliferation financing regime. We have tax agreements, and we sign on to the common reporting standards for the OECD.”
Renewed scrutiny
The Premier’s comments come amid renewed scrutiny of the BVI’s financial sector. According to the UK Guardian, a recent report suggested that Russian billionaire Roman Abramovich used BVI-based structures to manage his wealth, raising fresh concerns about financial transparency. The report echoed broader international criticism, including calls from UK parliamentarians for public registers of beneficial ownership in British Overseas Territories.
Despite such criticisms, Dr Wheatley defended the BVI’s record on financial services regulation.
“We adhere to quite a number of international standards and regulations, and we’re proud of our efforts,” he asserted. “That is why we’ve developed such a good reputation as an international finance centre.”
The BVI has managed to stay off the European Union’s tax haven blacklist by complying with evolving regulations. However, watchdog organisations such as the Tax Justice Network continue to rank the jurisdiction as one of the world’s largest enablers of corporate tax avoidance. “Many of the persons who are saying what they’re saying about the BVI, it’s mainly out of ignorance,” the Premier expressed.
BVI shares information
In response to allegations that the BVI facilitates illicit finance, Dr Wheatley pointed to the territory’s cooperation with international law enforcement. “We share information, some of it in less than 24 hours, with our law enforcement partners around the world, including in the United Kingdom,” he stated.
Calls for greater transparency remain contentious. The UK government has previously pressed for mandatory public registers of company ownership in its Overseas Territories, a move BVI leaders have resisted.
“We are committed and reliable partners of the United Kingdom in applying sanctions, combating financial crime, and immediately sharing beneficial ownership information to support investigations,” Dr Wheatley said.
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So, if BVIs is not a tax haven or haven for money launderers, what compels people so bring their money here? And, why so much resistance to beneficial company ownership registry, not to mention the govt’s own resistance to having elected politicians be transparent about their business interests and government contracts.
We are not a tax haven. We just have low taxes for
everything. We don’t want our taxes to be higher
just to appease foreign governments who piss
away their peoples money on nuclear weopons,
armies, all sorts of crap we dont need.
Sure, we have crap roads and all the other
stuff but then do do they and they still tax
their people through their butts
You guys are so brainwashed and stupid you don’t even realize. The BVI has Banco Popular, FirstBank, Republic Bank, VP Bank, National Bank, CIBC Bank, Bank of Asia. Which one of these banks is holding trillions of dollars? You, just like many of the commenters have no clue where the BVI fit into the global financial services picture. The companies are REGISTERED in the BVI and services are provided from entities within the BVI. Most of the bank accounts are in the same onshore jurisdictions that pretend as if they are better than BVI. The BVI Banks are NOT holding funds for these companies, but rather banks in Asia, London, Delaware (USA) and others. Do some research instead of making yourself look like a fool. Ask anyone with a BVI Business Company if they can even open a bank account locally as most banks require a trade license and local presence to get the account. Opening an offshore account in BVI without conducting BVI business is not a simple task. The companies are registered here, the money is not banked here.
dude need to stop acting brand new, we are a tax haven but so are a lot of other places, no shame in making money off the rich
The biggest tax havens are places like Delaware and Wyoming
VI politicians have the VI in the Criminal business of hiding money and the people who want to hide that money, including themselves.
Transparency is a hollow word here even after the COI. The COI recommendations have been resisted at every turn, before during and after. There is so much resistance to a beneficial company ownership registry, as there has been to a register of Ministers interests and the availability to that registy. Ministers are not transparent about their business interests or government contracts and disregard the rules when they are. And Money Launderer in Chief still hangs on the wall of the HOA. We are not hiding him I guess because he already in Jail but want to hide everyone and everything else!
@Buzzbvi, give us one example of where monies are held in the BVI. Which bank is holding this money?
tell that the the HMRC who are looking for over $1billion in tax avoidance from 1 company based in the BVI, yes just 1 company owes the British Government more than $1billion in tax and you wonder why they looking so closely.