Revenue doesn’t stay long in BVI, Premier says
Premier Dr Natalio Wheatley has warned that much of the BVI’s income quickly leaves the territory because of its heavy dependence on imports, urging residents to build stronger local businesses to help retain revenue.
“Most persons in the world, small island developing states, are lucky if they have one global revenue earner. We’re blessed to have two,” Dr Wheatley stated, referring to the territory’s tourism and financial services sectors.
“But those two revenue earners, as soon as the money comes in, generally, the money goes right back out nearly as quickly as it comes in. Why is that? Because we import most of everything that we consume. So when you look at our economy, the money doesn’t stay here very long,” he explained.
The Premier made the remarks while addressing a recent Rotary Club event focused on community empowerment and economic development. He said the key to reversing this trend lies in “strong communities, empowering local businesses, creating sustainable jobs, and investing in people”.
Dr Wheatley urged residents to see opportunities in tourism growth rather than only challenges, pointing to examples of entrepreneurs who have capitalised on the influx of visitors.
“When you see all of the cruise passengers come in, some persons may choose to complain. Some persons may say cruise passengers don’t spend money. Others will see the opportunities,” he stated.
According to Premier Wheatley, the upcoming airport runway extension could double passenger arrivals, creating more room for entrepreneurship.
“We’re on somewhere around 300,000 or so passengers coming through our airport. When we extend that runway, it’s projected to at the very least double. What opportunities does that present?” he asked.
The Premier said the government will reintroduce the Investment Act in early 2026 to attract and support investors across various sectors. “You have to give incentives for persons to be able to invest in business, and then government gets out of the way,” he added.
He emphasised that true economic growth comes from trade, not bureaucracy. “Governments don’t create value. Governments might get some taxes, some duties and some fees, but real value is created in the buying and the selling, which businesses and the consumers; those transactions that happen every day,” Dr Wheatley stated.
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Of course revenue does not stay around long.
Putting on parties and paying others to do the same.
Endless first class all the way travel for premier and whoever.
What did you expect? We don’t produce enough food, we have to import oil, gas, building materials, cars, boats and so forth, so we have to buy it somewhere else.
How will revenue stay long when you put 5 million of our tax dollars in a failing bank and it just went Poof!
If we supported our Fishers and Farmers we could solve a myriad of problems here. If…
Indeed, revenues will not stay within borders if they are continuously routed to personal overseas accounts in Asia, the far East Europe. And, the act to continue pull cloth over people’s eyes is hilarious.
Meanwhile, there is not one single elected man or woman standing in the halls of power today have contributed more and is deserving more financial attention than the pensioners, Social Security candidates, the unemployed and the very needy elderly. They simply go heartlessly unnoticed.
Moreover, the recent gigantic salary increases to the electeds should be reformed, as they have done nothing to ameliorate the living sufferings of the above groups.
Instead, they have heartlessly enriched themselves for life.
They egregously ignored those whose energy, work, dedcation, contributions and lives made it possible for them to become economically well of and rich.
Is God real and is asleep?
Revenue probably catch the same planes as you sir.
You also hirer a ton of non locals. You think they keep the money within the territory?
If we had better, more trustworthy, up to date banks more money would stay here.
Picking the tax payers pocket
We import our food
We import other goods and service
We import household appliances
We import all kitchen gadgets
We import our vehicles
We import construction equipment and building materials
We import our hospitals equipments
We import electronics devices
We import oil and gad
The list can go on . How do you expect money to stay in the country
Do we have factories
Do we have industrial independence
It is financial services
Tourism
Major money making assets
The rest is taxes levied on us
Your logical conclusion is to say expatriates sending out the money so hike up
Immigration fees and blame them for all the social ills in the BVI
What is this giy saying
Master WEATIE , Is saying )> thats the reason why we had to full our pockets first , ya’al think we stupidy or wah ? ah-yo turn ain’t come yet , just keep ah-yo fingers crossed and vote fo we again and ah-yo gine geh it •
No. Because when you are taking trips to events you do not need to attend and supporting criminal entertainment what do you expect?
While you are at it. You and Marlon need to clean up the 7th and 8yh districts. They both look like shanty towns.
Building local businesses won’t keep money within the BVI economy. You need actual US dollars flowing into the economy from sources that aren’t fully relied on tourism.
Marlon is in the Opposition. Natalio is the Minister of Finance.
Marlon could plead but has to wait on them to help his district.
He cannot pass monies from the budget. It is Natalio
Kartel went with 500k of it you big dummy