We’re a tourism haven, not a tax haven — Premier
Premier and Minister of Finance & Tourism, Andrew Fahie has argued that the BVI continues to be mislabeled as a tax haven, despite efforts over the years to reverse this reported misrepresentation.
“Let’s not forget the OECD‘s (Organisation for Economic Co-operation and Development). I would say not an ‘attack’, but [it has placed] emphasis on the taxes because they tried to brand us as a tax haven which we are not. We are a tourism haven, but not a tax haven,“ the Premier said at a recent press conference.
He said that over the past three-and-a-half decades, the BVI has built a financial services sector that it is very proud of.
“We have one of the best mechanisms to detect financial crimes,” he said while noting that the BVI was able to assist the United Kingdom’s National Crime Agency in solving one of its biggest financial crimes using the Beneficial Ownership Secure System (BOSS) and other systems that it has.
Premier Fahie also claimed that the BVI is one of the best-regulated territories that is in the financial services business.
He said countries that do business in the BVI are taxed where they are. And if any profits are made, these are also taxed before they are returned.
“So, it is false information that has been able over the years to take root,” Premier Fahie stated.
The Premier said that on his recent visit to the UK, he scheduled numerous press interviews in order to change this narrative and get the BVI‘s story out.
“For too long we have let the other side get out there and to the international world, it seems like that other side is the truth,” he stated.
He again disputed the narrative carried by a UK paper that he was trying to help the BVI to seek independence since this is a decision that needed to come from the people of the BVI.
“Our job as leaders is to prepare the people of the Virgin Islands to be able to be in a position to handle whatever next political step that they would make,” he stated.
The Premier said the BVI has seen some very trying times over the years, including the 2008 economic downturn, two category five hurricanes in 2017, and now the challenges of the global pandemic.
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Who caused this, VIP or NDP?
all of the above mentioned
Uh em.. Cough, Cough. Wink.
A tourist haven, where you are welcomed by surly people, where you have to pay to get in, pay while you’re here and pay to get out, receiving mostly indifferent service for expensive goods and services. Other than that, what is here that is not available elsewhere?
Don’t forget to mention the free morning wake up calls by HM Customs! That’s a new service they should promote as BVILOVE! Not to mention the boarding of boats with tourists onboard to check the paperwork for $4/person. They probably spend $500/day in gas to check cruising permits that bring in less than that a day. BVILust.
for Columbia, Venezuela and Mexico…thanks for that clarification (not so) Honorable..
BVI is a tax haven now and was a pre-pandemic tourist destination.
You surely are NOT a Tourism Haven at all. BVI is a L O N G way from being a Tourist Haven.
Its silly statements like these that show how immature our leaders are. BVI has BEEN a Tax Haven and IS a Tax Haven to this day.
A twist and play of words will not change that FACT!
Now on the Tourism Haven matter, you got a da##mn lot of nerve! The place has a ways to go before it can be called that. First step is to thoroughly clean the destination, and get the roads sorted.
It is silly comments like these which show how ill informed some readers of BVI News are. If by tax haven you mean a jurisdiction used to evade or even to aggressively avoid tax in other jurisdictions, then you really do not know what you are talking about. Rather, BVI is a zero tax jurisdiction with transparency to the onshore authorities to allow persons to structure their international affairs in a neutral environment while paying all onshore taxes. It is as simple and as useful as that. I hope you are now better informed.
When are the mega yachts and independent charter yachts coming?
Neverary 1st, 2022
What a joke. This government continues to destroy the tourism section. Yes they do love the Cruise boats, but BVI Tourism is so much more than that.
It takes months to get a work permit renewal, they make new rules effecting the charter boat industry as it is finally beginning again, raise prices on government fees. It is the charter boat and hotel and villa guests who are spending their money not the cruise people. Someone needs to get control of this and set them straight.