BVI Premier Speaks on the Development of Financial Services Industry

The Premier and Minister for Finance of the British Virgin Islands Orlando Smith had discussed the future of the BVI as a financial centre with business leaders. He said that the BVI government has the aim to strengthen the position of the territory as a leading offshore financial centre that adheres to international standards, and to set the BVI apart from its competitors by developing innovative new offerings.

The Premier and Minister for Finance noted that the BVI, which once had unique position in the world of financial services, now has a community of competitors in this niche, as well as in tourism sector. He said that the territory must “rise to the challenges of keeping the twin pillars of economy not only sturdy but resilient.” By words of the Premier, the BVI should review its business models, and to improve or increase the products offered, because what once was an “extraordinary idea,” has now become “the new normal.”

Orlando Smith pointed to changing international standards on tax transparency and information exchange. He stressed that the BVI government must increase its efforts to inform the international community on all the steps taken by the jurisdiction to adopt leading international standards and improve co-operation with tax authorities of other countries. Also, he said that particularly close attention should be focused on the “correctly themed marketing of our tourism and financial services products, and currently efforts are fully underway to rebrand the BVI product."

To boost the ties of the BVI territory with emerging markets, particularly Asian, the BVI government plans to establish a representative office in Hong Kong.

Brian Obvi,
Offshore Analyst

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New Director of Tourism Appointed in BVI

Premier and Minister of Tourism of the British Virgin Islands Dr Orlando Smith announced the appointment of Sharon Flax-Mars as director of tourism for the British Virgin Islands Tourist Board. Flax-Mars has more than 25 years of experience in tourism and hospitality, during which she held a number of senior posts in the industry. She was also a member of the BVI Tourist Board across three administrations.

The Premier said in his comments on the appointment: “I am aware that it takes dedication, diligence, persistence, vision, effective planning, and the right hands on deck. In this regard, today I am pleased to announce that the BVI Tourist Board has retained the services of Mrs Sharon Flax-Mars who will serve as the director of tourism.” The new director of tourism also shared her first plans on the future of tourism in the British Virgin Islands, especially noting the aim to increase the number of visitors and show them the “unparalleled beauty and charm unlike any other islands in the Caribbean.”

Brian Obvi,
Offshore Analyst

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New Air Service Launched in BVI

On October 8, it was announced by USVI-based carrier Seaborne Airlines and the British Virgin Islands Tourist Board in collaboration with the BVI Airport Authority about the start of daily round-trip flights between San Juan’s international airport in Puerto Rico and Terrence B. Lettsome International Airport, serving the British Virgin Islands. Flights are to be commenced in two months, on December 8, 2012. It was also stated that by April 2013 Seaborne plans to operate 49 weekly round-trip flights in the BVI.

On December 8, the carrier based in St. Croix, US Virgin Islands, is going to start new service from San Juan to Virgin Gorda. Seaborne will also introduce special promotional fares for BVI residents travelling to San Juan. BVI travellers will have access to Seaborne’s premium lounge at San Juan's Luis Munoz Marin International Airport.

By words of Gary Foss, the president of Seaborne Airlines, this first scheduled service to the British Virgin Islands from their connecting complex in Puerto Rico will allow customers from United States and Canada easy connection to the BVI territory.

Brian Obvi,
Offshore Analyst

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Premier Speaking on BVI Tourist Board Activities

BVI Premier and Minister for Finance having responsibility for the tourism sector, Hon. Dr. D. Orlando Smith, said that the first one hundred days have been an intense listening period for members of newly appointed BVI Tourist Board.

The Premier said that in the very beginning of the year the Tourist Board organized a formal Tourism Stakeholders consultation to get information from the tourism industry on a number of topics ranging from the “BVI Brand” to infrastructural development, marketing collaboration, investment in new and existing product offerings and how the Board could be more responsive to stakeholders. Subsequent to that meeting, the Tourist Board have been in contact with the airlines, ferry operators, with the Dive Association, and other organizations. Hon. Orlando Smith stated that the consultations will continue in order to find workable solutions to attract visitors to the British Virgin Islands.

According to the Premier, the BVI Tourist Board continues its partnership with the International Finance Centre and Shipping Registry, concentrating on obtaining the benefits of synergy in brand and target markets.

Brian Obvi,
Offshore Analyst

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BVI Government Plans to Concentrate on Financial Services and Tourism

Premier and Minister of Finance Dr. D. Orlando Smith has said in his New Year's message on Facebook that in developing the economy of the British Virgin Islands there would be two major traditional pillars – tourism and financial services. He added that the BVI government “will also focus on supporting our small businesses because keeping them afloat is critical to our economic well-being.”

Premier Smith also spoke about the challenges which are to be responded this year: “We have challenges ahead but with those challenges come new opportunities for us to break away from old ways of thinking and forge new paths for ourselves as a people and as a territory.”

Brian Obvi,
Offshore Analyst

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BVI Ranked First in the Region for Best Quality of Life

In a report which was recently released by FDI Intelligence, a division of the Financial Times of London, the British Virgin Islands was ranked in the top first place in the list of countries of the Caribbean and Central America.

The report was published based on data compiled by the division of the Financial Times ans scored by an independent judging panel. Judging criteria for the category, which the BVI was the first, was based on multiple factors including life expectancy, infant mortality, unemployment rate, GDP per capita, crime and secondary enrollment rate.

Neil Blyden, chairman of the British Virgin Islands Tourist Board, said in his comments on the BVI ranking: "We are pleased to receive this recognition and we look forward to sharing these wonderful attributes with visitors to the destination... From our pristine beaches and exhilarating natural attractions to our friendly people, award-winning cuisine and outstanding accommodations, the BVI is a destination made for such superlatives."

Brian Obvi,
Offshore Analyst

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BVI Delegates to Participate in Caribbean Hotel & Tourism Conference

The 15th Annual Caribbean Hotel & Tourism Investment Conference (CHTIC), which will take place in Jamaica on May 10-12, will attract plenty of financial industry executives, developers and financiers as parties that are interested in taking advantage of the next big growth stage in the Caribbean tourism industry. Also, the Conference will be attended by government officials, investors, lenders, architects, financial organizations, real estate/mortgage intermediaries and other organizations and persons related to tourism.

By words of Alec Sanguinetti, director general and CEO of the Caribbean Hotel & Tourism Association, potential delegates from the British Virgin Islands can take advantage of the Caribbean Hotel & Tourism Investment Conference to meet with investors and other delegates conducting business in the Caribbean region.

The program of the Conference will include the keynote address of Edmund Bartlett, Minister of Tourism for Jamaica, named “Tourism Investments…Key to Caribbean Growth.” Also, the President of Caribbean Hotel & Tourism Association Josef Forstmayr will also speak at the opening ceremony upon the importance of investments in the Caribbean jurisdictions to help maintain their economic stability.

Brian Obvi,
Offshore Analyst

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BVI Premier Speaking on BVI Business Opportunities

Last week, 2011 BVI Business Outlook conference was held at the Scrub Island Resort, under the theme "Embracing the New Normal - Rising to the challenges of a more competitive and regulated global economy". This conference was attended by more than 200 delegates from the public and private sectors of the financial services, tourism and telecommunications areas.

BVI Premier and Minister of Finance Hon. Ralph T. O´Neal, OBE, expressed his opinion that it was “quite fitting and timely” that the conference was being held at the beginning of the year, after the “economic uncertainties” of 2010. He also said that “it is no longer business as usual in the Virgin Islands”, and the unique solutions must be found for the unique problems. The Premier named some significant events over the past years that impacted the economic landscape, including the shift of standards that govern cross-border taxation, the exploration of the major financial centers in the world, and the election of the first African-American president in the United States.

The Premier and the Finance Minister said that there are many existing possibilities regarding the future of the BVI territory's economy, but but the established institutions, various legal frameworks, practices and policies “must be robust and sustainable”. He also said that "In the development of our tourism and financial services sectors, we must ensure that it takes place to further the overall development of the Territory. We must also ensure that we are ever conscious of the challenges in the changes that will occur worldwide in those sectors."

Other speakers who made their presentations at the conference included BVI Financial Secretary Mr. Neil Smith, Managing Director of the Financial Services Commission Mr. Robert Mathavious, Executive Director of the BVI International Finance Centre Ms. Sherri Ortiz, and Ms. Haddassah, Director of the BVI Tourist Board. The keynote address was delivered by the former Premier of Bermuda.

Brian Obvi,
Offshore Analyst

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BVI Government Ministers to be Questioned by Opposition

Tomorrow, Opposition leader Dr. Orlando Smith will have a talk with BVI Government Ministers on several issues of BVI economy. He will ask the Premier Hon. Ralph T. O´Neal who is also responsible for tourism on the status of the BVI Tourist Board – on the appointment of a Chairman for the board, when would the board have sufficient members in place to carry out its business, and how decisions are being made. Mr. Smith will also ask the Premier some questions on the resignation of the Director of the London Tourism Office.

Other Ministers to be questioned by the Opposition are Minister for Health and Social Development, Ministers for Communications and Works, Education and Culture, Natural Resources and Labour.

At the sitting of the House of Assembly, Premier Hon. Ralph T. O´Neal will propose the Supplementary Appropriation (2006) Act, 2010, Banks and Trust Companies (Amendment) Act, 2010 and Company Management (Amendment) Act, 2010 Bills.

Brian Obvi,
Offshore Analyst

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$279.8 Million Budget Presented by the BVI Premier

Last week, Premier and Finance Minister of BVI Ralph O'Neal presented Territory's Budget for 2009. He outlined the projected revenue in the amount of $279,841,000, and operational expenses $252,485.400. The Development Fund allocation is $23,875,600.

Ralph O'Neal said that there is 1.7 percent decline over last year's estimates because of the anticipated reduction in revenue linked to the ongoing turmoil in the global economy. He also anticipated a reduction of revenue from the financial services sector and from tourism industry.

The Premier said that the government will stimulate local economy through various policy and programme implementations, and the projects which will create jobs for BVIslanders.

The Budget projection will be referred to the Standing Committee before the commencement of the debate.

Brian Obvi,
Offshore Analyst

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New Chairman Appointed for the BVI Tourist Board

The British Virgin Islands has appointed Myron Walwyn, an experienced businessman and an attorney at law, as a new Chairman of the Tourist Board. Being a qualified attorney, Myron Walwyn is the Manager/Director of MVW International, the parent company of Moorings Marina Inn Restaurant and Nexus Cafe Bar and Grille.

Walwyn has more than 15 years experience in hotel management, which is very actual considering that tourism is one of the main economic pillars of the BVI economy. The BVI Tourist Board is mandated to ensure that the industry maintains its leadership position as a diverse upscale niche market destination.

Brian Obvi,
Offshore Analyst

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BVI Team Participating at World Travel Market in London

The four members delegation represented the jurisdiction of the British Virgin Islands at the World Travel Market which took place in London from November 10 until November 13. This Market organized annually is a major networking and business event for travel industry officials.

According to the Acting Director of Tourism Hadassah Ward, the British Virgin Islands delegation participating in the event was engaged in competitive research. She described the Market as a place providing huge opportunities for business and, but also said that its high cost negatively affects BVI participation.

By words of tourism official, this year's BVI delegation had the purpose to draw more attention to the BVI tourism and show that the territory is open for business, being still one of the best destinations in the Caribbean.

Further on, Ward stated that the economic downturn in the U.S. and the financial crisis are having global effect, and also the potential impact on the tourism industry, so more targeted advertising is needed, with the purpose to focus the efforts of the BVI Tourist Board.

Other members of the delegation who attended the World Travel Market were Abigail O’Neal, who is Marine/Online Specialist, Lynette Harrigan, Emerging Markets and Niche Marketing Manager, and Perla George, the General Manager of North America, Sales.

Brian Obvi,
Offshore Analyst

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