BVI Premier Takes Part in Pre-G8 Meetings with UK Prime Minister

Premier and Minister of Finance of the British Virgin Islands, Orlando Smith, has accepted the invitation to attend two meetings in London on June 15.

These meetings are hosted by UK Prime Minister David Cameron before the G8 meeting. During the first meeting, the BVI Premier is having an open consultation with the UK Prime Minister, together with leaders from all UK Overseas Territories and Crown Dependencies, while the second meeting is the discussion on the key issues of the G8 summit, including tax, trade and transparency, and involves a range of stakeholders, including representatives from Overseas Territories and Crown Dependencies.

The BVI Premier said in a letter sent to David Cameron that the jurisdiction will in principle commit to joining the Multilateral Convention on Mutual Assistance on Tax Matters - a multilateral agreement having the aim to promote international cooperation to combat tax evasion and aggressive tax avoidance.

Speaking about the meeting, the BVI Premier Dr Orlando Smith welcomed the invitation from David Cameron for consultation, and expressed Government’s support for the G8 agenda on tax, trade and transparency and trust that the G8 members will see the value of, and accept the need for, establishing global standards."

Brian Obvi,
Offshore Analyst

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BVI Hosted Meeting of Task Force on Trade and Investment

On May 30-31, 2013, the seventh meeting of the EU Overseas Countries and Territories (OCT) Task Force on Trade and Investment was organized in the British Virgin Islands with participation of Caribbean Export Development Agency as chair of the CARIFORUM, and French Caribbean Outermost Region (FCOR). During these two days, the members of the task force were examining key developments that have taken place in 2010-2012 and have related to the CARIFORUM-EU relationship, including an update on the CARIFORUM-EU partnership strategy, deliberations in the CARIFORUM-EU EPA institutions and an update on EDF programming.

The EU Overseas Countries and Territories (OCT) Task Force on Trade and Investment is promoting dialogue on issues related to trade and investment, and assisting with the projects between CARIFORUM states and the French Caribbean region, which is part to the European Partnership Agreement through its political status with the French Republic.

At the opening of the Trade and Investment task force meeting, BVI Premier Dr Orlando Smith said: “Although BVI has only observer status in the organisation we are proud to be part of a forward moving process and congratulate the region for being able to move forward with the European Partnership Agreements (EPA) with the European Union (EU).”

Brian Obvi,
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Premier Smith Hosting Chairman of OCTA Organisation

The chairman of the Overseas Countries and Territories Association and president of the Territorial Council of St Pierre and Miquelon Stéphane Artano visited the territory of the British Virgin Islands, as part of the regional familiarisation mission to the Caribbean countries as the OCTA chairman. This visit to the BVI will help to enhance its relationship with the overseas countries and territories of the European Union (OCT-EU).

Premier of the British Virgin Islands Dr Orlando Smith, who hosted OCTA chairman, will assume the chairmanship of OCTA in December 2013. During his visit to the BVI, Artano had the purpose to personally familiarise himself with the BVI, as well as to inform Smith of his green growth agenda for the OCTs. Also, the director of the International Affairs Secretariat, Sylvia Moses, informed that “the OCTA chairman would like to discuss Premier Smith’s views on the revision of the Overseas Association Decision (OAD) and its programming regulations; the OCT regional funding envelope; and regional programming under the 11th European Development Fund.” 

According to Sylvia Moses, the talks between the premier of the BVI and OCTA chairman were to focus on innovation in economic and environmental policies for all overseas territories. Moses said that Artano will address common issues and interests among OCTs, including tourism, fisheries and the internet communications.

The British Virgin Islands is vice president of OCTA organisation, as well as the co-chair of the OCTA/EU Financial Services Partnership Working Party that brings together technical experts from the EU and OCTs to discuss financial services related matters.

Brian Obvi,
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BVI and Other Financial Centres Sign Up for UK Strategy to Enhance Tax Transparency

UK Chancellor of the Exchequer George Osborne welcomed the news that British Overseas Territories with significant financial industry sector, among them the Cayman Islands, the British Virgin Islands, Anguilla, Bermuda, Montserrat and the Turks and Caicos Islands, signed up for the UK government’s strategy on global tax transparency. This strategy will allow these financial centres to automatically share information bilaterally with the UK, and multilaterally with the G5 countries - the UK, France, Germany, Italy and Spain. 

Under the agreement, much greater levels of information about bank accounts, including those held by trusts, will be exchanged, marking a turning point in the fight against tax evasion and illicit finance. The parties involved in the agreement will know the names, addresses, dates of birth, account numbers, account balances and details of payments made into those accounts. This will increase the level of international transparency and will make it much harder for people to escape paying taxes.

This year, Britain’s Prime Minister David Cameron identified tax transparency as a key priority for the summit of the G8. The jurisdictions, including BVI, have also committed to take action to ensure they are at the forefront of transparency on BVI company ownership. Osborne has invited other countries to join the initiative.

Brian Obvi,
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British Virgin Islands Joined GLISPA Organization

The British Virgin Islands has officially joined the Global Islands Partnership (GLISPA), with the aim to strengthen the government’s efforts to preserve the natural environment and accelerate the sustainable development of the BVI Territory.

At the GLISPA 2013 steering committee meeting, which took place in February in Washington, DC, and brought together officials from many agencies of the United Nations, as well as non-governmental organizations (NGOs) and governments, GLISPA’s strategic plan for 2013 was discussed, which includes strengthening the link between sustainable development and conservation under the theme Blue/Green Growth; and preparing for the United Nations Third International Conference on Small Island Developing States (SIDS) in 2014.

Deputy premier and minister for natural resources and labour of the British Virgin Islands, Dr Kedrick Pickering, made the announcement during the meeting, speaking on the benefits of GLISPA as a “United Nations recognised partnership and a platform for islands to cooperate on conserving their biodiversity and to promote sustainable development.”

Pickering held individual meetings with representatives of the United Nations Development Programme (UNDP), United Nations Environment Programme (UNEP) and the UN Office of the High Representative for the Least Developed Countries, Landlocked Developing Countries and Small Island Developing States (UN-OHRLLS), as well as with Hawaii and Seychelles officials.
Also, at a briefing organized by GLISPA, Pickering made a presentation on the Caribbean Challenge Initiative (CCI).

Brian Obvi,
Offshore Analyst

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Commonwealth Workshop Organized for OECS Countries

A workshop for the OECS countries takes place on 4-8 March 2013 in St Lucia, hosted by the Commonwealth Secretariat and the Organisation of Eastern Caribbean States. The activity targets Anguilla, Antigua and Barbuda, the British Virgin Islands, Dominica, Grenada, St Kitts and Nevis, St Lucia, St Vincent and the Grenadines and the OECS Secretariat, and aims to enhance the capacity of the jurisdictions to develop, implement and monitor effective national and regional trade policies and boost participation in regional and international trade negotiations.

The representatives of the countries participating in the training include senior officials responsible for trade policy, statistics and trade negotiations. It is funded by the Commonwealth Secretariat, which is a key development partner of the region.  

Veniana Qalo, economic advisor at the Commonwealth Secretariat, said that during the workshop a Commonwealth guide for small states negotiators is to be presented, highlighting successful approaches that can be used to help these capacity constrained economies to leverage successful outcomes, despite their size.

Brian Obvi,
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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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BVI and Grenada arrange for leadership summit

The Premier of the British Virgin Islands Dr Orlando Smith, and the Prime Minister of Grenada Tillman Thomas will co-host a summit of political and business leaders of the Caribbean region, which will be held in May 2013, on Necker Island, BVI. The summit will bring together leaders from ten Caribbean islands, as well as leaders of global private sector. It is expected also that at the end of the summit a government leaders declaration will be signed.

Last week, summit organizer Sheldon Cohen, director of external affairs, Caribbean Program, of The Nature Conservancy, visited Grenada to have a meeting with environment officials in order to make preliminary arrangements. Probably, as a result of Grenada’s participation in the summit, significant financial resources are to be used to conserve the coastal and marine environment and to support such sectors as tourism and fisheries.

Brian Obvi,
Offshore Analyst

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Mark Simmonds Became New Minister for UK Overseas Territories

According to the Foreign and Commonwealth Office (FCO), Mark Simmonds MP has been appointed the United Kingdom (UK) Minister for the Overseas Territories, after the recent removal from this post of Henry Belligham as part of the reshuffle of Cameron’s Cabinet.

Among the responsibilities of Mark Simmonds, as the Parliamentary Under Secretary of State at the Foreign & Commonwealth Office, there are UK Overseas Territories all over the world including the British Virgin Islands. Other Caribbean territories, except for Dominican Republic, Haiti and Cuba, also are in his sphere of work. 

Simmonds had been a member of the shadow health team when the Conservative Party was in opposition but missed out on a role in the coalition government after the 2010 General Election.

Brian Obvi,
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UK Receives Feedback on BVI and Other Overseas Territories

The UK government received feedback as part of its consultation on the review of its relationship with country's overseas territories, including BVI and other Caribbean territories. It was stated that the government should support its Overseas Territories to develop sustainable economic models, and provide assistance to ensure good governance by local governments.

One of the most often named challenges that interfere with economic development in the British Overseas Territories was the need for the diversification of jurisdictions' economies. Economic diversification was raised by various respondents to the consultation.

According to the official submission of the Premier of the British Virgin Islands, the contraction of tourism and financial services has had “multiplier effects across all sectors of the society”. This issue was also raised in the official response by the government of the Cayman Islands.

The respondents also said that transparency, poor planning and corruption were the most prominent issues in relation to good governance and stated that the UK could assist with solving these problems by providing audits and advice to local authorities. This issue was raised by residents of the British Virgin Islands, the Cayman Islands and Montserrat.

Brian Obvi,
Offshore Analyst

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British Foreign Secretary Talks on UK-Caribbean Forum

The British Foreign Secretary William Hague announced that he will lead delegation of UK ministers and senior officials to attend the UK-Caribbean Ministerial Forum. Hague said the commitment to coincide with the government's review of its relationship with the UK Overseas territories which include the Caribbean territories of the British Virgin Islands, the Cayman Islands, Anguilla, Bermuda, Montserrat and the Turks and Caicos Islands, is a sign of the strength the United Kingdom attaches to its 'enduring friendship' with the Caribbean territories. He said: “We believe this will herald a transition to a more modern, dynamic and forward looking affiliation.”

The British Foreign Secretary expressed his opinion that a modern relationship between the UK and Caribbean territories should centre around three principles: first, it should be a modern partnership, an equal relationship that should be based on the shared history and culture and at the same time set the right tone for the twenty-first century. Secondly, the countries need a dynamic partnership that provides real benefits for their citizens. And, finally, the UK's relationship with the Caribbean countries should be a broad-based partnership that involves business, civil society and ordinary people.

Hague also noted that this forum is an “invaluable opportunity for the UK to work with its partners in the Caribbean region for a strong, equal and prosperous partnership based on shared ideals and mutual understanding.”

Brian Obvi,
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UK Overseas Territories Attorneys General Conference being Held in Cayman Islands

This week, the 20th annual conference was opened in the Cayman Islands, where meet attorneys general from British Overseas Territories, including British Virgin Islands, Anguilla, Montserrat, Turks and Caicos, Pitcairn and the Cayman Islands. Attorneys general from Bermuda, the South Atlantic Territories of St Helena, Ascension and Tristan da Cunha, Falkland Islands and Gibraltar are not present at the meeting.

During the conference, the attorneys general discuss the important issues for their countries with the solicitor general for England and Wales and MP, Edward Garnier, QC, who is the conference chairman, and other officials from the UK, and the Justice Departments of the US and Canada.

Garnier said that in July the National Security Council of the UK government had confirmed the UK's fundamental policy and objective to ensure the security and good governance of the 14 Overseas Territories of the United Kingdom. He also acknowledged the special challenges that attorneys general face in their everyday work, and recognised that the British Dependent territories are very diverse, requiring specifically tailored policies.

Garnier said that, despite the constitutional arrangements between the UK and the Overseas Territories, they should jointly work to improve the link, strengthen mutual ties, good governance and financial management as well as the quality and range of support to the OTs.

Brian Obvi,
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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,
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BVI Premier Visits OECS Special Meeting

Premier and Minister of Finance in the British Virgin Islands, Hon. Ralph T. O'Neal, has visited a special one-day meeting of the Organisation of Eastern Caribbean States (OECS) Authority in Antigua. The main focus of the meeting are the contributions of OECS member states, other agenda items are the future staff and skill requirements at the OECS Commission, the financing of the OECS Economic Union Organs, along with the resources deployed in the overseas diplomatic and technical missions.

During his visit, the Premier is accompanied by Ms. Najan Christopher, the Assistant Secretary in the Premier's Office (External Affairs), and the Premier's Private Secretary, Ms. Marsha Gumbs.

The British Virgin Islands is an associate member of the Organization of Eastern Caribbean States since November 1984. Other members are Antigua and Barbuda, Dominica, Grenada, St. Kitts and Nevis, St. Lucia and St. Vincent and the Grenadines and Montserrat. Anguilla, as well as the British Virgin Islands, is an associate member of the OECS.

Brian Obvi,
Offshore Analyst

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Leaders of BVI and other Overseas Territories Met with UK Foreign and Commonwealth Office Minister

Last week, leaders from the overseas territories met with the minister for the overseas territories of Britain’s Foreign and Commonwealth Office (FCO) Henry Bellingham. On this meeting, during their visit in London on the annual meeting of the Overseas Territories Consultative Council (OTCC), they discussed the number of issues of mutual concern, including commercial and economic development of the overseas territories in the Caribbean region, transport, environment and passport issues. They also discussed possible UK assistance in the areas of criminal justice.

There was a separate session on financial services and the sector of public finance, where the UK and the Caribbean territories including British Virgin Islands agreed on the importance of complying with international financial sector standards on tax transparency, financial regulation and anti-money laundering/counter terrorism financing. They agreed that these standards must be applied without discrimination. It was also decided that overseas jurisdictions should take forward work on a framework for fiscal responsibility.

Brian Obvi,
Offshore Analyst

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BVI Delegation Discussed OCT-EU Relationships

During the recently held OCTA's Ministerial Conference and the 2009 OCT - European Union (EU) Forum held in Brussels, Belgium, the British Virgin Islands and other Overseas Countries and Territories have committed to build closer relationships with the EU.

The BVI delegation was headed by the director of the BVI London Office Mr. Kedrick Malone and consisted of five members, including Assistant Secretaries in the Premier's Office Mrs. Elvia Smith-Maduro and Ms. Najan Christopher, Director of Trade and Consumer Affairs Ms. Lizette George and Political/Public Affairs Officer in the London Office Ms. Averil Henry.

In the speech titled "Future of OCT-EU Relations - Enhancing Competitiveness", Mr. Malone told conference delegates that OCTs agree to the Commission's assessments of the "need to analyse, promote and implement key drivers to global competitiveness which include education of our nations, political stability, a robust information technology structure, and strategies to build on our islands natural assets." He also welcomed the EU's recognition that the British Virgin Islands meets international standards of tax transparency and co-operation, but called for wider international recognition for standards that are already functioning in the BVI and in other OCTs, especially as regards financial services.

The Director of the BVI London Office signed, on behalf of Premier Hon. Ralph T. O´Neal, two important documents from the conference: a political declaration, which confirmed the intention of OCTA countries to build mutually beneficial and comprehensive partnership with the EU, and an administrative resolution which served to outline the mandate of the OCTA Bureau for which the BVI was elected as one of eight members of the executive committee of OCTA.

Brian Obvi,
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OECS Countries Establish Economic Union

On December 2009, leaders from the Organisation of Eastern Caribbean States (OECS) signed a treaty to establish an Economic Union within the region. The event was described by OECS Chairman Mr. Denzil Douglas as having a “historical importance for the Governments and peoples that constitute the OECS”.

The new treaty establishing the OECS Economic Union updates the Treaty of Basseterre, which was signed 28 years ago, and will remove trade barriers between national markets to unite the countries of the region into one financial and economic space. Economic ties in the region are to be intensified in light of challenges and complications caused by global economic crisis.

The OECS includes the islands of Antigua and Barbuda, the British Virgin Islands, Anguilla, Dominica, Grenada, St Lucia, St Vincent and the Grenadines, Montserrat, St Kitts and Nevis. Montserrat, which is a British Overseas Territory and a founding member of the OECS, did not sign the agreement.

The new agreement allows for the delegation of certain legislative authority in certain areas to the heads of government, and the formation of a Regional Assembly of Parliamentarians consisting of members of the parliaments of the individual jurisdictions. It it expected that over the next few months the agreement will be ratified by the Member States, and will enter into force in June 2010.

Brian Obvi,
Offshore Analyst

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BVI Premier Attended Eleventh OTCC Meeting

On December 9, the Overseas Territories Minister at the Foreign and Commonwealth Office in the UK Chris Bryant hosted the eleventh meeting of the Overseas Territories Consultative Council (OTCC) in London. The meeting was attended by Premiers, Chief Ministers and other representatives of the UK Overseas Territories - Anguilla, Ascension, Bermuda, British Virgin Islands, Cayman Islands, Falkland Islands, Montserrat, Pitcairn, St Helena, Tristan da Cunha, Turks and Caicos Islands. The BVI Territory was represented by Premier Hon. Ralph O'Neal.

This was the first OTCC meeting hosted by Mr. Bryant, who followed Gillian Merron in the post of Foreign Office Minister. In his statement after the Consultative Council, Christ Bryant said that members of the meeting covered a lot of issues over the 7-9 December, during the discussions that were wide-ranging, open and constructive.

On Monday 7 December, Mr. Bryant met leaders from five Caribbean British Overseas Territories - Anguilla, British Virgin Islands, Bermuda, Cayman Islands and Montserrat. The discussion was focused on the extent and nature of the UK government's liabilities in the Caribbean Overseas Territories and their role in managing them.

Also, at the request of the Territories' leaders, on 8 December - the day before the Consultative Council - a Forum was held to review the 1999 Government White Paper “Partnership for Progress and Prosperity - Britain and the Overseas Territories”. The White Paper established the principles that have guided the relationship between the UK and Territories since 1999, and the Forum became the first stage of a consultation process on the future of the UK/OT relationship.

Brian Obvi,
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Minister Julian Fraser Honoured by the League of BVIslanders in USVI

The Minister for Communications and Works of the British Virgin Islands Honourable Julian Fraser became one of Virgin Islanders honoured by the League of British Virgin Islanders during the 11th Annual Norwell Harrigan Memorial Scholarship Luncheon which was held on November 8, 2009 on St. Thomas, US Virgin Islands. The ceremony was attended by over 200 persons from both parts of the Virgin Islands, including BVI Premier Hon. Ralph O’Neal and Minister for Education and Culture Hon. Andrew Fahie. Premier O’Neal welcomed Fraser’s award.

The League of British Virgin Islanders is a non-profit organization incorporated in 1988 in the U.S. Virgin Islands, with purpose to unite the people of the BVI and the USVI in their social activities.

The Norwell Harrigan Memorial Scholarship provides financial assistance to British Virgin Islanders who have graduated from a secondary school or the H. Lavity Stoutt Community College in the BVI to attend the University of the Virgin Islands in the USVI.

The BVI Minister was honoured by the League for his accomplishments in many fields. While living in the U.S. he was involved in many architectural projects; on his return to the BVI, he actively participated in community activities. In 2007, Hon. Fraser was re-elected already to a third term as a Member of the House of Assembly, and became the Minister for Communications and Works.

Next day after the ceremony, the Minister for Communications and Works gave opening remarks at the 49th Session of Caribbean Meteorological Council. During the interview with the Department of Information and Public Relations, Hon. Julian Fraser spoke about the need to implement a local meteorological office, having admitted that meteorology is one of the subjects which has not been at the forefront of his responsibilities. He expressed hope that the presence of the Caribbean Meteorological Council will help to improve the situation.

Brian Obvi,
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BVI Premier Supports New OECS Chairman

BVI Premier Honourable Ralph T. O’Neal has expressed full support to the Prime Minister of St. Kitts and Nevis Dr. Denzil Douglas, after he was appointed the chairman of the OECS Authority, and to the work of the OECS Secretariat under his leadership.

Dr. Douglas should have assumed this post in November 2009, but the OECS Director General Dr. Len Ishmael asked him to take up the chairmanship a month earlier. The decision of the new Chief Minister Honourable Reuben Meade not to assume the chairmanship of the OECS Authority to the Prime Minister of Montserrat followed the recent change of its Government.

Subject to approval by all members of the OECS Authority, Dr. Douglas will assume the chairmanship at the 50th Meeting of the OECS Authority which will take place in Anguilla in November 19-20. The previous 49th Meeting of the the highest decision making body of the Organisation of Eastern Caribbean States was held in the British Virgin Islands in May 20-22.

Brian Obvi,
Offshore Analyst

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