02/12/21

BRITISH VIRGIN ISLANDS: We’re a tourism haven, not a tax haven, says Premier.

As published on bvinews.com, Wednesday 1 December, 2021.

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.