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Offshore banking key to VI’s growth – Hon. Fraser

- says VI has been "walking a tight rope" for too long
According to Hon. Fraser the VI can grow through the offshore banking sector.
ROAD TOWN, Tortola, VI – The Virgin Islands (VI) needs to grow financially and in order to do so Government could tap into the banking sector, especially offshore banking, opined Third District Representative Hon. Julian Fraser, RA.

He was at the time speaking in the House of Assembly (HOA) last evening, May 10, 2012 under “Other Business”.

According to Hon. Fraser, the Overseas Territories (OTs) have repeatedly been preached to practice austerity, however, he is of the view that the VI needs growth, and added “we have the potential for growth.”

“Offshore banking is something that Cayman and Bermuda have been able to exploit for years. For decades! We have banks here in the VI that have headquarters in the Cayman Islands, I mean why, who are they?” he enquired.

The District Representative alluded to the financial struggles countries face, including the superpower - United States of America.

“..is not as if the money is floating around, United States got 15.3 trillion dollars in debt and $175 billion dollars of that debt is being held in banks here in the Caribbean banking sector...Cayman and Bermuda are sitting on this kind of money in their banks,” Hon. Fraser disclosed.

In light of this, he noted that “the money is there, we just have to unleash the juices that we have for potential in the Financial Services sector. We need not walk that tight rope that we are walking. We have been walking it for too long, the last 15 years. We have been proving ourselves to be good sports as far where good governance is concerned, as far as avoiding all the pitfalls, potholes. If not we are called upon to pass a piece of legislation to prove that we are serious, prudent and capable.”

23 Responses to “Offshore banking key to VI’s growth – Hon. Fraser”

  • forward ever (11/05/2012, 08:21) Like (0) Dislike (0) Reply
    There is a Premier and Minister of Finance in the making
  • POOR MAN (11/05/2012, 09:35) Like (0) Dislike (0) Reply
    homebowy have u been reading the news to see the negative impact financial havens are getting. Currently the G20 is tackling this issue and I seriosuly think that we should not venture into this bracket. remember a few years we were trying our best to not be branded as a tax haven??? well offshore banking service countries are tax havens! essentially thats what they do they hide rick people's money from tax officials outside of the country in tax havens!
    • Forward Thinking (11/05/2012, 10:25) Like (0) Dislike (0) Reply
      Poor Man (More Like Sick Man): You are just spewing that same G20 / (French - OECD); British shit about tax haven which is designed to keep us poor. When Hong Kong does it it is not Tax Haven, when Switzerland does it it is not Tax Haven, when Luxenberg does it it is not Tax Haven, but when "black people" in the Cayman Islands do it it is tax haven. Note, I put black people in " " for emphasis, because when Cayman was run by Whites and almost Whites it was fine. We in the BVI had better wake up and smell the roses els we will be left behind. Presidential candidate Mitt Romney has $$ millions in Caymanian banks, are you hearing anything about it? But fools like you wish to stay here with this ancient crap that we been hearing from the British French and French controlled OECD for years while we end up where we are today, can hardly pay our bills.
      • POOR MAN (11/05/2012, 11:42) Like (0) Dislike (0) Reply
        newsflash!!!! we're an OT...remember we are under British Rule....guess whats gonna happen, Hong kong is city now under chinese Rule.....u cant compare...the G20 has indicated that too much money is hidden in these tax havens by their rich citizens so guess what by the end of the year going into next year meausres are going to be intorduced to get the accounts of those persons and penalize them heavily....uhohhhh its already happening....stop living in the past and leave financial services to those who know the risks which essentially it certainly aint U...OHHHH and dont be fooled even if we sped the Us currency that doesn't make us US citizen, coming on here wid ur crap bout Mit Romney........try go sit in the ghut and take a bath!
      • Albion (11/05/2012, 13:03) Like (0) Dislike (0) Reply
        Wow. That is a hell of a lot of ignorance to pack into just one post. Firstly, Hong Kong and Switzerland are on most recognised lists of tax havens (see for example http://www.reuters.com/article/2011/10/04/us-tax-secrecy-idUSTRE7926VN20111004). Second, it is spelled 'Luxembourg'. Third, Cayman has never to my knowledge been "run by Whites" as you put it. And when did all these white politicians get voted out and this sea change in approach of the OECD and FATF to Cayman occurred exactly? Fourth, Mitt Romney has millions stashed in Cayman banks, and yet not one of the journalists on the campaign trail has spotted this money going in or out of the US banking system yet? That seems extraordinarily unlikely. On what basis do you suggest this is true?
        • Embryo (11/05/2012, 13:45) Like (0) Dislike (0) Reply
          So Albion! You are actually questioning whether Romney has money in Caymanian Banks, when Romney himself has admitted to it? Yea, Hong Kong and Switzerland could be listed on the tax haven list, but they are also recognized among the worlds leaders in Financial Services Sector, and most importantly, they are paying their bills, feeding their people, has all the modern conveniences / essential services for their citizens ( Hospitals, Schools, Roads, Airports, jobs, Colleges etc). Care to explain when we will ever get these things? And stop kidding yourself and trying to fool poor people about the BVI being among the richest countries in the world. That is nonsense and you know it. Those figures are per-capita income, and that is simply adding all the incomes and dividing it by the number of people and coming up with an average. In the BVI you got a hand full of people making a ton of money, some of which doesn't even make it to the BVI, because it is deposited in banks overseas, and the majority of the people working for minimum wage, or not working at all. You are just one of those NDP who believes that if the idea doesn't come from them it is not a good idea.
          • Albion (12/05/2012, 17:21) Like (0) Dislike (0) Reply
            Well, I hope you are right and I am wrong, but I will be astonished if Robert ever allows the FSC to relax its licensing requirements for offshore banks. And even if he does, the list of countries offering offshore banking shows a lot more failures than successes. And Alan Stanford's arrest for running shell banks out of Antigua will only make it harder.
      • Albion (11/05/2012, 13:05) Like (0) Dislike (0) Reply
        ... and fifth: "designed to keep us poor"? BVI is one of the richest 15 countries in the world per head of population. Richer than either the UK or France.
  • hog city (11/05/2012, 09:58) Like (0) Dislike (0) Reply
    this man is a visionary, thats why we will always re-elect him
  • BVI lawyer (11/05/2012, 10:42) Like (0) Dislike (0) Reply
    Good luck with that. The BVI has issued zero new banking licences in the last 5 or 6 years. And I don't see that changing any time soon in the current regulatory climate. Hon Fraser should focus on fixing the problems that we *do* have in relation to offshore companies and investment funds industries. Those industries are dying a slow death right now, and the Government and FSC are sleeping at the wheel whilst it happens.
    • Bush Lawyer (11/05/2012, 13:59) Like (0) Dislike (0) Reply
      Thats exactly why Sears is going out of business, and that is the point Fraser is making. You said it, but I don't think you recognized you did. The problems we are having with Offshore Companies and Investment Funds Industries is not a fixable one, because they have ran their course, we have already milked that cow for all he / she had. Like Sears, we will continue to shift the cow from pasture to pasture hoping for a miracle, but the truth is, our neighbor has bought himself genetically engineered cows (offshore banking), bred specifically to produce milk on grain. Get the picture? What I am trying to say is that Fraser is saying we must diversify, and Offshore Banking is the way to go. We must all open our minds and think futuristic.
  • mother hen (11/05/2012, 11:37) Like (0) Dislike (0) Reply
    Fraser talking truth to power again
    • Iron Lion (11/05/2012, 11:48) Like (0) Dislike (0) Reply
      if he says the sky is red you will agree with him, typical. the last time I checked fraser and his party called any international business or investor an invader. this is just lip service. until you have a serious approach to the international businesses who would consider coming here its all a dream. no reputable international bank will want to deal with the likes of fraser with his ignorance and arrogance. no international bank wants to go thtrough the stupidness here with labour and trying to tell them how to conduct business. until the mentality changes they won't come and its not as easy as you think. what are the advantages of them coming here when they can do business for bvi registered companies without having to set up a presence here. think before talking. there must be advantages to setting up in the BVi and right now there are not that many. labour is ridiculous and expensive for starters. internet and other accompanying services are crap (liberator?)lol, many considered moving here or expanding their current service offerings but the infrastructure needs work.
      • My God (11/05/2012, 13:26) Like (0) Dislike (0) Reply
        This is the same mentality they had when we were labeled a BIRD SANTUARY. Look at us today. The man is asking the government to unleash the juices of our potential, I see that to mean fixing all those things you are talking about , such as labour, Internet service, creating a friendlier atmosphere ( which by the way, is the way it is because we didn't need the banks before). But governments shifts policies, and make legislation according to their needs.
        • Iron Lion (11/05/2012, 15:50) Like (0) Dislike (0) Reply
          The problem I have is where were these grand ideas when he was a part of Cabinet for 8yrs? He focused on stop lights, water contracts and paving roads in his district. his idea is not a bad one you just have to ask if he's serious or is he just blowing hot air as usual. saying things don't make anything happen. if they cared about diversification they would have spent better. this is not about politics but about people and their records. the ndp has shown that they are a more business friendly government and its obvious.
          • My God (11/05/2012, 18:31) Like (0) Dislike (0) Reply
            Yea...... A more business friendly Government, that's why Columbian Emeralds, and A H Riise left the BVI. You are just a Fraser hater. With you crap bout Stop lights, water contract, and paving road in his district. This topic is serious and has no room for petty hatred, in order for this place to advance we need intelevent ideas and open minds. People like you are no help in cases like these.
          • Fool (13/05/2012, 14:45) Like (0) Dislike (0) Reply
            Iron Lion. How could Fraser have been a part of Cabinet for 8 years when Cabinet is only in exitstance for 4 years. People like you are quite aware of the ignorance out there, so you stop short of nothing to exploit it. You should apologize to the people for lieing to them. Just to discredit someone.
  • kevin (11/05/2012, 23:49) Like (0) Dislike (0) Reply
    Fraser is the best hope for we end of story


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