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VI is a 'Big Dog' in global investments, trade & jobs

- Reports done by the firm Capital Economics state that the Territory is not a tax haven
According to a report by the firm Capital Economics, the Virgin Islands (VI) enables global investment and trade which supports more than two million jobs worldwide. Photo: VINO/File
Mrs. Lorna G. Smith OBE, Interim Executive Director of BVI Finance stated that the VI is a sound and reliable centre which has worked harder than many bigger nations to meet international standards, and is not a tax haven. Photo: Vino/File
Mrs. Lorna G. Smith OBE, Interim Executive Director of BVI Finance stated that the VI is a sound and reliable centre which has worked harder than many bigger nations to meet international standards, and is not a tax haven. Photo: Vino/File
A consultancy report commissioned by a government statutory body, BVI Finance, headed by the Premier's wife, Lorna G. Smith OBE, unearthed some glowing information about the British Overseas Territory of the Virgin Islands, in terms of its role on the global financial and economic stage. Photo: Internet Source
A consultancy report commissioned by a government statutory body, BVI Finance, headed by the Premier's wife, Lorna G. Smith OBE, unearthed some glowing information about the British Overseas Territory of the Virgin Islands, in terms of its role on the global financial and economic stage. Photo: Internet Source
ROAD TOWN, Tortola, VI - A consultancy report commissioned by a government statutory body, BVI Finance, headed by the Premier's wife, Lorna G. Smith OBE, unearthed some glowing information about the British Overseas Territory of the Virgin Islands, in terms of its role on the global financial and economic stage.

The report with a cost unknown and produced by the firm Capital Economics stated that the Virgin Islands (VI) enables global investment and trade which supports more than two million jobs worldwide.

According to a press release from BVI Finance, the report, entitled ‘Creating Value: The BVI’s Global Contribution,” was launched today June 21, 2017 at a reception held at the VI International Arbitration Centre in Road Town, the capital city.

 Virgin Islands a big player in world trade

According to the report obtained by our newsroom, “It finds that the VI mediates over US$1.5 trillion of cross-border investment flows, the equivalent of two percent of global GDP.”

In addition, the report also finds that over US$15 billion of tax revenues are generated annually for governments around the world, via investment mediated by the VI and the resulting economic activity.

The tiny British Overseas Territory helps the UK with some US$3.9 billion in investments; the EU excluding UK, US$4.2 billion and China and Hong Kong, US$2.1 billion.

According to the report, coupled with the jobs it supports, the tax generation marks the VI as a substantial net benefit to governments worldwide.

 Lorna's views- VI no tax haven!

The Director of the centre, Mrs Smith, who was hired as interim boss last year said, “The results of this study clearly demonstrate the significant contribution the VI makes to the global economy. Not only does the VI enable cross-border trade and investment, it also supports millions of jobs and generates substantial tax receipts for governments globally.”

Mrs Smith, a retired civil servant added, “Contrary to some accusations, the VI is a sound and reliable centre which has worked harder than many bigger nations to meet international standards, and is not a tax haven.”

Mark Pragnell, head of commissioned projects at Capital Economics and the report’s author said, “The VI provides the legal structures that allow companies, institutions and individuals to safely and efficiently carry out their business and make investments across international borders...”

He further stated that our report shows that the VI is a global powerhouse for cross-border investment equating to a conservatively estimated $1.5 trillion across its 417,000 active VI business companies.

29 Responses to “VI is a 'Big Dog' in global investments, trade & jobs”

  • just asking.... (21/06/2017, 21:38) Like (9) Dislike (7) Reply
    Must i believe this report?
    • Just saying.... (21/06/2017, 21:59) Like (5) Dislike (6) Reply
      Considering that financial services helps to build our roads, healthcare facilities, education system and creates jobs here and clearly all over the world....yeah...you prolly should. Just saying.....
  • Ya me born (21/06/2017, 22:25) Like (10) Dislike (0) Reply
    That should mean jobs, jobs and more jobs for Virgin Islanders..right?
    • I tellin yuh (22/06/2017, 06:21) Like (10) Dislike (1) Reply
      Jobs for everyone globally, while none for locals in the BVI..SMH
    • Local (22/06/2017, 10:11) Like (4) Dislike (4) Reply
      Yes, it does means more job for the BVI Islanders, once they are qualified has a clean police report not forgetting good ATTITUDE! Do you think my business will progress successfully if I have staff without these MAIN requirements?
      • tash (23/06/2017, 01:25) Like (2) Dislike (0) Reply
        Someone with such a stupid comment as yours cannot have a successful business in the Virgin Islands.
  • Political Observer (PO) (21/06/2017, 22:46) Like (20) Dislike (1) Reply
    The VI is responsible for over $1.5T cross border investment flow that creates 2M jobs globally. If this report is credible, how is the BVI benefiting? Should not the BVI be in better shape economically than it is? The economy is stumbling. Infrastructure for the most part in a deplorable condition. Education is twisting in the win. Crime is skyrocketing. Cost of living is in the stratosphere. And so on. We contribute to an improved quality of life across the globe while our own quality of life is declining. We are contributing to creating over 2M globally yet our high school and college grads cannot find jobs. How ironic. Does not charity starts at home? The VI is a BIG DOG overseas but a small poodle at home.
    • Eeon (21/06/2017, 23:15) Like (6) Dislike (6) Reply
      Benefit how? How can INTERNATIONAL BUSINESS floruish without INTERNATIONAL PEOPLE! Fix the stupid Labour Laws and watch the place flourish again! Continue to pretend that making it hard for businesses to setup and expand will mean more jobs for locals and we will all either be employed at the complex or selling coconuts and cuccumber in the market square.
    • facts man (22/06/2017, 05:30) Like (14) Dislike (1) Reply
      one could pay for a report to write whatever the client wants to hear
  • Jimmy smith (21/06/2017, 23:19) Like (16) Dislike (0) Reply
    Somebody need to tell the First Lady and real premier that charity begins at home. If what this costly report is portraying we should be ashamed because we have nothing to show for the success. Give me a fuc....Ing break
  • Dutch (22/06/2017, 05:22) Like (17) Dislike (0) Reply
    Smoke screen. U have a crime problem. Table that. BVI is a darn tax haven. Save the noise
  • the rock (22/06/2017, 06:46) Like (10) Dislike (0) Reply
    Like Our distrust for Trump we cannot believe anything coming from the NDP
  • Credibility.. (22/06/2017, 07:22) Like (4) Dislike (0) Reply
    These kind of investigation and reports need to be done by an independent, Neutral professional... Credibility and ttuth matter...
  • Freedom! (22/06/2017, 07:30) Like (5) Dislike (0) Reply
    Its good to have as a marketing tool but bvi is hurting only the rich doing good and no food and job for the rest
  • Amused (22/06/2017, 10:31) Like (5) Dislike (0) Reply
    So has Lorna done business with a big bank in the BVI lately, or is it LSD in her water?
  • Red Sharpie (22/06/2017, 10:39) Like (6) Dislike (0) Reply
    https://www.ft.com/content/16b4c5a8-55ba-11e7-9fed-c19e2700005f?mhq5j=e1

    Read the above article in one of the most read business newspaper in the world if ya'll dare!

    Smoke and mirrors; just like the other reports that show us favorably when the reality on the ground is much more divergent! The ole' guards whom benefited vastly from this from the early days want to keep their gravy train going. In the wake of scandal after scandal (MosFon/Panam Papers) not one person here was found to be in cahoots or fined. It's been business as usual for the greedy neck-tie gangsters and now the PRC is their new bedfellow. Watch the horizon as there's alot more wind brewing downstream that is heading our way. Just a point of interest, how many locally owned and operated FS operations are there in the BVI? Why not more?
    • @ Red Sharpie (22/06/2017, 14:03) Like (0) Dislike (2) Reply
      Just a point of interest, how many locally owned and operated FS operations are there in the BVI? Why not more? LMAO! You really asked that? Further, the BVI is not a banking jurisdiction so when they speak of values they don't mean cash sitting in the BVI. Reading is fundamental.
      • Red Sharpie (22/06/2017, 15:57) Like (2) Dislike (0) Reply
        @ -Red Sharpie; Yes I asked that and what is the issue? I presume you are in the sector/industry and as a daily paper pusher/filing clerk; wouldn't you like to see more locals at the head of these organizations versus just glorified paper pushers? I am well aware that the BVI is not a banking jurisdiction just yet (Bank of Asia) and I comprehend the context of 'values' - it has differing meanings depending on sectors. Lean thinking/6 Sigma have a name for enlightened persons like yourself - MUDA...look it up deary! Where did I mention money being parked here...smdh and you say reading is fundamental - but so is comprehension darling!
  • long look me come from (22/06/2017, 12:36) Like (3) Dislike (0) Reply
    Spin and public relations not going save us
  • Kil (22/06/2017, 14:08) Like (4) Dislike (0) Reply
    Stop lying please. Its not cute. We live in territory where ppl do not earn a fair days wage no matter what degree they hold. The same jobs we have here when compared to any other country are paid far less. There is no negotiating when it comes to salary. The Labor code may say one thing but I bet no one ever reads the employee handbooks which state the latter, and this is the norm with everywhere. Tell ehm one thing but put something else in writing.
  • Wait (22/06/2017, 14:46) Like (0) Dislike (4) Reply
    Looking at the comments it seems that people actually want negative press to be out there about the industry that brings in over 60% of our revenue? I hope I'm reading wrong. wow.
  • vi (22/06/2017, 18:21) Like (4) Dislike (0) Reply
    just read some famous sports guy in Spain used the bvi as a money hiding hub
  • Cocker Spaniel (22/06/2017, 21:34) Like (3) Dislike (0) Reply
    That "Big Dog" got fleas and sits at the curb lickin' his nuts and barking at cars. No seriously, the VI ain't no "Big Dog', more like a drunken,lame, blind Chihuahua that barks with a lisp.
  • wet (22/06/2017, 22:23) Like (2) Dislike (1) Reply
    do it quickly, then run away on vacation to avoid having to face the hard questions - tells you everything you need to know about this report


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