The IFC plays a pivotal role in the promotion and marketing of the VI as a leading financial centre. Photo: VINO

“That is not in the pipelines right now,” she said.

However, the IFC does work closely with stakeholders in the business sector to attract investors into the VI. “…we continue to work with the Financial Services Commission (FSC), the private sector and businesses to find new and innovative ways to increase the appeal of the BVI’s financial services offering,” Ms. Ortiz stressed.

The IFC was established in 2002 as part of Government’s commitment to support the financial services industry. To this end, Ms. Ortiz is of the view that the VI has ballooned and can be considered a success story amongst the world powers.

IFC’s head, Sherri Ortiz.

In expounding her opinion, she stated that one reason for the Territory’s accomplishment as a financial service centre is “the high level of cross-sector expertise residents in the Territory supported by strict adherence to competency requirements”.

Furthermore, Ms. Ortiz emphasised that the strong relationship with the private sector enables the VI to attract the requisite skills base from overseas and develop these skills within the local employment base.

“The BVI has worked to diversify its financial services products over the last two decades and has seen strong growth in the areas of trust and estate planning, mutual funds and captive insurance. The diversified nature of the financial services sector in the BVI has helped maintain its competitiveness and has been aided by the Territory operating a robust regulatory and supervisory regime,” the Executive Director added.