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BVI Resilience Fund will allow wealthy donors to get tax write-offs- Premier

- said Fund will give the wealthy an opportunity to help in development of VI
Government is set to make an official announcement regarding the re-introduction of the BVI Resilience Fund, which will allow wealthy persons to make valuable economic contributions to the development of the [British] Virgin Islands (VI) and qualify for tax write-offs. Photo: VINO/File
Premier and Minister of Finance Dr the Honourable Natalio D. Wheatley (R7) made the disclosure about the BVI Resilience Fund while speaking on the VIP Let’s Talk radio show live-streamed on Facebook on March 28, 2023. Photo: Facebook
Premier and Minister of Finance Dr the Honourable Natalio D. Wheatley (R7) made the disclosure about the BVI Resilience Fund while speaking on the VIP Let’s Talk radio show live-streamed on Facebook on March 28, 2023. Photo: Facebook
BAUGHERS BAY, Tortola, VI- Government is set to make an official announcement regarding the re-introduction of the BVI Resilience Fund, which will allow wealthy persons to make valuable economic contributions to the development of the [British] Virgin Islands (VI) and qualify for tax write-offs.

Premier and Minister of Finance Dr the Honourable Natalio D. Wheatley (R7) made this disclosure while speaking on the VIP Let’s Talk radio show live-streamed on Facebook on March 28, 2023.

Dr Wheatley said he believes a date may have already been set for the official announcement and this will take place very shortly- probably within the next two months.

He said the initiative is being executed in partnership with members of the community and one of the persons assisting in moving it forward is Chairman of the Economic Advisory Council to the Premier, Mr Meade W. Malone.

Tax write-offs

“We have many wealthy people who live in the BVI and a lot of these wealthy persons in the United States of America are able to get tax write-offs when they make a charitable donation, but most of those charitable donations they don’t get the tax write-offs for in the Virgin Islands. So we’ve set up a fund that will allow them to get the tax [write-offs],” Dr Wheatley disclosed.

He added that very soon this move will allow some of the wealthy individuals residing in the VI to make charitable donations to develop areas such as recreational facilities and schools.

“And these are persons who, they have significant amounts of money…you just don’t know the type of persons and their net worth who actually live in the BVI, spend most of their time in the BVI. And if these persons were just to give charitable donations for tax write-offs here, significant…funds that can be used to help to build schools, to have educational programmes, recreational programmes, to help single mothers, social programmes to help strengthen the fabric of our society,” Dr Wheatley noted.

Funding needed for several projects

The Premier and Virgin Islands Party (VIP) Chairman also indicated that he has tasked the Recovery and Development Agency (RDA) with building a national museum, national library, national performing arts centre and/or national archives which will attract funding from donors.

Dr Wheatley said while some persons have reacted negatively, he believes that it is a positive move.

The BVI Resilience Fund, formerly known as the BVI Restoration Foundation while under the Virgin Islands Recovery and Development Agency (RDA), is a charitable nonprofit organisation designed to support the growth and development of the Virgin Islands through philanthropic contributions.

It is a legal entity that will allow nationals of the United States to give a charitable gift for the benefit and growth of the Virgin Islands.

13 Responses to “BVI Resilience Fund will allow wealthy donors to get tax write-offs- Premier”

  • Real (29/03/2023, 16:36) Like (5) Dislike (5) Reply

    Sold us to a few wealthy aint this the sh** tax write off my @$% stop condoning slavery for your people

  • sounds good (29/03/2023, 16:55) Like (6) Dislike (9) Reply
    Compromise needed. SK. DA. GNDA. ANT All have a CBI programe that bringing in hundred of Millions Annually. Look At SK Economy, Booming, how they looking after their Citizen and 3 - 4 cruise daily at their docks....ANT had 6 cruise ship and all of them were docked imagine that. I wonder when our past and present leaders when they see how these other countries gone way ahead of us if they are not ashamed..Then still have the heart to collect large payout and monthly salaries..For What? For failing the BVI. Since Lavity passed away the BVI being in Reverse Gear. I trust Sowande with one more chance..
    • Foolish Pride (30/03/2023, 08:20) Like (1) Dislike (0) Reply
      I remember well, that we were ahead of those countries in tourism but we have failed to develop. However, don’t just blame the politicians because they listen to our wealthy BVIslanders. What has kept us back is our own greed and think we can do it all ourselves, don’t let the Chinese in to help us build, don’t give Carnival them the Pier Park to build. The Beef Island project was a brilliant project, we just had to come together and make it work, the Pier Park could have been done better if we had just let investors in but we BVIslanders feel we can do it ourselves and then just blame the politicians. I know we think it’s giving away the country but let me tell you, we have enough brilliant minds in the BVI to protect ourselves and our country.

      No we don’t have all the resources we need, no we don’t have all the monies to build, but we got people on our side who do. Stop allowing the Rich to use us and let’s start using them and their resources.
  • Hmm (29/03/2023, 17:15) Like (3) Dislike (1) Reply
    Ok cool.... What I dont understand is why being only 30,000 strong & easily united as a territory can we not think of a way, or two, to make wealth equality not about who has this and who has that in the VI...

    Government should make plans to ensure we have more than the people outside of the VI.

    30,000 split, millions in taxes off each visitors head & every incorporation I believe. Why are people in such a small community struggling amongst this abundance in tax revenue?

    Oh yea because those millions are going to the black hole called government and not to the people.

    The tiny amount in grants blew people away, but how astounding if we realize grants could be regular, normalized and split evenly territory wide. It was tiny compared to what government bureaucracy blows away regularly.

    People always ask where the tax is going... I say give it to us, but split it evenly. Our businesses and entrepreneurs should be at an advantage on the international stage due to a strongly supportive, in-touch, effective & efficient government.

    The people who go away to study and gain high degrees need a reason to come back.

    The people who are sent away should be mandated to come back, given a lump sum for completion of their studies specifically to at-least try their hand at business in their chosen field with a focus on outreach beyond the BVI.

    Some countries mandate military service and no one is kicking up, we send students away on scholarships regularly and there should be a period for their return.

    The current problem is there is no entrepreneurial support - or other besides a job in government -provided for them that is more substantial than the opportunities that exist abroad.

    To recap, small population we have enough to live lavishly, we have enough to give ourselves an advantage from within to excel internationally, we have enough students sent away every year that innovation will thrive if they regularly return.

    I dont want to hear we dont have enough that would be seeing the tree and missing the forest all around. Politicians will stare at the tree each day hoping a fruit falls down, each day until the forest catches fire and then talk about planting a forest.

    We should be telling these people to go donate elsewhere because there are people who need it more. Seriously.
  • crazy (29/03/2023, 17:44) Like (4) Dislike (1) Reply
    Give the rich a break and kill the poor, they’re not going to donate anything. Tax the rich, not the poor!
  • Mary (29/03/2023, 18:15) Like (0) Dislike (0) Reply
    While we recognized that these are important areas of our society that need to be addressed some point. Not now. The Premier needs to place his attention towards so many important areas such as social services development of our roads schools and .education . What development can be put in place to help small businesses and the list goes on..
  • cut and paste (29/03/2023, 21:09) Like (1) Dislike (0) Reply
    Is this his brilliant revenue idea. Wow. what do we have to give up for this. Nothing is free. What will make donors want to use BVI Resilience Funds instead of some other Caribbean island. How would he handcuff them to BVI only.
  • Gumption Official (29/03/2023, 21:11) Like (2) Dislike (2) Reply
    I’m in support of this. As a registered nonprofit that’s used both personal and supportive resources we’d do more if we gained in some type of way. This practice is all over and about time we get involved.
    • Brilliant Indeed (30/03/2023, 07:58) Like (0) Dislike (0) Reply
      This is a brilliant idea. I am already thinking about the Unfinished Sports Pool next o Bregada Flax School. It is sitting there unfinished and being overgrown, when it can be of use where you gsters can practice for swimming competition overseas and as far as the Olympics. Wealthy folks would donate to such projects if they felt Comfortable knowing the money's donated would be spent wisely or that they could write of their donations against their Taxia ility in their home country. The Tax System in America and other countries makes such an allowance
  • minimum wage (30/03/2023, 01:12) Like (7) Dislike (0) Reply
    I want to know when will ya’ll raise the minimum wage??!!!!!!!!!!! When!!!!! We the ppl done want to hear anything else
  • Really they already has pioneer status (30/03/2023, 08:27) Like (5) Dislike (0) Reply
    As you can see this country is run by the poor while the rich enjoy the vacation the reason why the wealthy comes here to live is because they get away from property taxes the reason why the real estate companies come here is because they sell these properties and make all this money and hardly pay anything in taxes for instance Cost U Less which is Rite way moved their head quarters here and their prices are going up every half an hour we are paying 100 % plus here than we are paying in st Thomas as d please premier tell me how much taxes they are paying other than taxes on wages ,if the UK don’t take this over and put things in place all of you are going to continue paying the taxes for the wealthy ,the local slavery that we are put into by our so called politicians
  • economy (30/03/2023, 14:54) Like (1) Dislike (0) Reply
    I dont think the solution for government funding is finding rich investors who will provide a one time gift (though it is a good idea for special projects). We need to stimulate business so everyone benefits. Issue automatic Trade Licences for BVIslanders for 2 years (scrutiny only where unfair practice or an industry issue arises). Issue Trade licences for new products such as AE (currently sat on Premiers desk protecting the oil industry). Invest in a Trade school (its impossible to get a plumber, electrician, window cleaner...), get back to investing in the schools. Dont tie scholarships to government posts and find a way to let businesses know about returning graduates (the Finance Industry would take them all with a view to being a leader in 10-20 years). Get serious about training for the marine industry, work with the major players. Accept work permits are needed and set acceptable mandates that treats people fairly. Stop putting up blocks the way the yachting sector has been treated has been appalling. Have a one stop entry process for visiting vessels (as cruise ships can so should mega yachts et have a streamlined process. I can go on all day but the solution isnt a few hand outs from the rich
  • Fools (30/03/2023, 16:48) Like (2) Dislike (0) Reply
    Anything involved with Meade Malone, I want no part of. Ridiculous. You talking about Resilience Fund but cant fix the roads, deal with the schools, get the employers to pay their employees taxes and the list goes on. Premier, you of all people should know better than to be dealing with that deadweight!!!

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