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