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DEPUTY GOVERNOR ANNOUNCES PUBLIC SERVICE REOPENING
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In a conversation with the Financial Services Industry, Deputy Governor David Archer announced that the Public Service is ready to serve and would be reopened on Monday, May 4, 2020. The Deputy Governor and other senior civil servants took the time on Thursday via Zoom to specifically talk to industry leaders regarding their concerns about services provided by the Government.
Deputy Governor Archer, said that starting Monday all core front-facing services, such as the Passport Office, Immigration and Labour Departments, Inland Revenue, the Post Office and Land Registry would be available by appointments only. Archer told the industry that these Government departments had also spent the last week undergoing inspection to ensure compliance with the Health Department’s Covid-19 protocols for re-opening.
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Deputy Governor David Archer
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In line with the curfew order, he said Government’s offices will open from Monday to Friday, 8:00 a.m. to 12:30 p.m. There will be a customer care centre with trained specialists to assist persons accessing Government departments, providing relevant information and with making appointments in the event of difficulties. Persons with outstanding issues, expired work permits or those waiting to receive documentation will be given priority. The contact number is 468 3701.
The Deputy Governor said that interim processes are in place to facilitate payments and other services while the Government transformation will be implemented shortly.
In closing, he expressed his pleasure and willingness to always support the financial services industry.
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EXTENSION UNDER THE FINANCIAL SERVICES (EXCEPTIONAL CIRCUMSTANCE) ACT, 2020
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The BVI Financial Services Commission has extended the period of operation of the Financial Services (Exceptional Circumstances) Act, 2020 (‘the Act’) under section 18(2); for a further three (3) months. The notice of the extension was published in the Virgin Islands Gazette on 30 April 2020.
Specific provisions of the Act were brought into force on 30 March 2020 by the Financial Services (Exceptional Circumstances) Order, 2020. These provisions will remain in effect until 31 July 2020.
View the full text of the Financial Services (Exceptional Circumstances) Act, 2020.
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FINANCING AND MONEY SERVICES (AMENDMENT) ACT, 2020
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The Financing and Money Services (Amendment) Act, 2020 (‘the Act’), will come into force on 4 May 2020. The Act introduces a 7% transaction levy on funds being transmitted outside of the Territory of the Virgin Islands through Class A Licensees under the Financing and Money Services Act, 2009.
View the full text of the Financing and Money Services (Amendment) Act, 2020.
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INTERNATIONAL TAX AUTHORITY ROLLS OUT BOSSs2.0
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The Director of the International Tax Authority (ITA) La Toya James spoke to the financial services industry this week about the roll out of version 2 of the Beneficial Ownership Secure Search system (BOSSs) data model.
James joined BVI Finance’s Zoom forum, which was attended by more than 100 persons, to give an update on the BOSS system and answered quite a number of questions from the industry. The information that will be put in the system will allow the BVI to comply with the Economic Substance requirements set out by the European Union.
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BVI CONTINUES TO REPORT NO NEW COVID-19 CASES
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Deputy Premier and Minister for Health and Social Development Honourable Carvin Malone has confirmed that there are no new cases of COVID-19 in the British Virgin Islands.
During his update on April 29, Honourable Malone stated that over the course of the week, 27 new samples were tested by the Caribbean Public Health Agency (CARPHA) and all results were negative. The negative results include the 10 recent samples tested that were reported on April 25. The BVI’s epidemiological summary as of April 29 is as follows:
- 120 total tested
- 114 tested negative
- 6 tested positive
- 3 recoveries
- 1 death
- 2 active cases
- 1 hospitalised
- 9 new pending results
Click here to read full article
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BVI FINANCE BEST PROVIDER - OFFSHORE FINANCIAL SERVICES 2020h
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World Commerce Review is pleased to announce that BVI Finance has been awarded the Best Provider Offshore Financial Services 2020.
The World Commerce Review awards celebrate achievement, innovation and excellence across several fields of endeavour. Their award programs are tailored to provide a comprehensive analysis of the very best in each market.
The WCR awards are recognised as the principal indications of professional conduct and excellence.
Turn to page 21(Page 23 in pdf) of the document to read the above snippet.
click here to view World Commerce Review Spring 2020
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YOUR BVI LEGAL COVID-19 QUESTIONS ANSWERED
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Weekend Reading Suggestions
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FREE DELOITTE BVI FINANCIAL HELPLINE
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IF MONEY IS KEEPING YOU AWAKE AT NIGHT, THESE 5 SMALL FINANCIAL MOVES CAN EASE THE TENSION
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5 BANK STOCKS TO BUY NOW BECAUSE THIS ISN'T 2008 AGAIN
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When the economy slips into a recession and the stock market tanks, investors are naturally inclined to sell bank stocks. After all, during the last recession and bear market in 2008, bank stocks were the biggest losers, with some bank stocks ultimately going to zero.
It should be no surprise, then, that bank stocks are tanking in early 2020, as the rapidly spreading novel coronavirus pandemic from China has brought the global economy to a screeching halt.
Year-to-date, many bank stocks are down 25% or more.
But, here’s the thing: not all recessions and bear markets are the same, and this isn’t 2008.
Back in 2008, banks were part of the problem. They had weak, overly levered balance sheets, with tons of risk. That risk was exploding all over the place, causing the economy to fall over itself. The government had to come in and save these banks from the apocalypse.
The situation couldn’t be more different this time around.
Click here to read the 5 bank stocks recommended by Luke Lango, Investor Place Markets Analyst.
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UPCOMING EVENTS
May
BVI Finance Breakfast Forum
Webinar | 20 May
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