Titled “Creating Value: BVI’s Global Contribution,” the capital report which was commissioned to examine the economic, financial and legislative connections between the BVI’s financial services sector and the international community was unveiled this week, both here in the BVI and in London, United Kingdom.
The document which was spearheaded by BVI Finance and funded by contributions from Government and the private sector was presented to the media 21 June at a press briefing.
The report is lauded for its focus on very important industry topics. Gary Hayes, Head of Business Development at BVI Finance announced that the report sends out some very powerful messages that the BVI should be very proud of: “The great thing is, it is not BVI Finance, it is not BVI firms saying that, it is an independent third party research document by Capital Economics that is saying that, and that’s brilliant for us because we can sing our praises from that particular report,” he explained
“If you don’t know Capital Economics; they have done similar research projects for other jurisdictions around the world and they have a global reputation for quality applications and productions,” Hayes added.
Ryan Geluk, who is a member of the BVI Finance Board of Directors was on the panel that spoke about the report and he noted that the document contributes to the destruction of the myth that claims the BVI is a tax haven. “The BVI gets negative press from around the world, regarding tax transparency, but this report really highlights why those myths are completely false,” Geluk said.
In further stressing how the report highlights that the BVI is not a tax haven Geluk added: “Tax haven is a term, is a buzz word, it is not a label, it is not a credible legal category of jurisdiction…it’s just a negative connotation that has been put on by NGO’s, which we’ve over the years really dispelled. One of the big areas of tax haven is showing a level of secrecy and not being transparent in relaying information, and the BVI is certainly not among those in being very opaque in what we do. We have the ability and history of responding to information requested.”
The study was designed to be an authoritative, evidence-based piece of work demonstrating how BVI business structures have facilitated global commerce by connecting markets and facilitating global investment, trade and capital flow with a specific focus on the BVI’s impact on the growth of China’s economy.
Additionally, the study’s findings are expected to help to better inform and educate the BVI public on the Territory’s financial services industry and its impact on their lives.