Beautiful Virgin Islands

Wednesday, Oct 08, 2025

Beneficial Ownership And Economic Substance Requirements Make Progress | Island Sun

Beneficial Ownership And Economic Substance Requirements Make Progress | Island Sun

From March this year the COVID-19 pandemic has dominated the attention of the local public and government, but Premier and Minister for Finance Hon. Andrew Fahie explained that the pending topics of beneficial ownership and Economic Substance remains on the radar.

In an update on both matters during the House of Assembly on 21 July, the Premier confidently noted that both issues were being handled. He told legislators: “Our international regulatory regulations have not been removed or reduced we must therefore not take the opportunity to become complacent.”

The Economic Substance requirement is aimed at addressing the European Union’s concern that offshore jurisdictions’ tax systems facilitate artificial offshore structures that do not have real economic activity. Therefore, the EU mandated that financial services jurisdictions facilitate mechanisms for the various entities to prove substance.

In providing insight on how the Territory was progressing along this area Premier Fahie told the House of Assembly that the BVI commenced a milestone part of the requirements. “We are embarking on a very significant period in the BVI Financial Services landscape. This month marks a significant step for economic substance filing. As with anything new, this may take some getting used to for all of us.”

The Minister of Finance also explained that the need to provide substance is not a cause for concern for the BVI as was previously thought. “While many saw the European Union’s Economic Substance initiative as a major threat we have successfully negotiated regarding that and are now fulfilling the data collection requirements it brings,” Hon. Fahie explained.

Beneficial Ownership


Even the previously worrying matter of having to reveal the owners of companies registered in the Territory is said to be not so scary as the Minister for Finance explained that the BVI is also ready to comply with this UK requirement and the EU request for substance.

Hon. Fahie told the House of Assembly, “Utilising the Beneficial Ownership Secure Search system (BOSSs) platform has enabled us to also rise to meet EU standards on data collection with efficiency and effectiveness.” The Government signed an exchange of notes agreement with the United Kingdom Government in April 2016.

“The BOSSs system is built to ensure that the Territory can efficiently exchange that information concerning the exchange of notes…The beneficial ownership information in the system will also be available to other authorities in the Virgin Islands to ensure that they are able to meet their international obligations. Importantly, the system will not be accessible by the public,” Hon. Fahie further explained.

Hon. Fahie told the House of Assembly that Government recently, in a letter to the Government of the United Kingdom, reiterated its continued commitment to the exchange of beneficial ownership information with the UK under the Exchange of Notes on Beneficial Ownership signed in 2016.

“We also took the opportunity in the letter to highlight that the BVI continues to meet and adhere to the highest international standards as a responsible, cooperative, and quality financial centre,” Hon. Fahie added

Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
France: Less Than a Month After His Appointment, the New French Prime Minister Resigns
Hungarian Prime Minister Viktor Orbán stated that Hungary will not adopt the euro because the European Union is falling apart.
Sarah Mullally Becomes First Woman Appointed Archbishop of Canterbury
Mayor in western Germany in intensive care after stabbing
Australian government pays Deloitte nearly half a million dollars for a report built on fabricated quotes, fake citations, and AI-generated nonsense.
US Prosecutors Gained Legal Approval to Hack Telegram Servers
Macron Faces Intensifying Pressure to Resign or Trigger New Elections Amid France’s Political Turmoil
Standard Chartered Names Roberto Hoornweg as Sole Head of Corporate & Investment Banking
UK Asylum Housing Firm Faces Backlash Over £187 Million Profits and Poor Living Conditions
UK Police Crack Major Gang in Smuggling of up to 40,000 Stolen Phones to China
BYD’s UK Sales Soar Nearly Nine-Fold, Making Britain Its Biggest Market Outside China
Trump Proposes Farm Bailout from Tariff Revenues Amid Backlash from Other Industries
FIFA Accuses Malaysia of Forging Citizenship Documents, Suspends Seven Footballers
Latvia to Bar Tourist and Occasional Buses to Russia and Belarus Until 2026
A Dollar Coin Featuring Trump’s Portrait Expected to Be Issued Next Year
Australia Orders X to Block Murder Videos, Citing Online Safety and Public Exposure
Three Scientists Awarded Nobel Prize in Medicine for Discovery of Immune Self-Tolerance Mechanism
OpenAI and AMD Forge Landmark AI-Chip Alliance with Equity Option
Munich Airport Reopens After Second Drone Shutdown
France Names New Government Amid Political Crisis
Trump Stands Firm in Shutdown Showdown and Declares War on Drug Cartels — Turning Crisis into Opportunity
Surge of U.S. Billionaires Transforms London’s Peninsula Apartments into Ultra-Luxury Stronghold
Pro Europe and Anti-War Babiš Poised to Return to Power After Czech Parliamentary Vote
Jeff Bezos Calls AI Surge a ‘Good’ Bubble, Urges Focus on Lasting Innovation
Japan’s Ruling Party Chooses Sanae Takaichi, Clearing Path to First Female Prime Minister
Sean ‘Diddy’ Combs Sentenced to Fifty Months in Prison Following Prostitution Conviction
Taylor Swift’s ‘Showgirl’ Launch Extends Billion-Dollar Empire
Trump Administration Launches “TrumpRx” Plan to Enable Direct Drug Sales at Deep Discounts
Trump Announces Intention to Impose 100 Percent Tariff on Foreign-Made Films
Altman Says GPT-5 Already Outpaces Him, Warns AI Could Automate 40% of Work
Singapore and Hong Kong Vie to Dominate Asia’s Rising Gold Trade
Trump Organization Teams with Saudi Developer on $1 Billion Trump Plaza in Jeddah
Manhattan Sees Surge in Office-to-Housing Conversions, Highest Since 2008
Switzerland and U.S. Issue Joint Assurance Against Currency Manipulation
Electronic Arts to Be Taken Private in Historic $55 Billion Buyout
Thomas Jacob Sanford Named as Suspect in Deadly Michigan Church Shooting and Arson
Russian Research Vessel 'Yantar' Tracked Mapping Europe’s Subsea Cables, Raising Security Alarms
New York Man Arrested After On-Air Confession to 2017 Parents’ Murders
U.S. Defense Chief Orders Sudden Summit of Hundreds of Generals and Admirals
Global Cruise Industry Posts Dramatic Comeback with 34.6 Million Passengers in 2024
Trump Claims FBI Planted 274 Agents at Capitol Riot, Citing Unverified Reports
India: Internet Suspended in Bareilly Amid Communal Clashes Between Muslims and Hindus
Supreme Court Extends Freeze on Nearly $5 Billion in U.S. Foreign Aid at Trump’s Request
Archaeologists Recover Statues and Temples from 2,000-Year-Old Sunken City off Alexandria
China Deploys 2,000 Workers to Spain to Build Major EV Battery Factory, Raising European Dependence
Speed Takes Over: How Drive-Through Coffee Chains Are Rewriting U.S. Coffee Culture
U.S. Demands Brussels Scrutinize Digital Rules to Prevent Bias Against American Tech
Ringo Starr Champions Enduring Beatles Legacy While Debuting Las Vegas Art Show
Private Equity’s Fundraising Surge Triggers Concern of European Market Shake-Out
Colombian President Petro Vows to Mobilize Volunteers for Gaza and Joins List of Fighters
×