Beautiful Virgin Islands

Monday, Jul 14, 2025

Gov’t not making a decision on public registers could hurt BVI

Gov’t not making a decision on public registers could hurt BVI

With the Andrew Fahie government yet to declare their position on whether public registers of beneficial ownership will be implemented in the territory, Governor Augustus Jaspert said the absence of a decision could hurt the BVI.
Effectively, beneficial owners are persons who own property rights to a company even though the legal title of the property is in another person’s name. The aforesaid registers seek to make the identities of these ‘secret owners’ public and other overseas territories are said to have already decided to implement them.

While responding to questions during a local video interview this week, the governor said: “Others will be better placed than me to talk about the financial services industry but there is a risk, for me, that BVI becomes an outlier rather than being one up there [at] the front of the pack.”

“We have successfully, throughout our years in financial services, shown that we are confident, we are innovative, that we get ahead of global trends rather than wait … and that has served us well in the last 25 years or more of our financial services industry,” he added.

Other territories putting measures in place

In addition to the other territories deciding in favour of implementing public registers, Governor Jaspert also said those jurisdictions have taken the extra step to commence the process of developing their own framework.

“Every other inhabited overseas territory and the Crown dependencies, as well, has moved to the position of saying they will put in place public registers themselves and it links a little bit to the debate about self-determination,” he stated.

“The other places have said … we would look at it, we would look at what we need to put in place, we are not going to wait to be told by someone else what the design or what it may need to look like. BVI is the only one that hasn’t at this moment done that and it’s something that I know is a hot topic and one I hope is looked at over the next weeks and months as we go forward on this,” he further stated.

BOSSs one of the best

The governor also spoke highly of the BVI’s Beneficial Ownership Secure Search system (BOSSs), labelling it as one of the best systems that give law enforcement the ability to get information in real-time.

In March 2019, Premier Fahie had said his government’s focus was to convince Britain that the BOSS system was a better alternative to the UK-mandated public registers.

The initial implementation deadline given by the UK was December 2020 but was later extended by an additional three years, following a historic territory-wide protest against the policy in May 2018.

While the UK says public registers deter tax evasion, the BVI has contended that publicising the names of beneficial owners could discourage companies from doing business with the BVI as it relates to financial services.
Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
Australia Rules Out Pre‑commitment of Troops, Reinforces Defence Posture Amid US‑China Tensions
Martha Wells Says Humanity Still Far from True Artificial Intelligence
Nvidia Becomes World’s First Four‑Trillion‑Dollar Company Amid AI Boom
U.S. Resumes Deportations to Third Countries After Supreme Court Ruling
Excavation Begins at Site of Mass Grave for Children at Former Irish Institution
Iranian President Reportedly Injured During Israeli Strike on Secret Facility
EU Delays Retaliatory Tariffs Amid New U.S. Threats on Imports
Trump Defends Attorney General Pam Bondi Amid Epstein Memo Backlash
Renault Shares Drop as CEO Luca de Meo Announces Departure Amid Reports of Move to Kering
Senior Aides for King Charles and Prince Harry Hold Secret Peace Summit
Anti‑Semitism ‘Normalised’ in Middle‑Class Britain, Says Commission Co‑Chair
King Charles Meets David Beckham at Chelsea Flower Show
If the Department is Really About Justice: Ghislaine Maxwell Should Be Freed Now
NYC Candidate Zohran Mamdani’s ‘Antifada’ Remarks Spark National Debate on Political Language and Economic Policy
President Trump Visits Flood-Ravaged Texas, Praises Community Strength and First Responders
From Mystery to Meltdown, Crisis Within the Trump Administration: Epstein Files Ignite A Deepening Rift at the Highest Levels of Government Reveals Chaos, Leaks, and Growing MAGA Backlash
Trump Slams Putin Over War Death Toll, Teases Major Russia Announcement
Reparations argument crushed
Rainmaker CEO Says Cloud Seeding Paused Before Deadly Texas Floods
A 92-year-old woman, who felt she doesn't belong in a nursing home, escaped the death-camp by climbing a gate nearly 8 ft tall
French Journalist Acquitted in Controversial Case Involving Brigitte Macron
Elon Musk’s xAI Targets $200 Billion Valuation in New Fundraising Round
Kraft Heinz Considers Splitting Off Grocery Division Amid Strategic Review
Trump Proposes Supplying Arms to Ukraine Through NATO Allies
EU Proposes New Tax on Large Companies to Boost Budget
Trump Imposes 35% Tariffs on Canadian Imports Amid Trade Tensions
Junior Doctors in the UK Prepare for Five-Day Strike Over Pay Disputes
US Opens First Rare Earth Mine in Over 70 Years in Wyoming
Kurdistan Workers Party Takes Symbolic Step Towards Peace in Northern Iraq
Bitcoin Reaches New Milestone of $116,000
Biden’s Doctor Pleads the Fifth to Avoid Self-Incrimination on President’s Medical Fitness
Grok Chatbot Faces International Backlash for Antisemitic Content
Severe Heatwave Claims 2,300 Lives Across Europe
NVIDIA Achieves Historic Milestone as First Company Valued at $4 Trillion
Declining Beer Consumption Signals Cultural Shift in Germany
Linda Yaccarino Steps Down as CEO of X After Two Years
US Imposes New Tariffs on Brazilian Exports Amid Political Tensions
Azerbaijan and Armenia are on the brink of a historic peace deal.
Emails Leaked: How Passenger Luggage Became a Side Income for Airport Workers
Polish MEP: “Dear Leftists - China is laughing at you, Russia is laughing, India is laughing”
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Weinstein Victim’s Lawyer Says MeToo Movement Still Strong
U.S. Enacts Sweeping Tax and Spending Legislation Amid Trade Policy Shifts
Football Mourns as Diogo Jota and Brother André Silva Laid to Rest in Portugal
Labour Expected to Withdraw Support for Special Needs Funding Model
Leaked Audio Reveals Tory Aide Defending DEI Record
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
London Stock Exchange Faces Historic Low in Initial Public Offerings
A new online platform has emerged in the United Kingdom, specifically targeting Muslim men seeking virgin brides
Trump Celebrates Independence Day with B-2 Flyover and Signs Controversial Legislation
×