Beautiful Virgin Islands

Monday, Aug 04, 2025

Premier sees "minimal" impact from Hong Kong protests

Premier sees "minimal" impact from Hong Kong protests

The Virgin Islands financial services industry has seen “minimal” impact from the recent pro-democracy protests in Hong Kong, Premier Andrew Fahie said while answering a question from Opposition Leader Marlon Penn last Thursday in the House of Assembly.

The protests - which have turned increasingly violent in recent months - have had “no significant impact on the functions of the industry itself or usage of the BVI as a jurisdiction of choice,” the premier said, explaining that most protests occur on the weekend and are announced ahead of time so that authorities and the media are aware of any potential obstacles.

Thus, he said, economic losses have been minimal, and “centred around localised consumer spending, transportation, government buildings, select Chinese businesses and commodities of local consumption.”


‘Ongoing monitoring’

From a regional perspective, the protests have had no direct adverse impact, he added.

“In the midst of the escalating civil unrest in the city, most business entities in the financial sector have continued as usual, including BVI House Asia,” he said of the government entity set up in Hong Kong to promote VI financial services.

“Regularly scheduled industry meetings and interactions are ongoing weekly.”
He did acknowledge, however, that the protests have created practical inconveniences locally for employees of branch offices of VI law firms and other corporate service providers.

However, given the relatively limited threat, the government’s strategy will continue to be “ongoing monitoring” of the situation “and any significant changes in the financial landscape that would impede our ability to function or would impede usage of BVI financial services products,” according to the premier.

He added that BVI House Asia staff is providing weekly updates on the situation to the International Affairs Secretariat, the Premier’s Office and BVI Finance.


HK developments

Two weeks ago, the Hong Kong government denied a request to hold an- other large-scale protest, saying the risk was too high that it would devolve into violence.

Since the protests began, thousands of people have been injured as activists continue to demand the withdrawal of a bill - since removed from the Legislative Council’s agenda, but not yet formally with- drawn - that would allow extradition of some people facing criminal charges in mainland China.
Opponents claim the bill would create a slippery slope under which the Chinese government could tar- get its political enemies. The protestors have also added other demands, including universal suffrage and more humane treatment of protestors.

But the proposed law is just the latest in a long-simmering tension over the former British colony’s semi-autonomous status, which gives the territory a separate legal system that has allowed it to become one of the world’s leading offshore financial jurisdictions.


VI impact

According to the South China Morning Post, China, including Hong Kong and Macau, is responsible for more than 40 percent of the $1.5 trillion mediated through the nearly 400,000 VI-registered companies.

Last month, some VI financial services experts said the impact of the unrest on this territory might not be as negative as it appears, and the VI’s longstanding reputation likely will continue to work to the VI’s benefit.

“If there’s some uncertainty as to the rule of law [in Hong Kong], that’s good for the BVI,” said Robert Briant, partner and head of the corporate department at Conyers.

At the same time that Mr. Fahie reassured Mr. Penn about the stability of the financial services industry, he added that “every measure has been taken to ensure [employees] are not placed in harm’s way at any period.”

The physical offices of BVI House Asia, he said, are at a secure central location and “under no threat” from protestors.

“As such, they are able to continue to work as representatives of the government of the BVI largely unimpeded,” he said.

He also criticised Mr. Penn for “failing to ask about the safety of our people” stationed in Hong Kong.

But Mr. Penn fired back, saying that Mr. Fahie’s suggestion that he was unconcerned with VI representatives abroad “is really unfortunate.”

Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
Pilots Call for Mental Health Support Without Stigma
All Five Trapped Miners Found Dead After El Teniente Mine Collapse
Ong Beng Seng Pleads Guilty in Corruption Case Linked to Former Singapore Transport Minister
BP’s Largest Oil and Gas Find in 25 Years Uncovered Offshore Brazil
Italy Fines Shein One Million Euros for Misleading Sustainability Claims
JPMorgan and Coinbase Unveil Partnership to Let Chase Cardholders Buy Crypto Directly
Declassified Annex Links Soros‑Affiliated Officials and Clinton Campaign to ‘Russiagate’ Narrative
UK's Online Safety Law: A Front for Censorship
Nationwide Protests Erupt in Brazil Demanding Presidential Resignation
Parents Abandon Child at Barcelona Airport Over Passport Issue
Mystery Surrounds Death of Brazilian Woman with iPhones Glued to Her Body
Bus Driver Discovers Toddler Hidden in Suitcase in New Zealand
Switzerland Celebrates 734 Years of Independence Amid Global Changes
U.S. Opens Official Investigation into Former Trump Prosecutor Jack Smith
Leaked audio of Canada's new PM Mark Carney admitting the truth about the Net Zero agenda: "We're gonna make a lot of money off of this."
China Enforces Comprehensive Ban on Cryptocurrency Activities
Absolutely 100% Realistic EVO Series Doll by EXDOLL (Chinese Company) used mainly for carnal purposes
World Economic Forum founder Klaus Schwab: "In this new world, we must accept... total transparency. You have to get used to it. You have to behave accordingly. But if you have nothing to hide, you shouldn't be afraid."
Meet Mufti Hamid Patel, head of Office for Standards in Education in Pakistan
George Soros tells the World Economic Forum: "President Trump is a con man and the ultimate narcissist, who wants the world to revolve around him."
Hamas are STARVING the hostages.
Decline in Tourism in Majorca Amidst Ongoing Anti-Tourism Protests
British Tourist Dies Following Hair Transplant in Turkey, Police Investigate
Poland Begins Excavation at Dziemiany After New Clue to World War II‑Era Nazi Treasure
WhatsApp Users Targeted in New Scam Involving Account Takeovers
Trump Threatens Canada with Tariffs Over Palestinian State Recognition
Trump Deploys Nuclear Submarines After Threats from Former Russian President Medvedev
Trump Sues Murdoch in “Heavyweight Bout”: Lawsuit Over Alleged Epstein Letter Sets Stage for Courtroom Showdown
Germany Enters Fiscal Crisis as Cabinet Approves €174 Billion in New Debt
Trump Administration Finalizes Broad Tariff Increases on Global Trade Partners
J.K. Rowling Limits Public Engagements Citing Safety Fears
JD.com Launches €2.2 Billion Bid for German Electronics Retailer Ceconomy
Azerbaijan Proceeds with Plan to Legalise Casinos on Artificial Islands
Former Judge Charged After Drunk Driving Crash Kills Comedian in Brazil
Jeff Bezos hasn’t paid a dollar in taxes for decades. He makes billions and pays $0 in taxes, LEGALLY
China Increases Use of Exit Bans Amid Rising U.S. Tensions
IMF Upgrades Global Growth Forecast as Weaker Dollar Supports Outlook
Procter & Gamble to Raise U.S. Prices to Offset One‑Billion‑Dollar Tariff Cost
House Republicans Move to Defund OECD Over Global Tax Dispute
Botswana Seeks Controlling Stake in De Beers as Anglo American Prepares Exit
Trump Administration Proposes Repeal of Obama‑Era Endangerment Finding, Dismantling Regulatory Basis for CO₂ Emissions Limits
France Opens Criminal Investigation into X Over Algorithm Manipulation Allegations
A family has been arrested in the UK for displaying the British flag
Mel Gibson refuses to work with Robert De Niro, saying, "Keep that woke clown away from me."
Trump Steamrolls EU in Landmark Trade Win: US–EU Trade Deal Imposes 15% Tariff on European Imports
ChatGPT CEO Sam Altman says people share personal info with ChatGPT but don’t know chats can be used as court evidence in legal cases.
The British propaganda channel BBC News lies again.
Deputy attorney general's second day of meeting with Ghislaine Maxwell has concluded
Controversial March in Switzerland Features Men Dressed in Nazi Uniforms
Politics is a good business: Barack Obama’s Reported Net Worth Growth, 1990–2025
×