Beautiful Virgin Islands

Tuesday, Jun 24, 2025

Premier Anticipates Resistance With Plans For New Revenue Streams

Premier Anticipates Resistance With Plans For New Revenue Streams

Premier and Minister for Finance Hon. Andrew Fahie has warned that new revenue streams are coming, and may not be popular among residents of the British Virgin Islands.
The Premier made it clear that it is no secret that the territory has to diversify its economy.

“There are many ways that we are looking to diversify the economy. That is one of the reasons why we are working very hard on the VI Shipping Registry because it is going to be a very good, new linkage industry to add into the Financial Services Industry,” he said during the House of Assembly on March 10.

He explained that another area for diversification he is eying is economic substance.

“So there are many areas that we are working on. There are some projections with other areas that we will be bringing forward that we see will be able to help because the only way to get out into this paradigm shift of financial prosperity in the BVI is through innovation, so some of them are not going to be the regular avenues and may be met with some resistance, but we have to press forward nonetheless,” he added.

The Leader of Government’s business was at the time responding to questions posed by Opposition Leader Hon. Marlon Penn on the revenue trends from Financial Services for the last few years.

Hon. Fahie outlined that due to the uncertainty surrounding the COVID-19 pandemic and the potential adverse impact to the financial services industry, it would have been expected that due to all these factors, there would have been a decline in the projected revenues in financial services in 2020.

“Mr. Speaker, the Business Continuity Act was amended in 2020 to allow the Finance Services Industry to continue business in the midst of the pandemics such as COVID-19. This amendment paid dividends as revenue collection for 2020 outperformed the revised projections. During COVID-19, special emphasis was placed on Financial Services among other areas, where many provisions were made to accommodate the industry,” Hon. Fahie stated.

He informed that in 2018, the industry reeled in $230,55,983 in 2019 that figure stood at $205,504,07, and for 2020, $189,750,349.

The Premier reminded the House that there was a revised budget when the health pandemic hit “because we realize that we would have been losing revenue like every country. We would have had to adjust our spending patterns, like every country, because of COVID-19, and we projected lower figures. However, it was less than the regular projected amount for 2020, and of course, that’s because of COVID-19.”
Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
Macron and Merz: Europe must arm itself in an unstable world
Germany and Italy Under Pressure to Repatriate $245bn of Gold from US Vaults
Airlines Evaluate Flight Cancellations Amid Escalating US-Iran Tensions
Starmer Invites Innovators to Join Government Talent Scheme
UK Economy’s Strong Opening Quarter Shows Signs of Cooling
Harrods Seeks Court Order to Secure Al Fayed Estate for Victims
BA and Singapore Airlines Cancel Dubai Flights Amid Middle East Tensions
Trump Faces Backlash from MAGA Base Over Iran Strikes
Meta Bets $14 B on Alexandr Wang to Drive AI Ambitions
WATCH: Israeli forces show the aftermath of a massive airstrike at Iran's Isfahan nuclear site
FedEx Founder Fred Smith, ‘Heart and Soul’ of the Company, Dies at 80
Chinese Factories Shift Away from U.S. Amid Trump‑Era Tariffs
Pimco Seizes Opportunity in Japan’s Dislocated Bond Market
Labubu Doll Drives Pop Mart to Status as China’s Most Valuable Toy Maker
Global Coal Demand Defies Paris Accord Goals
We have new information and breaking details to share about what is shaping up to be a historic air campaign tonight
Six Massive Bombs Dropped on Fordow; Trump: 'A Historic Moment for the U.S., Israel, and the World'
Fordow: Deeply Buried Iranian Enrichment Site in U.S.–Israel Crosshairs
United States Conducts Precision Strikes on Iran’s Nuclear Sites
US strikes Iran nuclear sites, Trump says
Pakistan to nominate Trump for Nobel Peace Prize.
BBC Demands Perplexity AI Immediately Stop Using Its Content
Telegram Founder: I Will Leave My Fortune to Over 100 of My Children
Political Turmoil Resurfaces in Belgium Amid Economic Concerns
Fed policymakers divided on timing of interest rate cuts
Trump signals imminent agreement with Harvard University
Inheritance tax referendum alarms Swiss billionaire community
Japan cancels bilateral security meeting amid US defence demands
AI skeptic Emily Bender warns that ‘the emperor has no clothes’
Israel Confirms Assassination of Quds Force Commander in Tehran
16 Billion Login Credentials Leaked in Unprecedented Cybersecurity Breach
Senate hearing on who was 'really running' Biden White House kicks off
Iranian Military Officers Reportedly Seek Contact with Reza Pahlavi, Signal Intent to Defect
FBI and Senate Investigate Allegations of Chinese Plot to Influence the 2020 Election in Biden’s Favor Using Fake U.S. Driver’s Licenses
Vietnam Emerges as Luxury Yacht Destination for Ultra‑Rich
Plans to Sell Dutch Embassy in Bangkok Face Local Opposition
China's Iranian Oil Imports Face Disruption Amid Escalating Middle East Tensions
Trump's $5 Million 'Trump Card' Visa Program Draws Nearly 70,000 Applicants
DGCA Finds No Major Safety Concerns in Air India's Boeing 787 Fleet
Airlines Reroute Flights Amid Expanding Middle East Conflict Zones
Elon Musk's xAI Seeks $9.3 Billion in Funding Amid AI Expansion
Trump Demands Iran's Unconditional Surrender Amid Escalating Conflict
Israeli Airstrike Targets Iranian State TV in Central Tehran
President Trump is leaving the G7 summit early and has ordered the National Security Council to the Situation Room
Taiwan Imposes Export Ban on Chips to Huawei and SMIC
Israel has just announced plans to strike Tehran again, and in response, Trump has urged people to evacuate
Netanyahu Signals Potential Regime Change in Iran
Juncker Criticizes EU Inaction on Trump Tariffs
EU Proposes Ban on New Russian Gas Contracts
Analysts Warn Iran May Resort to Unconventional Warfare
×