Beautiful Virgin Islands

Wednesday, Aug 27, 2025

Still not in the clear: More updates to BOSSs laws as BVI eludes EU blacklist

Still not in the clear: More updates to BOSSs laws as BVI eludes EU blacklist

More amendments are being made to the Beneficial Ownership Secure Search system (BOSSs) Act, this time to increase funding and staff of the territory’s International Tax Authority (ITA).

During a presentation at Thursday’s sitting of the House of Assembly, leader of government business Premier Andrew Fahie said the amendments are to deal with the subject of economic substance as well as evaluations the territory must undergo to avoid being named on the European Union’s blacklist of ‘tax haven’ jurisdictions.

“We have been holding widespread consultations with stakeholders to get this right and similarly our equal effort is being exerted in ensuring that the International Tax Authority is adequately resourced in terms of staffing and financing,” he said.

He said this is because the territory is being faced with more requests for information relating to taxes, including the aforementioned area of economic substance. The EU’s definition of economic substance has to do with financial services companies setting up physical and appropriately-staffed office spaces in the territory.

He said the ITA will, therefore, have to increase its staff to roughly 35

“I have asked them to do a more vigorous recruiting in the media … in order to make sure we stay from being blacklisted,” he added.

Premier Fahie said the ITA performs a critical role in ensuring the smooth implementation and operation of the economic substance reporting requirements along with the structures.

“It is mission-critical that we do all in our power to minimize the negative impact on our territory’s economy that the economic substance requirement portends. We will be coming back into this House with more legislation and also new policy shifts that we feel the people of the Virgin Islands can benefit from the economic substance,” Fahie said.

He said while it is a challenge to some, the BVI will seek to capitalize on its benefits.

Previous amendment to BOSSs Act

In January, the BOSSs Act was amended to work alongside the Economic Substance Companies and Limited Partnership (Amendment) Act of 2018.

This is because the financial services companies registered in the BVI before January 1 has until June 30 to start complying with the economic substance requirements.

Notably, under the BOSSs Act, companies are required to report who is the beneficial owner (the ultimate owner) of the said company.

Background of BOSSs

In March this year, Premier Fahie had said the focus of his office is now to convince Britain how the BVI’s Beneficial Ownership Secure Search System (BOSSs) is a better alternative to the UK-mandated public registers of company beneficial ownership.

“BOSSs can be extremely effective aids to law enforcement authorities and much more so than the unverified public register which the UK hosts,” Premier Fahie said at the time.

He made those statements following the UK government’s position that it needs more time to contemplate the amendment to its Financial Services Bill which would force the BVI to implement public registers by 2020 — three years earlier than the 2023 reprieve the BVI was recently granted.

Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
Spotify’s Strange Move: The Feature Nobody Asked For – Returns
Manhunt in Australia: Armed Anti-Government Suspect Kills Police Officers Sent to Arrest Him
China Launches World’s Most Powerful Neutrino Detector
How Beijing-Linked Networks Shape Elections in New York City
Ukrainian Refugee Iryna Zarutska Fled War To US, Stabbed To Death
Elon Musk Sues Apple and OpenAI Over Alleged App Store Monopoly
2 Australian Police Shot Dead In Encounter In Rural Victoria State
Vietnam Evacuates Hundreds of Thousands as Typhoon Kajiki Strikes; China’s Sanya Shuts Down
UK Government Delays Decision on China’s Proposed London Embassy Amid Concerns Over Redacted Plans
A 150-Year Tradition to Be Abolished? Uproar Over the Popular Central Park Attraction
A new faith called Robotheism claims artificial intelligence isn’t just smart but actually God itself
Deputy Prime Minister Angela Rayner Purchases Third Property Amid Housing Tax Reforms Debate
HSBC Switzerland Ends Relationships with Over 1,000 Clients from Saudi Arabia, Lebanon, Qatar, and Egypt
Sharia Law Made Legally Binding in Austria Despite Warnings Over 'Incompatible' Values
Italian Facebook Group Sharing Intimate Images Without Consent Shut Down Amid Police Investigation
Dutch Foreign Minister Resigns Amid Deadlock Over Israel Sanctions
Trump and Allies Send Messages of Support to Ukraine on Independence Day Amid Ongoing Conflict
China Reels as Telegram Chat Group Shares Hidden-Camera Footage of Women and Children
Sam Nicoresti becomes first transgender comedian to win Edinburgh Comedy Award
Builders uncover historic human remains in Lancashire house renovation
Australia Wants to Tax Your Empty Bedrooms
MotoGP Cameraman Narrowly Avoids Pedro Acosta Crash at Hungarian Grand Prix
FBI Investigates John Bolton Over Classified Documents in High-Profile Raids
Report reveals OpenAI pitched national ChatGPT Plus subscription to UK ministers
Labour set to freeze income tax thresholds in long-term 'stealth' tax raid
Coca‑Cola explores sale of Costa coffee chain
Trial hears dog walker was chased and fatally stabbed by trio
Restaurateur resigns from government hospitality council over tax criticism
Spanish City funfair shut after serious ride injury
Suspected arson at Ilford restaurant leaves three in critical condition
Tottenham beat Manchester City to go top of Premier League
Bank holiday heatwave to hit 30°C before remnants of Hurricane Erin arrive
UK to deploy immigration advisers to West Africa to block fake visas
Nurse who raped woman continued working for a year despite police alert
Drought forces closures of England’s canal routes, canceling boat holidays
Sweet tooth scents: food-inspired perfumes surge as weight-loss drugs suppress appetites
Experts warn Britain dangerously reliant on imported food
Family of Notting Hill Carnival murder victim call event unmanageable
Bunkers, Billions and Apocalypse: The Secret Compounds of Zuckerberg and the Tech Giants
Ukraine Declares De Facto War on Hungary and Slovakia with Terror Drone Strikes on Their Gas Lifeline
Animated K-pop Musical ‘KPop Demon Hunters’ Becomes Netflix’s Most-Watched Original Animated Film
New York Appeals Court Voids Nearly $500 Million Civil Fraud Penalty Against Trump While Upholding Fraud Liability
Elon Musk tweeted, “Europe is dying”
Far-Right Activist Convicted of Incitement Changes Gender and Demands: "Send Me to a Women’s Prison" | The Storm in Germany
Hungary Criticizes Ukraine: "Violating Our Sovereignty"
Will this be the first country to return to negative interest rates?
Child-free hotels spark controversy
North Korea is where this 95-year-old wants to die. South Korea won’t let him go. Is this our ally or a human rights enemy?
Hong Kong Launches Regulatory Regime and Trials for HKD-Backed Stablecoins
China rehearses September 3 Victory Day parade as imagery points to ‘loyal wingman’ FH-97 family presence
×