Business
BVI Financial Sector Shines with 2023’s Complex Cross-Border Transactions

Throughout 2023, the British Virgin Islands (BVI) financial services sector through a series of intricate cross-border transactions, showcased its strength and depth of expertise on the global stage.
Amidst the year’s challenges, BVI firms were at the forefront of numerous high-value, sophisticated transactions spanning IPOs, acquisitions, restructurings, and more. Furthermore, the BVI solidified its position as a hub for cutting-edge financial services, enhancing its expertise and regulatory framework in burgeoning areas like virtual assets, fintech, and climate finance, thereby attracting top-tier market participants.
Mergers and Acquisitions
Appleby BVI and Conyers BVI played pivotal roles in facilitating a significant international acquisition involving Shift4 and Finaro, bolstering clearing technology provision and online merchant banking in Europe.
Meanwhile, Ogier advised Fortress Investment Group on its acquisition of Vice Media Group, a deal valuing the media giant at £350 million ($445 million).
Conyers provided counsel to B2Gold Corp. in its acquisition of AngloGold Ashanti Limited’s 50% stake in the Gramalote Project, solidifying B2Gold’s ownership.
Harneys navigated a business combination between Maxpro Capital Acquisition Corp. and Apollomics Inc., culminating in Apollomics’ shares debuting on the Nasdaq Capital Market.
Walkers served as BVI counsel to Lumentum Holdings in its acquisition of Cloud Light Technology Limited, further expanding Lumentum’s reach.
Gold Leaf Consulting successfully navigated a multi-million-dollar private asset sale, overcoming procedural hurdles to release escrowed funds.
Restructuring
Maples and Calder advised Sunac China Holdings Ltd. on restructuring its $10.2 billion offshore debt, marking a monumental achievement in China’s real estate landscape.
Conyers aided All Year Holdings Limited in concluding a successful restructuring and provisional liquidation.
Capital and Funding
Conyers advised Commonwealth Bank of Australia on a five-year AU$500 million syndicated credit facility to Gold Fields Limited, a landmark sustainability-linked loan transaction in the Australian mining industry.
Additionally, Conyers facilitated Telegram Group Inc.’s issuance of $210 million bonds, supporting the firm’s expansion plans.
Walkers advised NCL Corporation Ltd. on issuing up to $900 million in senior secured notes, a significant financing move for the Norwegian cruise line.
Carey Olsen advised Socket Technologies Limited on its $5 million investment round, contributing to fintech and digital innovation.
Initial Public Offerings
Harneys facilitated the successful IPO of Pono Capital Three, Inc., a special purpose acquisition vehicle, raising $115 million for future acquisitions.
Digital Assets
Harneys BVI spearheaded the launch of the industry’s first crypto hedge fund managed accounts through the 3iQ Managed Account Platform, signaling a new era in digital asset investment.
Teneo BVI played a crucial role in the liquidation of 3 Arrows Capital, securing assets and upholding regulatory standards in the digital asset space.
Ministerial and CEO Statements
Hon. Lorna Smith, OBE, Minister of Financial Services, Labour, and Trade, lauded BVI’s financial prowess, citing its adaptability and innovation in an evolving market.
Elise Donovan, CEO of BVI Finance, highlighted the territory’s resilience and adaptability in meeting global demand for specialized financial services.
BVI’s financial triumphs in 2023 reaffirm its status as a premier international financial center, committed to excellence, innovation, and global economic prosperity.
Business
BVI Braces for Ripple Effects as U.S. Stock Market Sheds $5 Trillion

In just three weeks, the U.S. stock market has lost a staggering $5 trillion in value, a downturn that could have significant implications for the British Virgin Islands (BVI), where the U.S. dollar is the official currency. As economic uncertainty grips the global financial system, concerns are mounting over how this sharp decline might impact the BVI’s economy, particularly in the areas of tourism, offshore financial services, and overall consumer confidence.
With the U.S. being the primary source of visitors to the BVI, any financial squeeze on American households could lead to a reduction in travel plans. A weaker U.S. stock market often means tighter budgets for vacationers, which could result in lower visitor numbers, reduced hotel bookings, and fewer yacht charters—critical sectors for the territory’s economy.
As one of the Caribbean’s leading offshore financial hubs, the BVI is deeply connected to global markets. A drop in stock values can shake investor confidence, potentially leading to slower financial transactions, reduced incorporations, and a cautious approach from high-net-worth individuals who use BVI-based structures for wealth management.
With the BVI using the U.S. dollar, economic shocks in the U.S. can quickly affect the cost of goods and services in the territory. A weaker U.S. market could lead to fluctuations in inflation, making imports more expensive. For a territory that relies heavily on imported goods—from food supplies to construction materials—this could put additional pressure on businesses and consumers.
The BVI government will likely keep a close watch on these developments, as a prolonged U.S. market downturn could impact tax revenues, business activity, and overall economic confidence. Policymakers may need to explore ways to strengthen economic resilience, whether through increased regional trade, diversification efforts, or measures to support local businesses in uncertain times.
While the full impact of this financial slide remains to be seen, one thing is certain: the BVI, like many other U.S. dollar-dependent economies, is paying close attention to Wall Street’s turbulence and preparing for potential economic headwinds.
Business
Tropical Shipping Warns of Severe Impact on Caribbean Trade from Proposed U.S. Tariff on Chinese-Built Vessels

A proposed tariff set to be enacted by the United States government next month threatens to unravel decades of economic ties between the U.S. and the Caribbean. The new policy, which would impose a hefty $1 million port fee on any Chinese-built vessel calling at U.S. ports, could raise shipping costs by thousands of dollars per container, potentially shifting the flow of goods between the U.S. and the Caribbean to foreign competitors. For Caribbean exporters, this tariff would be a major blow, raising the cost of goods and disrupting established trade relationships that total $92.3 billion annually.
While the United States government has framed the proposal as a trade measure aimed at countering unfair practices, it will have profound implications for Caribbean economies that depend on efficient, cost-effective shipping services to move goods. Most of the vessels serving the region were built in China, meaning the vast majority of Caribbean trade will be directly impacted by this policy.
For Caribbean businesses, the stakes are high. With rising shipping costs, many companies could be forced to either absorb the additional costs or pass them along to consumers. Both scenarios are unsustainable. Higher prices on exports to the Caribbean would make American goods less competitive, pushing businesses in the region to turn to other nations for supplies. The result? U.S. exports to the Caribbean could plummet, damaging a $92.3 billion trade relationship and costing both U.S. and Caribbean businesses valuable market share.
The proposed tariff will also hurt the livelihoods of many Caribbean workers who rely on a robust, affordable shipping network to support industries like agriculture, manufacturing, and retail. Rising shipping costs could result in fewer goods reaching the islands, driving up prices and making it harder for businesses to operate. For smaller Caribbean economies, the impact could be even more severe, as many rely heavily on U.S. imports for basic goods and supplies.
Tropical Shipping, a key player in U.S.-Caribbean trade, has raised its voice against the U.S. Trade Representative’s (USTR) proposal, warning of the far-reaching consequences for both American and Caribbean workers. “This tariff will not only raise costs for Caribbean businesses but will hurt American workers as well,” said Tropical’s President and CEO in a letter to the USTR. “American workers in port operations, warehousing, trucking, and logistics will feel the impact, while exporters from the U.S. will find themselves less competitive compared to foreign rivals.”
At its core, the proposal threatens to destabilize Caribbean economies by driving up the cost of goods exported from the U.S. and weakening the region’s reliance on U.S. ports. The Caribbean is the United States’ largest trading partner in the Western Hemisphere, and this tariff would directly reduce the volume of goods passing through U.S. ports, ultimately harming jobs in both regions. It would also make it increasingly difficult for Caribbean countries to maintain consistent access to the goods they need, further straining already delicate economic conditions.
The Caribbean’s stake in this decision is clear. Tropical Shipping is urging businesses and individuals across the region to submit comments to the USTR, outlining how this tariff would affect their operations. This simple step could be a turning point, helping to prevent a trade policy that could ultimately disrupt the flow of goods between the U.S. and the Caribbean.
For more information about the USTR Section 301 proposal and how to submit your comments, visit the USTR Public Comment Page.
Tropical Shipping remains committed to protecting the interests of both Caribbean businesses and American workers, recognizing that both regions are interconnected in ways that cannot be ignored. The outcome of this decision could have lasting consequences for U.S.-Caribbean trade — a relationship that is essential to both economies’ continued prosperity.
Business
Cyril B. Romney Tortola Pier Park Celebrates 9th Anniversary

Today marks the ninth anniversary of the Cyril B. Romney Tortola Pier Park, a cornerstone of the British Virgin Islands’ cruise tourism industry. Since its official opening on February 16, 2016, the park has become a vibrant hub for visitors and locals alike.
Construction of the Tortola Pier Park commenced in mid-2014, aiming to enhance the territory’s capacity to accommodate larger cruise ships and provide an enriched visitor experience. The project culminated in a grand opening ceremony on February 16, 2016, unveiling a modern facility featuring a blend of retail, dining, and entertainment options. The event was a significant milestone, reflecting the territory’s commitment to bolstering its tourism infrastructure.
In recognition of the late Cyril B. Romney’s pivotal contributions to the territory, particularly in the development of the cruise tourism sector, the facility was officially renamed the Cyril B. Romney Tortola Pier Park on February 15, 2019. Mr. Romney, who served as Chief Minister from 1983 to 1986, was instrumental in pioneering initiatives that have had a lasting impact on the BVI’s economic landscape.
The renaming ceremony was marked by the unveiling of a statue in Mr. Romney’s honor, symbolizing his enduring legacy. The event was attended by government officials, family members, and residents, all paying tribute to his visionary leadership and dedication to the territory’s progress.=
Over the past nine years, the Cyril B. Romney Tortola Pier Park has evolved into more than just a cruise port; it has become a cultural and social epicenter. The park hosts numerous events, including local festivals, concerts, and community gatherings, fostering a sense of unity and celebration among residents and visitors.
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