Business
CIBC Caribbean Hosts 2nd Annual Mortgage Workshop in Tortola
CIBC Caribbean hosted its second annual “Let’s Get You Home” mortgage workshop on 26 June, providing invaluable insights into the property purchasing and construction process in the British Virgin Islands. The event, held after hours at the bank in Road Town, brought together industry professionals and eager homebuyers.
Representatives from various sectors, including architects, surveyors, contractors, insurers, lawyers, and the Town and Country Planning Department, joined the CIBC Caribbean lending team to share their expertise. The workshop aimed to demystify the complexities of securing and servicing loans for property construction and purchases.
“The whole process of securing and servicing an adequate loan for construction or purchase of a property is intrinsically tied to the survey results, Town and Country Planning approved architectural plans, contractor bids as well as meeting the legal and insurance requirements. We felt it important and useful to share the information with clients interested in building or buying a property to help them better understand how to manage the loan and successfully complete their project,” said Nelson Ramirez, Platinum Banking Manager.
Ramirez emphasised the bank’s commitment to supporting clients, stating, “While the bank will lend up to 95% to $1M plus 65% of the remaining balance on a term of up to 35 years at fixed or variable interest rates on home financing, it is up to the client to ensure that they are able to cover the lending and insurance fees, valuation and appraisal, legal and closing costs, and stamp duty.”
Key industry figures presented various stages of the property acquisition process. These included Mr. Shane Nanton, architect with Bamboo Blueprints, Mr. Oren Hodge, contractor with Progressive Construction, Mr. Greg Adams, Chief Planner at Town & Country Planning, Ms. Jamealya Fahie, Senior Associate at O’Neal Webster, Ms. Myanna Prevost, Operations Supervisor at Alphonso Warner Insurance Agency and Mr. Chris Graham, Director at BCQS.
The workshop allowed attendees to ask questions in an open forum and engage in one-on-one discussions with the presenters. Refreshments were served, fostering a casual atmosphere for networking and further inquiries.
One couple, in the early stages of their construction project, found the workshop particularly beneficial. “We’re in the beginning phase of our construction project and, while we have already secured our loan with the bank, we still have several steps to complete before we’re ready to break ground. This evening has been useful and has alerted us to some of the considerations during architectural planning and construction that we weren’t aware of and of potential pitfalls to avoid,” they said.
Another attendee appreciated the insights on regulatory processes. “I found much of this interesting and appreciated Mr. Adams’ frank explanation of how Town & Country Planning reviews submissions. It was helpful to understand the mandatory requirement of having interim inspections during construction to avoid having to undertake remedial work before a property can be certified as fit for occupancy. His advice to look at how a property owner intends to live in, or use the space, before committing to an architectural plan and construction costs was also invaluable. It’s very easy to get carried away with the concept of a dream home with expensive fit-outs that outstrips the original loan amount agreed.”
The presentations also covered land loan financing and the necessary documentation to secure such financing, providing attendees with a comprehensive overview of the entire property acquisition process.
The CIBC Caribbean’s annual mortgage workshop continues to be a crucial resource for prospective homeowners in the BVI, offering expert guidance and fostering a deeper understanding of the intricacies involved in property development and financing.
Business
Tourism Summit Opens on Peter Island, Focusing on the Future of the Virgin Islands’ Tourism Industry
The 2025 Tourism Summit officially opened on Monday, 13 January, on Peter Island, bringing together industry leaders and stakeholders to discuss the future of tourism in the Virgin Islands. The two-day event, set amidst the stunning surroundings of the island, seeks to foster meaningful discussions and develop strategies to advance the territory’s tourism sector.
In her opening remarks, the Junior Minister for Tourism and Culture, Hon. Luce Hodge-Smith, highlighted the vital role tourism plays in the Virgin Islands’ economy. “Tourism is not only a key pillar of our economy but also a cornerstone of our identity,” she stated. “It impacts our communities, our livelihoods, and the overall quality of life for all residents.”
Reflecting on the history of the territory’s tourism development, Minister Hodge-Smith pointed to key milestones such as the enactment of the Tourism Ordinance and the establishment of renowned properties like Little Dix Bay. She also recognised the contributions of local pioneers, including Charles and Ginny Carey, the Christophers, Creques, O’Neals, and Wheatleys, whose entrepreneurial efforts have helped shape the Virgin Islands’ global reputation.
Minister Hodge-Smith stressed the importance of preserving the Virgin Islands’ natural resources. “Our lush landscapes, pristine beaches, and vibrant marine ecosystems are our most valuable assets,” she said. “It is our collective responsibility to protect these treasures through environmental conservation efforts and ensure that our communities remain clean, welcoming, and ready to serve our visitors.”
Looking ahead, the Minister outlined several strategies to sustain and enhance the tourism industry, including:
- Expanding education and training to build local capacity, ensuring residents are equipped to meet the evolving demands of the global tourism market.
- Embracing technological advancements, such as artificial intelligence, to improve operational efficiency and elevate the visitor experience.
- Exploring new niches within the tourism sector, improving accessibility, and creating inclusive opportunities for all.
- Enhancing customer service standards, recognising the importance of every interaction in creating memorable experiences for visitors.
Minister Hodge-Smith also reaffirmed the collective responsibility of all residents in supporting the tourism industry. “Tourism is everyone’s business,” she noted. “From taxi drivers to hotel staff, every individual contributes to the overall perception of the Virgin Islands as a premier destination.”
The summit, which will continue over the next two days, provides an opportunity for participants to engage in discussions, exchange ideas, and provide feedback on the future direction of the tourism sector. Through these efforts, the Virgin Islands aims to ensure the continued growth and success of its tourism industry.
Several businesses in the British Virgin Islands (BVI) are continuing to flout regulations that prohibit minimum spending requirements for credit card payments.
On January 2, Jahphixtelevision.com visited a gas station and a food establishment in Tortola, both of which were still enforcing a minimum purchase amount for credit card transactions. This comes despite a clear warning from the British Virgin Islands Bank Association (BVIBA) in a December 18 advisory, which stated that such practices violate merchant agreements with financial institutions.
The BVIBA highlighted that imposing minimum spending thresholds or charging additional fees for credit card payments contravenes not only local merchant contracts but also the policies of major payment networks such as Visa and Mastercard.
“We urge all merchants to immediately cease these practices to ensure full compliance with established regulations,” read the BVIBA’s statement issued last month.
This ongoing issue follows rising concerns over the transparency and fairness of payment systems, with both cardholders and industry stakeholders calling for more stringent enforcement of existing regulations.
As the festive season brings increased consumer activity, the British Virgin Islands Bank Association (BVIBA) has issued a stern reminder to merchants across the territory regarding compliance with card transaction policies.
The association warns that imposing minimum spending requirements or charging additional fees for card payments is not only against their merchant agreements but also violates regulations established by major payment networks, VISA and Mastercard.
The advisory, issued on Wednesday, December 18, warns that merchants engaging in these practices are in breach of their contractual obligations with their respective financial institutions. “We request that all merchants immediately cease these practices to ensure compliance,” the statement read.
The BVIBA comprises several prominent financial institutions, including Bank of Asia (BVI) Limited, CIBC Caribbean, FirstBank PR, National Bank of the Virgin Islands, Popular, Republic Bank (BVI) Limited, and VP Bank (BVI) Limited.
For inquiries or guidance on compliance, the BVIBA advises merchants to contact their respective banks promptly.
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