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
BVI Financial Investigation Agency and Jersey Financial Services Commission Sign Agreement to Strengthen Cooperation in Tackling Financial Crimes
The Financial Investigation Agency (FIA) of the British Virgin Islands (BVI) has recently strengthened ties with the Jersey Financial Services Commission (JFSC) through a Memorandum of Understanding (MoU) signed on 25 October. The agreement formalises a cooperative framework for consultation and information-sharing between the two regulatory bodies, enhancing their oversight in financial regulation.
The MoU signals a shared commitment by the BVI and Jersey to uphold rigorous financial standards and combat financial crimes. By sharing essential intelligence, the FIA and JFSC aim to bolster efforts to detect, prevent, and investigate crimes such as money laundering, terrorist financing, and proliferation financing.
Errol George, Director of the FIA BVI, expressed the importance of the partnership, stating, “The signing of this MoU establishes a framework for information exchange between the FIA BVI and JFSC, supporting compliance with the laws, regulations, and rules relating to the functions of our Authorities. I am indeed pleased with the progress we are making in the Territory to tackle financial crime.”
Through this agreement, both agencies will, upon request, provide critical information that strengthens regulatory practices across the Designated Non-Financial Businesses and Professions (DNFBP) sector. Shared data will include details on corporate structures, management standards, and organisational quality, all essential for effective supervision.
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Business
Virgin Islands Secures $100 Million Loan to Drive Infrastructure and Community Development
Business
FirstBank Customers Accounts Show Zero or Negative Balances Electronically
– Persons Accessing Cash In Bank
This morning account holders at 1FirstBank awoke to discover that their online account balances had disappeared. A widespread issue, affecting both personal and business accounts, has left customers unable to access their funds, with many reporting negative or zero balances on the bank’s digital platform.
The issue was discovered early Tuesday morning when users attempting to log in to their accounts were met with unsettling balances, with some even seeing their accounts marked as overdrawn despite no recent transactions. Several customers described seeing a balance of zero on their account’s home screen despite previously having substantial savings.
“I thought it was just me, but when I called a friend who banks with FirstBank, they had the same problem,” said the account holder. “It’s incredibly stressful, especially since there’s been no word from the bank yet.”
The problem, which seems to have affected customers across the territory, has prompted many to visit local branches in person. Several individuals reported being able to access their accounts once they arrived at the bank. However, the disruption has rendered ATM services and card transactions nonfunctional, leaving customers unable to withdraw cash or make payments.
JTV News reached out to 1FirstBank, where a representative confirmed that the electronic banking system is currently down and the matter is being addressed at the international level. Customers were advised that, for the time being, they would need to visit a branch to resolve any issues, as card swipes and ATM withdrawals were temporarily disabled.
While FirstBank has yet to release an official statement on the cause of the outage, customers are growing increasingly concerned about the safety of their funds. The nature of the problem—whether it is a technical glitch or something more serious like a security breach—remains unclear.
At this stage, it is unknown when the issue will be resolved or if all accounts will be restored to their proper balances.
The financial uncertainty has left both personal and business account holders on edge, with some businesses reporting disruptions in their daily operations due to the inability to access company funds.
JTV News will continue to monitor the situation closely and provide updates as more information becomes available.
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