International
UN and Ministers Back BVI’s Push for SIDS Disaster Resilience
The British Virgin Islands’ (BVI) call for greater disaster resilience among Small Island Developing States (SIDS) in the Caribbean has received formal endorsement from the United Nations Office for Disaster Risk Reduction (UNDRR), the Caribbean Disaster Emergency Management Agency (CDEMA), and Ministers from Latin America and the Caribbean.
The endorsement came during the Sixth High-Level Meeting on the Implementation of the Sendai Framework for Disaster Risk Reduction 2015-2030, held in Basseterre, Saint Kitts and Nevis, earlier this month.
BVI Special Envoy and UN Representative Benito Wheatley highlighted the devastating economic toll of extreme weather events on SIDS, exacerbated by climate change. Speaking at the meeting, Wheatley emphasized the financial hurdles these vulnerable nations face in achieving climate resilience.
“Small Island Developing States continue to bear the brunt of hurricanes and extreme weather, yet many are unjustly excluded from concessional financing and grants because they are classified as middle- or high-income countries,” Wheatley said. “This leaves us without the resources needed to build resilience and recover effectively from disasters.”
The meeting’s outcome document echoed Wheatley’s concerns, stating, “The Ministers and Authorities recognized the high and increasing cost of reducing risk to improve human security outcomes and promote climate resilience. In particular, they highlighted the challenge for SIDS classified as middle- and high-income countries that remain vulnerable but ineligible for international development assistance.”
The statement also called for increased investment in adaptation measures, concessional financing, and the integration of multidimensional vulnerabilities into disaster risk reduction strategies.
Nahuel Arenas Garcia, UNDRR Chief for the Americas and the Caribbean, commended the BVI for its leadership in bringing attention to the unique vulnerabilities of SIDS. “Ensuring that SIDS have access to just financing and disaster risk reduction tools is a global responsibility,” Garcia said.
The meeting, chaired by St. Kitts and Nevis Prime Minister Terrance Drew, coincided with the 13th Caribbean Conference on Comprehensive Disaster Management. Delegates strongly encouraged the implementation of early warning systems across the region to mitigate disaster impacts.
The endorsement underscores a growing consensus on the urgent need to address climate vulnerability in SIDS. As Wheatley noted, “The fight for resilience is not just about survival; it’s about justice and sustainability for our future generations.”
The BVI’s advocacy efforts highlight the broader plight of small island nations grappling with the dual challenges of climate change and economic exclusion, a message resonating across the Caribbean and beyond.
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.
International
White Bay Beach on Jost Van Dyke Featured on MSN.com

White Bay Beach, located on the small island of Jost Van Dyke in the British Virgin Islands, was recently featured in a travel article on MSN.com, highlighting its reputation as one of the Caribbean’s top destinations.
The article describes the beach’s white sands, clear turquoise waters, and the lively beach bars along its shore. Accessible mainly by boat, White Bay is a popular stop for yachters and day-trippers. Many visitors anchor offshore and swim to the beach to enjoy its attractions.
Among the well-known spots mentioned is the Soggy Dollar Bar, famous for creating the Painkiller cocktail, a mix of dark rum, coconut cream, and tropical juices topped with nutmeg. Other featured locations include Hendo’s Hideout, known for its Caribbean cuisine, and Coco Loco, praised for its fish tacos.
White Bay also offers activities such as snorkeling, paddleboarding, and kayaking. The coral reef just offshore is home to diverse marine life, making it a draw for water enthusiasts. Visitors looking for relaxation can also experience the Ocean Spa, which provides massages in a floating hut on the bay.
Accommodations near White Bay range from private villas to larger estates, many with ocean views. The Hideout, featuring seven villas with private plunge pools, and White Bay Villas, offering various lodging options with access to the White Bay Beach Club, were also highlighted.
The MSN.com feature showcases White Bay Beach’s combination of natural beauty and vibrant culture, reinforcing its status as a must-visit destination in the Virgin Islands.
International
British Virgin Islands Weighs Tax Reforms Amid Global Compliance Push

Photo: www.scmp.com
The British Virgin Islands (BVI), a long-standing jurisdiction for company incorporations, particularly among firms from Hong Kong and mainland China, is considering the feasibility of implementing a global minimum tax rate. The government has enlisted consulting firm KPMG to assess the impact of such a move, with findings expected next month, Premier and Finance Minister Natalio Wheatley confirmed.
The global minimum tax, set at 15 per cent, applies to multinational corporations generating at least €750 million (US$788 million) in annual revenue over two of the previous four years. Under international tax agreements, jurisdictions failing to impose the requisite tax rate may see other countries applying top-up levies on corporations operating within their borders. More than 130 jurisdictions, including the BVI and Hong Kong, have endorsed the initiative.
“Once we receive KPMG’s analysis, we will be in a position to determine whether adopting the global minimum tax is a viable course of action for the Virgin Islands,” Wheatley said.
The Premier arrived in Hong Kong on 16 February as part of an Asia-Pacific tour aimed at reinforcing the territory’s engagement with key financial markets. His itinerary included stops in Macau and Shenzhen, where he met with business leaders, industry representatives, and BVI students pursuing higher education in the region.
The BVI, a British Overseas Territory, has long been a preferred destination for company registrations due to its tax-neutral status, offering no corporate or capital gains taxes. The territory remains a major player in global finance, with approximately 375,000 active companies incorporated within its jurisdiction. Nearly 44 per cent of these are linked to Hong Kong, Macau, and mainland China, according to official figures.
The UK-based advocacy group Tax Justice Network ranked the BVI as the world’s leading tax haven as of October 2024. The group reported that nearly 2.9 per cent of multinational corporate financial activity in 2024 either originated from or flowed through the BVI.
Despite growing international scrutiny and competition, particularly from Hong Kong, Wheatley expressed confidence in the BVI’s enduring appeal to global investors. Hong Kong recently introduced regulatory reforms aimed at simplifying the redomiciliation of overseas companies, positioning itself as an alternative jurisdiction for incorporation. However, Wheatley emphasised the BVI’s well-established legal framework, experienced financial services sector, and streamlined incorporation processes.
“In the British Virgin Islands, a company can be registered within 24 hours while maintaining full compliance with international regulatory standards,” he said. “There is no need to shift from a jurisdiction that continues to meet business needs effectively.”
Meanwhile, the UK government has recommended expanding access to beneficial ownership information in the BVI beyond law enforcement agencies to parties with “legitimate purposes.” The BVI government is conducting consultations to define what constitutes a legitimate purpose, with a decision expected by June.
“We value our longstanding relationships with stakeholders in mainland China, Hong Kong, and Macau and will continue fostering an environment that supports business growth while adhering to international obligations,” Wheatley said.
The territory remains focused on balancing its economic interests with evolving global financial standards.
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