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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International
Wheatley Calls for Stronger Regional Cooperation at Overseas Territories Attorneys General Conference
Premier Hon. Dr. Natalio D. Wheatley said stronger collaboration among Overseas Territories is essential to addressing shared legal and governance challenges, as he opened the Overseas Territories Attorneys General Conference in the Virgin Islands.
The two-day conference, which began on Tuesday, April 14, brings together Madam Chair, attorneys general and delegates from across the Overseas Territories to examine issues including human rights, transnational crime, illicit finance and sanctions, disaster preparedness and recovery, maritime boundaries, sustainable development and the use of technology in crime and justice systems.
“These are not theoretical concerns,” Premier Wheatley said. “They are real, urgent matters that affect the stability, security, and prosperity of each of our jurisdictions.”
The premier said the conference’s theme, “Stronger Together: Common Challenges, Collaborative Solutions,” reflects the need for coordinated responses to issues that extend across jurisdictions while recognizing differences in legal and constitutional systems.
“While our challenges may be similar and our objectives aligned, our contexts are not identical,” he said. “One-size-fits-all responses rarely succeed. What does succeed is the willingness to learn from one another.”
He said the exchange of experience and expertise among territories can improve legal systems and strengthen collective resilience.
“When we collaborate, we elevate the quality of our legal systems. When we share best practices, we strengthen our collective resilience,” Premier Wheatley said.
The conference will focus on strengthening cooperation and developing practical approaches to common legal and governance issues across participating territories.

International
U.N. Declares Enslavement of Africans ‘Gravest Crime Against Humanity’ in Vote Backed by Caribbean Nations
The United Nations General Assembly on March 25 voted 123 to 3 to adopt a resolution declaring the transatlantic enslavement of Africans the “gravest crime against humanity,” a measure strongly backed by the Caribbean Community (CARICOM) and African states, with the United States, Israel and Argentina voting against it.
The resolution, introduced by Ghana with support from CARICOM nations, calls for reparatory justice measures, including formal apologies, the return of cultural artifacts and further discussion on compensation for the descendants of enslaved Africans. Caribbean governments have long advocated for international recognition of the enduring social and economic consequences of slavery, framing the issue as central to regional development.
Several European countries, including the United Kingdom, along with members of the European Union, abstained during the vote, citing concerns about potential legal implications and language that could be interpreted as assigning hierarchy among historical atrocities.
While the resolution is nonbinding, Caribbean leaders and regional organizations have described the outcome as a significant step in advancing global acknowledgment of slavery’s impact and strengthening ongoing calls for reparatory justice. CARICOM has been at the forefront of these efforts through its Reparations Commission, which has outlined a framework seeking redress from former colonial powers.
The United States, which opposed the resolution, raised concerns about applying contemporary legal standards to historical actions and cautioned against measures that could create divisions in the interpretation of crimes against humanity.
The vote coincided with the International Day of Remembrance of the Victims of Slavery and the Transatlantic Slave Trade, underscoring longstanding advocacy by Caribbean and African nations to place the legacy of slavery at the center of international discourse on justice and development.
International
United States Announces Nicolás Maduro Is Indicted on Drug Trafficking Charges
The United States has announced that Venezuelan President Nicolás Maduro is under indictment on federal drug trafficking and narco-terrorism charges, formally asserting that the Venezuelan leader faces criminal prosecution in U.S. courts.
The announcement, made amid sharply escalating tensions between Washington and Caracas, confirms that Maduro is accused of conspiring to flood the United States with cocaine in coordination with armed groups and corrupt officials. U.S. prosecutors allege that Maduro played a central role in a criminal enterprise that used Venezuela as a key transit hub for narcotics destined for American cities.
The case remains pending in U.S. federal court, with American officials saying the indictment will stand until Maduro appears before a judge.
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