During the Twelfth Sitting of the Second Session of the Fifth House of Assembly, Premier Dr the Honourable Natalio D. Wheatley announced that all British Virgin Islands–registered vessels are now exempt from import duties — a key reform aimed at supporting the maritime and tourism industries while making vessel ownership and operations more affordable.
“The exemption of import duties on BVI vessels represents our commitment to strengthening the maritime economy and ensuring the Virgin Islands remains a competitive jurisdiction,” Premier Wheatley said. “These changes will make it easier for vessel owners to operate locally and internationally under the BVI flag.”
The Premier explained that the government has modernised vessel licensing regulations to reflect current international standards and promote greater efficiency in maritime administration. The legislative update, he said, aligns with the government’s broader agenda to streamline processes, enhance compliance, and improve service delivery within the marine sector.
In addition, Wheatley announced the introduction of the Commercial Recreational Vessels Licensing Act, a new law designed to regulate and encourage sustainable growth in the tourism sector. “This legislation provides a structured framework for commercial and recreational vessels, ensuring that operations meet safety and environmental standards while supporting tourism as a vital pillar of our economy,” he said.
The Premier also highlighted the progress of the Virgin Islands Shipping and Maritime Authority (VISMA), which completed its first full year of operation in 2025. The authority has focused on strengthening oversight and preparing for an upcoming Maritime and Coastguard Agency (MCA) audit as the Territory seeks to regain Category One status — a classification that would allow the BVI to register larger vessels and expand its presence in the global maritime market.
“Our ambition is to restore Category One status and, with it, the full potential of our shipping registry,” Wheatley said. “This will open new opportunities for investment and solidify the Virgin Islands as a serious player in the international maritime industry.”
To enhance accountability and safety at sea, Wheatley confirmed the appointment of a Chief Marine Accident Investigator and the establishment of a Maritime Advisory Board to guide policy and ensure best practices across the industry. “Strong governance and effective oversight are critical to maintaining the integrity of our maritime operations,” he added.
The Premier said these developments are part of the government’s broader plan to build a modern, competitive, and resilient economy. “Through reforms in financial services, trade, and maritime governance, we are positioning the Virgin Islands to meet the demands of a rapidly changing global environment,” he said.
The initiatives mark one of several strategic steps taken by the Wheatley administration to reinforce the Virgin Islands’ economic foundation and advance its reputation as a safe, well-regulated jurisdiction for international business and maritime activity.
