Wednesday, November 18 – The delegation from the British Virgin Islands International Finance Centre (BVIIFC) which recently undertook a series of meetings in Switzerland is reporting much success in its discussions about the BVI’s financial services’ offerings with key private sector practitioners and Liechtenstein government officials.
The delegation comprising Hon. Elvis Harrigan, member of the House of Assembly and representative of the Fifth District; IFC’s Executive Director Ms. Sherri Ortiz and Senior Research Analyst Ms. Alicia Green visited Geneva, Basel, Zürich, and Vaduz, Liechtenstein.
The BVI delegation met with the Director of the Financial Market Authority and the Leader of the TIEAs negotiations in Liechtenstein and was able to discuss the future of international cooperation between financial centres.
On this promotional tour arranged by ATU General Trust (BVI) Ltd. and VP Bank, the delegation met with key legal firms, fund managers, trust managers, and private bankers to discuss their interest in the BVI, the Government’s Tax Information Exchange (TIEAs) Programme and other potential business opportunities in Switzerland.
Most professionals were interested in understanding the parameters for exchange of tax information and Ms. Ortiz was very instrumental in clearing up any ambiguities or misunderstanding relative to the process and its interpretation.
At the Basel event, Hon. Harrigan provided opening remarks, reassuring those in attendance of Government’s commitment to the development of financial services in the jurisdiction. “The BVI is widely recognised as a leading financial centre for international trust business and is home to an increasing number of highly qualified trust and estate practitioners. Our meetings with the Liechtenstein government and key financial services representatives underline our commitment to maintaining the BVI’s position as the premier destination for international business services,” Hon. Harrigan stated.
Speaking at a Society of Trust and Estate Practitioners (STEP) sponsored seminar in Basel and the Zurich event with approximately 200 investors, lawyers, bankers and other key professionals, Ms. Ortiz assured the attendees of the sustainability of doing business with the BVI. “We are delighted to have been invited to present to such high level professionals in the Swiss financial services industry. We have visited Switzerland several times over the past few years, establishing important relationships with the business community and we look forward to further cementing these relationships in the coming years.”
Three major social events provided the delegation with an opportunity to interact personally and extend appreciation to the participants for their current business, while reinforcing that the BVI is still a reputable and well-regulated jurisdiction with which to continue business. The conversations led to the exploration of new areas of financial services that the BVI can pursue to enhance areas of value added services and expand its current revenue sources.
Information was shared about the BVI as the location of choice for international trust settlements and operations with both the VISTA and Trustee Amendment Acts. The recent Private Trust Company legislation has further enhanced the BVI’s international reputation for trusts and estate planning products. The BVI has been reinforcing relationships with the European private sector and leading financial services representatives in a number of promotional and marketing activities.
British Virgin Islands News