The British Virgin Islands Ministry of Finance published a press conference statement from Premier Dr Natalio D. Wheatley covering a recent trade mission to Greater China and Malaysia and addressing strained economic relations with the United States Virgin Islands (USVI). The statement positioned the Asia engagements as part of efforts to expand and diversify the territory’s international financial services markets, and set out the rationale for proposed reforms to the licensing regime for commercial recreational vessels operating in BVI waters. The Premier cited financial services as roughly 60% of government revenue and opposed calls in the UK Parliament to impose public registers of beneficial ownership via an Order in Council, while noting cooperation on sanctions, combating financial crime, and sharing beneficial ownership information for investigations. On the marine sector, the Government argued that the Commercial Recreational Vessel Licencing Act has not been updated since 1992 and that fees have not kept pace with administrative costs or the scale of charter activity, referencing typical weekly charter charges of USD 50,000 to USD 100,000 and an annual licence fee of a few hundred dollars per vessel, alongside an estimate that the USVI charter industry contributes just shy of USD 100 million to the USVI economy. The Government reported 2023–2024 consultations with local stakeholders and 22 proposed amendments across three pieces of legislation, including a proposed new price for the commercial recreational vessel licence for non-BVI vessels, and noted that the proposals were shared with USVI Governor Albert Bryan through the Inter-Virgin Island Council (IVIC) and a bilateral meeting. An amendment bill reflecting the proposed changes has received its first reading and is available for public review before it proceeds through further legislative stages. The statement also noted that, before a further IVIC meeting could be scheduled, the Government learned of Governor Bryan’s request for an emergency session to consider a 25% tariff on imported goods from the BVI and a transit fee on travellers passing through the USVI, and that the Premier has invited the Governor to Tortola for discussions.

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