BVI Finance, in collaboration with the Ministry of Financial Services and Economic Development, convened a Labour, Immigration and Financial Services Industry Stakeholder Roundtable on Tuesday, 27 January 2026, at the BVI Finance Conference Room. The session brought together key public- and private-sector stakeholders to engage in constructive dialogue on labour and immigration matters impacting the BVI’s financial services industry.
The roundtable formed part of ongoing efforts to strengthen collaboration between Government and industry, reinforcing a shared commitment to maintaining the British Virgin Islands’ competitiveness as a leading international financial centre. Main speakers included, Hon. Lorna Smith, OBE, Minister for Financial Services, Mr. Mervin Hastings, Labour Commissioner, Mrs Nadia Deemming – Hodge, Chief Immigration Officer, and Elise Donovan, CEO of BVI Finance. Contributions were also provided by Ms. Felina Moss, Deputy Labour Commissioner.
Opening remarks highlighted the importance of open communication, mutual understanding, and continued partnership in addressing operational and policy-related considerations. Hon. Smith stated “I want us to treat this as a real and ongoing, consistent dialogue with government agencies, and I am very glad that this is being arranged at this time. Dialogues like this strengthen us as a country and help move us to the next level, and I am encouraged to see a diverse range of participants, from heads of firms to mid-level employees, which speaks to the importance of this meeting.”
Discussions focused on the roles and responsibilities of relevant authorities, including the statutory and policy frameworks governing labour and immigration, as well as operational and capacity considerations that influence service delivery. Participants also exchanged perspectives on work permit processes, timelines, and communication channels, with emphasis on clarity, consistency, and efficiency.
Speaking on the topic of timelines, Mrs, Demming Hodge underscored that “Once an application reaches Immigration, it’s often assumed to be a purely administrative step, but that’s far from the case. This is where comprehensive background checks are conducted—both locally and, when required, with external agencies worldwide. While we aim to complete this process within seven business days, timelines can depend on responses from our international partners. Our team remains committed to doing everything possible to meet these timelines while ensuring the integrity of the process.”
Further dialogue explored issues surrounding internal promotions, workforce progression, and the availability of specialised skills within the financial services sector. Attention was also given to broader workforce continuity and retention considerations, reflecting the industry’s need to attract and retain talent in a highly regulated and competitive global environment.
Mr. Hastings underscored that “ I am fully committed to supporting the industry and helping it meet its goals, and I understand that there are times when companies need people who can step in and hit the ground running. At the same time, as Labor Commissioner, my mandate is to ensure that Virgin Islanders have access to employment opportunities, especially those who already have experience but may need the chance to gain additional training. Many of us were not fully qualified on day one, myself included, and it is through opportunity and experience that people grow into their roles. My responsibility is to push for those opportunities so that Virgin Islanders, including our children who are born here, can build careers and contribute meaningfully to the workforce.”
The residency status of children of long-term work permit holders was another key area of discussion, with participants considering the social and economic implications for families, businesses, and the Territory, as well as the importance of policy coherence in supporting long-term retention.
The roundtable also highlighted the significant contribution of the financial services industry to Government revenues and the wider economy, reinforcing the value of sustained engagement between policymakers and industry leaders. The session concluded with agreement on the importance of identifying potential operational improvements, flagging matters requiring further policy consideration, and maintaining continued dialogue through agreed follow-up actions.
In her closing remarks, Elise Donovan stated that “our global expertise is what makes us competitive as a jurisdiction, and at the same time it is critical that we continue to equip Virgin Islanders to take on roles within the industry. Programs like Tomorrow’s Leaders are an important step in training Virgin Islanders so they are prepared to move into senior positions over time. While there will always be a need to bring in external expertise, building local capacity remains essential. This is especially important given that financial services contribute between 60 and 70 percent of government revenues, underscoring the sector’s vital role in supporting the territory.”
BVI Finance and the Ministry of Financial Services and Economic Development reaffirmed their commitment to working collaboratively to support a resilient, well-regulated, and globally competitive financial services industry for the British Virgin Islands.
About BVI Finance
BVI Finance is responsible for protecting and promoting the BVI’s financial services industry. The BVI is renowned as a leading international business and finance centre, offering a robust legal framework, a stable and business-friendly environment, and a strong reputation for regulatory compliance. With its strategic expertise in wealth management, corporate services, trusts, fund administration and digital assets, the BVI continues to attract global businesses, investors and financial professionals to use its products and services.
For further information please contact:
Shamahl A. Smith
Communications and Research Officer
ssmith@bvifinance.vg |Tel: 284-852-1957