“Madam Speaker, we will defend our financial services industry on which so many livelihoods and public services depend.”
This declaration by Premier and Minister of Finance, Honourable Dr. Natalio D. Wheatley, during his 2027 Budget Address, reinforced the critical importance of financial services to the economic prosperity of the British Virgin Islands.
Delivered under the theme “Turning Progress into Prosperity: Building a Sustainable Nation,” the Budget Address projected financial services revenue of US$273.9 million in 2027, representing approximately 60% of the Government’s anticipated revenue of US$457.8 million. The Registry of Corporate Affairs alone is expected to contribute US$223.1 million, underscoring the industry’s significant role in supporting public services, infrastructure, education, healthcare and the Territory’s wider economic development.
BVI Finance welcomes the Premier’s recognition of the industry’s contribution and the Government’s commitment to protecting its international competitiveness, strengthening regulatory credibility and expanding opportunities for future growth.
Supporting Growth and Diversification
The Premier highlighted the continued development and diversification of the Territory’s financial services industry. New company incorporations reached 14,988 during the first half of 2026, representing a 7% increase over the corresponding period in 2025, with approximately 30,185 new incorporations projected for 2027.
The address also reported 2,705 limited partnerships, 2,296 active investment funds and 27 licensed virtual asset service providers, reflecting the breadth of the BVI’s financial services offering and its growing participation in emerging areas of international finance.
Looking ahead, the Government intends to implement three priority initiatives under its Financial Services Road Map to expand the industry’s products, services and markets, while deepening engagement in three priority international markets.
The Premier also acknowledged the Government’s international trade missions to India and Latin America, which are intended to create further opportunities for BVI business.
Importantly, he reaffirmed the collaborative approach to international promotion, stating:
“Working with BVI Finance and the Financial Services Commission, we will tell the BVI story with facts: a credible, well-regulated and innovative jurisdiction.”
Protecting the BVI’s International Reputation
Regulatory credibility and international confidence were prominent themes in the Premier’s address.
While acknowledging the Territory’s progress in achieving Compliant or Largely Compliant ratings across all 40 Financial Action Task Force Recommendations, the Premier recognised that further work is required to secure the BVI’s removal from the FATF increased monitoring list and the European Union’s high-risk third-country list.
He emphasised the importance of completing outstanding corrective measures and demonstrating the effectiveness of the Territory’s regulatory and enforcement framework.
The address also highlighted the implementation of legitimate-interest access to beneficial ownership information in April 2026 and the continued strengthening of financial crime prevention and enforcement capabilities.
The Premier further confirmed that a third Commercial Court is targeted to open by 31 January 2027, reinforcing the importance of an efficient and effective judicial system in supporting international business and investor confidence.
BVI Finance: Protecting Today’s Strengths, Building Tomorrow’s Opportunities
Commenting on the Budget Address, BVI Finance Chief Executive Officer Elise Donovan said:
“The Premier’s recognition of the financial services industry’s contribution to the Virgin Islands is an important reminder of why its continued success and competitiveness matter to every Virgin Islander. Our industry supports not only Government revenue, but also employment, professional opportunities and the essential services that underpin our communities.
“As the international financial services landscape continues to evolve, we must remain focused on protecting the jurisdiction’s reputation, strengthening regulatory confidence and positioning the BVI to capitalise on opportunities in both established and emerging markets.
“We welcome the Government’s commitment to working with BVI Finance and the Financial Services Commission to promote the BVI internationally. Our continued success will depend on a collaborative approach that brings together Government, regulators and industry to maintain confidence in the jurisdiction while advancing innovation, diversification and sustainable growth.”
BVI Finance remains committed to advancing its strategic priorities of Promote, Protect and People, working alongside its member firms, Government, regulators and international stakeholders to strengthen the Territory’s reputation, broaden its global reach and develop the people and expertise that will sustain the industry’s future.
With a well-established legal and regulatory framework, an internationally recognised professional services sector and a growing presence in digital assets and innovative financial services, the BVI continues to build on its longstanding role in facilitating legitimate international business and investment.
Click here to read the full address: https://acrobat.adobe.com/id/urn:aaid:sc:US:afe62f22-bf85-4922-9be2-7f96e955a127
About BVI Finance
BVI Finance is responsible for protecting and promoting the British Virgin Islands’ financial services industry. The BVI is recognised 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 strategic expertise across wealth management, corporate services, trusts, fund administration, and digital assets, the BVI continues to attract global businesses, investors, and financial professionals who use its products and services.
For further information, please contact:
Shamahl A. Smith
Communications and Research Officer
BVI Finance
Email: ssmith@bvifinance.vg
Telephone: +1 284 852 1957
For international media enquiries, please contact:
MHP Group
Email: bvifinance@mhpgroup.com