BVI sees revenue from financial sector drop $30m

Pedro Gonçalves
clock • 2 min read

The pressure weighing over the financial services industry in the British Virgin Islands, amid tighter regulation such as economic substance requirements, has caused a $30m drop in revenues for the government. Although the government claims this slowdown was expected, the jurisdiction was still forced to delay several projects due to lack of funds. Addressing the House of Assembly during the budget debate on December 13, premier and minister for Finance Andrew Fahie said: "This year, financial services — it is sad to say — dropped off by roughly $30m because they are coming under a lo...

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