The British Virgin Islands are giving financial services providers pushed to operate outside of the jurisdiction because of the covid-19 pandemic a two months extension to continue these operations.
The number of financial services providers operating outside the BVI due to covid-19 is unclear.
The order was made under the new Financial Services (Exceptional Circumstances) Act 2020, which was passed in March this year. It allows financial services providers to relocate outside the BVI and elsewhere within the territory during or after an ‘exceptional event'.
This is not the first time an extension has been granted. The order made earlier this year that allows businesses to move operations outside of the territory because of covid-19 has been extended several times since the pandemic hit the BVI.
The legislation replaces the Financial Services Continuity of Business Act of 2017, originally created in the aftermath of the 2017 hurricanes to allow businesses to continue their operations in neighbouring countries.