BVI's remittance sector to take a battering from covid-19

Pedro Gonçalves
clock • 1 min read

BVI's remittance sector is expeced to take a hit as the latest estimates published in the World Bank's Migration & Development Brief show that global remittances will decline by 14% by 2021 compared to the pre-covid-19 levels in 2019. As the government struggles to keep its COVID-battered income streams flowing, this prediction is not in the BVI's favour — a major migrant-hosting territory where expats make up some 70% of its workforce.  Remittance had started to bring in a profit for the jurisdiction this year when the government imposed a seven percent tax on all monies leaving the ...

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