British Virgin Islands

General Information     |      Tax measures – Direct and Indirect      |      Economic stimulus measures    |     Other measures and sources

Return to homepage  |  Last updated: 30 April, 2020

Cabinet approved the Financial Services(Exceptional Circumstances) Bill and introduced it to the House of Assembly. When passed, it will make special and urgent provision for temporary disruption in the financial services industry.

The Government is planning on introducing a number of economic stimulus packages to benefit residents impacted by the Covid-19 pandemic. Details to be released at a later date.

Click here to see a comprehensive summary of jurisdictional tax measures and government reliefs in response to COVID-19.

Ministers of Government have announced the following to assist residents and business owners vulnerable to economic hardships:

• Minister for Transportation Works and Utilities announced on March 19 that there will be a suspension on charges for water for all Water and Sewerage Department customers for a 30-day period.
• Minister for Education, Culture, Youth Affairs, Fisheries and Agriculture announced on March 20 that a sum of $2 million dollars was allocated to farmers and fisher folk to purchase much needed supplies for business continuity. 
• Minister for Health and Social Development announced on April 6 that over 400 residents received assistance through the expansion of social services offered in response to the COVID-19 pandemic.
• The Government of the Virgin Islands allocated $12 million dollars to ensure the procurement of the necessary supplies and structure needed for preparedness to manage COVID-19 in the Virgin Islands.

• Unemployment assistance is available under the Public Assistance Act No 14 of 2013, by application through the Social Development Departments of the Government of the Virgin Islands. This assistance is discretionary and is reviewed on a case by case basis.
• All of the six major lending institutions in the British Virgin Islands, being FirstBank VI, Banco Popular de Puerto Rico, ScotiaBank, the National Bank of the Virgin Islands, CIBC FirstCaribbean International Bank and VP Bank, have said they will extend loan moratoriums to their customers experiencing hardship as a result of the ongoing COVID-19 pandemic. (Source: BVI Banks Offer Moratorium To Help Offset COVID-19 Challenges)
• Unemployment assistance is available under the Public Assistance Act No 14 of 2013, by application through the Social Development Departments of the Government of the Virgin Islands. This assistance is discretionary and is reviewed on a case by case basis.
• The Government of the BVI is currently considering additional financial packages and  temporary amendments to legislation in order to support locally trading business.

Main sources of information

• Government of the Virgin Islands

Restructuring: Russell Crumpler – russellcrumpler@kpmg.vg
Audit: Jacques Roux – jacquesroux@kpmg.vg