TORTOLA, British Virgin Islands (CMC) – The government of the British Virgin Islands has approved the exemption for work permits for various classes of business visitors, including those for arbitration and mediation.

The Cabinet approved the exemption based on recommendations in the Financial Services Consultancy Report approved by Cabinet in 2015, which set out a roadmap for repositioning and diversifying the financial services sector.

The change allows the BVI to compete with other jurisdictions globally.

According to Premier and Minister of Finance, Dr Orlando Smith, Cabinet’s approval illustrates the Government’s commitment to fostering economic growth and supporting the creation of more substance-based economic activity in the BVI.

“By creating a more business-friendly environment, we will be supporting the work of the BVI International Arbitration Centre, facilitating easier entrance requirements for scores of persons involved in international arbitration. As the demand for the arbitration centre grows and the persons utilising its services similarly increases, there will be a ripple effect in the local economy as they would require goods and services while here.”

The Premier noted that the exemption of work permits for business visitors is one of several measures to be implemented in the coming months “designed to reposition our economy for future sustainable growth.”

The work permit waiver will also be granted to persons visiting for meetings/conferences, those receiving training from BVI businesses, persons attending meetings as directors, those conducting research with the required approval, persons making purchases from BVI businesses, those visiting clients for negotiations and business deals and those who are expert witnesses in dispute resolution cases.

Persons participating in amateur sporting activities and students attending the H Lavity Stoutt Community College, Financial Services Institute or other academic institutions for training will also be eligible for a work permit exemption.

Deputy Premier and Minister for Natural Resources and Labour, Dr Kedrick Pickering welcomed the Cabinet’s approval of the work permit exemptions saying it will help to improve the Territory’s competitiveness globally.

“The work permit exemptions for business visitors demonstrate the Labour Department’s commitment to facilitating the Territory’s economic agenda and making the changes required to provide more efficient and transparent processes,” he said.

The work permit exemption will be granted for 60 days in the case of arbitration/mediation and seven days for all other business visitors. Extensions to the initial work permit waiver will be considered upon request.