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BVI Earning $200 Million A Year As A ‘Legitimate’ Tax Haven

BVI goat

ROAD TOWN, Tortola, BVI — Stashing money overseas isn’t just for criminals. Legitimate banks and law firms have entire departments devoted to moving wealth offshore.

They call it “aggressive tax planning” or “tax avoidance” and it’s perfectly legal — though it costs Canada an estimated $6 billion to $7.8 billion in lost taxes annually. With that money, we could build a downtown relief subway line every year.

Instead, tiny countries like the British Virgin Islands (population 30,000) have grown rich by funneling streams of cash from one corner of the world to another and siphoning off tiny sums for themselves. They’re the global economy’s ATM.

As any bank card user knows, those fees add up. The BVI government collects more than $200 million in corporate fees every year, paying for a $100-million hospital and a massive pier, capable of docking the largest of the world’s cruise ships.

Critics of tax havens call them parasite economies that feed off other countries’ tax revenues.

To read more about this issue, please click on the following link to read an article John McCarthy wrote in The Moderate Voice.

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The Author

John McCarthy

John McCarthy

John McCarthy is primarily known for his investigative reporting on the U.S. Virgin Islands. A series of reports beginning in the 1990's revealed that there was everything from coliform bacteria to Cryptosporidium in locally-bottled St. Croix drinking water, according to a then-unpublished University of the Virgin Islands sampling. Another report, following Hurricane Hugo in 1989, cited a Federal Emergency Management Agency (FEMA) confidential overview that said that over 40 percent of the U.S. Virgin Islands public lives below the poverty line. The Virgin Islands Free Press is the only Caribbean news source to regularly incorporate the findings of U.S. Freedom of Information Act requests. John's articles have appeared in the BVI Beacon, St. Croix Avis, San Juan Star and Virgin Islands Daily News. He is the former news director of WSVI-TV Channel 8 on St. Croix.

1 Comment

  1. May 25, 2017 at 8:03 PM — Reply

    now go look at the public schools in the BVI..terrible computers for the students…BVI gov is criminal to allow this when 200m in revenues is touted… i

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