TORTOLA, BVI – The ministry of financial services, economic development, and digital transformation reported significant achievements for 2025, reinforcing the Virgin Islands’ position as a resilient and forward-looking economy. Led by premier, Dr Natalio D. Wheatley, and Lorna Smith, OBE, the ministry advanced reforms across financial services, trade, labour, and digital transformation.
“Despite global pressures on financial services and the broader economy, the ministry has delivered historic achievements that safeguard our future and empower our people,” premier Wheatley said.
In financial services, record revenues of $253.5 million were collected by the Financial Services Commission in 2024, surpassing projections.
The ministry delivered landmark reforms, including the publication of the Beneficial Ownership Access Policy (June 2025), the adoption of the Beneficial Ownership Amendment Regulations (July 2025), and amendments to the Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) legislation (January 2025).
The launch of the Virtual Assets Service Providers (VASP) regulatory regime further positioned the Virgin Islands as a credible hub for digital assets.
These measures, paired with record-setting industry events such as the Fintech on the Sea Summit (June 2025), directly advanced NSDP Goal Three, Outcome Six on strengthening and diversifying the economy.
Trade and economic development efforts focused on diversification and regional integration. The ministry signed Memoranda of Understanding with the Dominican Republic, St Martin, and Guyana, while supporting 23 micro, small, and medium-sized enterprises (MSMEs) through targeted grants. Scheduled entrepreneur training initiatives, developed in collaboration with the Hamilton Lavity Stoutt Community College, will enhance capacity and strengthened local entrepreneurship.
These actions aligned with NSDP Goal Three, Outcome Five on labour and business development.
In labour and immigration, the ministry implemented a new minimum wage of $7.25 in July 2025, advanced reforms under the Immigration and Passport Act amendments (June 2025), and modernised border management systems, including the Advanced Passenger Information System (API) and the electronic embarkation/disembarkation platform.
On digital transformation, progress was made towards a comprehensive National Digital Transformation Strategy, with the procurement of a consulting agency in preparation, aligning with NSDP Goal Three, Outcome Eight.
“We are proud of the progress made and remain steadfast in addressing the obstacles before us,” minister Smith said.
Meanwhile, the ministry of financial services, economic development, and digital transformation has outlined its strategic priorities for the remainder of 2025 and into 2026, focusing on strengthening financial services, diversifying trade, modernizing labour, and driving digital transformation.
Premier, Dr Wheatley, and minister Smith emphasised that these priorities are aligned with goal three of the National Sustainable Development Plan (NSDP), which centers on building a resilient economy.
Premier Wheatley, said:
“Our collective mission is to strengthen the Virgin Islands’ resilience, competitiveness, and sustainability. The Ministry’s ambitious agenda is central to achieving this goal.”
In financial services, the ministry will launch the Beneficial Ownership Access Regime in the second quarter of 2026, advance its remediation plan under the Financial Action Task Force (FATF) Action Plan, and roll out a National Financial Services Strategy Roadmap for sector growth by year’s end. These measures are expected to increase global confidence and support a 10 percent revenue growth target, in line with NSDP Goal Three, Outcome Six.
On trade and economic development, the ministry will implement a one-stop shop for investment and licensing, introduce a Protected Basket of Goods Policy to stabilize essential costs, and launch a Fair Trade and Competition Policy, developed with CARICOM and OECS partners. Recruitment of new directors for business and fair trade will further strengthen these efforts, addressing NSDP Goal Three, Outcome Six.
Labour initiatives will include the implementation of a National Employment Policy, the development of a Labour Market Intelligence System, and targeted training programmes to address skills gaps, aligned with NSDP Goal Three, Outcome Five. In digital transformation, the ministry will launch a comprehensive National Digital Strategy and introduce three new Digital Governance Tools to modernize public service delivery, fulfilling NSDP Goal Three, Outcome Eight.
Minister Smith, said:
“We are modernizing, diversifying, and empowering our people through innovation, strategic partnerships, and global engagement. These priorities are designed to secure our future as a trusted, competitive, and resilient economy.”
The ministry’s forward-looking plan underscores the government’s determination to position the Virgin Islands as a leader in innovation, diversification, and sustainable economic growth.
