BVI to Open Representative Office in Panama
Premier Wheatley announced that the Virgin Islands is advancing plans to establish a representative presence in Panama as part of wider international engagement to protect and promote the territory's financial services industry. The move accompanies steps to operationalise a Financial Services Directorate and continue the Business Done RIGHT compliance campaign.
Natalio Wheatley told residents in his State of the Territory Address on June 9, 2026, that protecting the British Virgin Islands’ financial services industry requires not only strong domestic policy but also a physical international presence. "And I am pleased to report that Government is advancing plans to establish a BVI representative presence in Panama, strengthening access to one of Latin America’s most important financial and business gateways," he said at Noel Lloyd Positive Action Movement Park, as reported by Virgin Islands News Online.
The announcement forms part of a broader push by the Government to deepen strategic advocacy and engagement across key global and regional centres. Wheatley noted increased activity in Hong Kong, Shenzhen, Macau, London, Panama, Argentina, Brazil and Uruguay, and the opening of new engagement channels in Malaysia and across the European Union.
Officials say a representative presence in Panama would give the BVI more direct access to Latin American markets and policymakers, supporting local firms that serve international clients and helping protect the territory’s reputation and market share. For BVI residents, this could mean stronger diplomatic ties, improved business facilitation for firms working with Latin American partners, and potential new opportunities for local service providers and professionals.
To coordinate these efforts, the Government is moving to operationalise a Financial Services Directorate. Wheatley described the directorate as a vehicle to strengthen policy coordination, international engagement and strategic representation for the sector. The directorate is expected to centralise policy development and international advocacy, though the Premier did not provide a firm timeline for full implementation.
Wheatley also reaffirmed the Government’s commitment to compliance and integrity through the Business Done RIGHT Campaign. "At the same time, the Business Done RIGHT Campaign continues promoting compliance, integrity and confidence in the Virgin Islands financial services sector," he said, underlining that maintaining high regulatory standards remains a priority alongside outward-facing promotion.
The move toward a Panama presence is framed by officials as part of a multi-pronged strategy to safeguard the BVI’s flagship industry: strengthening international relationships, improving coordination at home, and promoting compliance. Residents and industry stakeholders should watch for further government announcements detailing the role, location, staffing and timing of the proposed Panama office and the operational rollout of the Financial Services Directorate.
Primary source: VINO