Ministry Advances Financial Services Reforms as Premier
In his 2026 Budget Address on 6 November 2025, Premier and Minister for Finance Dr. Natalio D. Wheatley outlined a coordinated programme of financial services reforms, including $23.2 million in funding for the Ministry of Financial Services, Economic Development and Digital Transformation, steps to improve AML/CFT resilience, and measures to attract capital through innovation such as tokenisation (Government of the Virgin Islands). The Budget also reaffirmed the Government’s wider commitments to good governance, democratic advancement and sustainable growth — including new governance bodies, tourism and energy plans, diplomatic initiatives, and social and environmental programmes (Premier’s Office, Government of the Virgin Islands).
Wheatley used the 2026 Budget Address in the House of Assembly on 6 November 2025 to set out a cross-cutting agenda aimed at strengthening the Virgin Islands’ economy, public institutions and international standing (Budget Address, Government of the Virgin Islands). On financial services, Wheatley described the sector as “one of the most vital pillars” of the Territory’s economy and confirmed that the Ministry of Financial Services, Economic Development and Digital Transformation will receive $23.2 million to support its 2026 mandate (Government of the Virgin Islands).
The Premier highlighted the Territory’s growing focus on innovation — including institutional adoption of tokenisation using BVI vehicles — and said this is helping to attract significant capital and position the BVI as a competitive jurisdiction (Government statement). A central theme of the Budget was balancing innovation with credibility.
Wheatley outlined progress in strengthening anti-money laundering (AML) and counter-terrorist financing (CFT) frameworks, noting the Virgin Islands is now rated Compliant or Largely Compliant with all 40 FATF Recommendations and that the Government is actively addressing remaining targets with the aim of exiting the FATF grey list within the next two years (Budget Address).
To improve the business environment, the Government will bring a revised Investment Act to the House of Assembly and introduce a Good Standing Policy to encourage compliance, protect the Territory’s reputation and improve revenue performance. These steps are intended to make it easier for bona fide investors to operate here while maintaining international standards (Budget Address).
The Premier also reaffirmed his administration’s broader commitments to good governance, democratic advancement and sustainable national growth under the theme “Pillars of Progress: Building a Sustainable Nation” (Premier’s Office release). Reflecting on the Territory’s journey since the 2022 Commission of Inquiry, Wheatley praised the community’s resolve in protecting democratic values and announced governance reforms including appointment of a Statutory Board Administrator, establishment of a Human Rights Commission, a 911 dispatch system, and stronger electoral administration and data protection measures with an Information Commissioner to enforce the Data Protection Act, 2021 (Premier’s Office).
Tourism and green economy plans featured prominently. The Premier reported over 1.1 million visitors in 2024 with expected arrivals of 1.12 million by year-end and projected tourism revenue of $462 million in 2026. The Government is finalising a National Tourism Policy (2025–2035) and plans a Tourism Development Bill and unified tourism authority, alongside projects such as Prospect Reef Resort redevelopment (Premier’s Office).
Other priorities include food security and fisheries through participation in the UK Blue Belt Programme and establishment of an Exclusive Economic Zone, new diplomatic frameworks and offices abroad, and renewable energy expansion — notably the Anegada Solar Farm now providing up to 19 hours of power daily and plans to expand solar across public buildings in 2026 (Premier’s Office).
Many 2025 reforms will continue into 2026 across Economic Development, Labour and Immigration portfolios: a new Labour Management System, digital immigration platforms to speed work permits, beneficial ownership reforms, virtual booking systems and expanded government services aimed at improving day-to-day interactions for residents and businesses (Ministry release).
For more information, contact the Ministry of Financial Services, Economic Development and Digital Transformation at +1 (284) 468-2096 or mfseddt@gov.vg, or the Government’s general services line at (284) 468-3701 (Government of the Virgin Islands).
Primary source: BVI Government