BVI Economy Is Doing Well as Tourism
Premier Dr Natalio Wheatley told the House of Assembly that the British Virgin Islands economy is growing, citing record and near-record revenue figures and strong visitor numbers. He also pushed back against criticism of the tourism sector, saying wealthy international visitors are raving about the BVI, and revealed the territory was recently ranked the second-best place to visit in the Caribbean by a global travel publication.
Premier Dr Natalio Wheatley has told lawmakers the British Virgin Islands economy is performing strongly, presenting updated revenue and visitor figures during the House of Assembly debate on the 2026 budget. Speaking in the House, Dr Wheatley said official data contradicts claims the economy is struggling.
He told members that payroll tax receipts reached a record of more than $62 million in 2023, with 2024 recording the territory’s second-highest payroll tax take. Presentations to the House also show import duties peaked in 2024 at just over $50 million and hotel accommodation tax reached a record $8.7 million that year.
Tourism, which has been the focus of recent criticism, was singled out as a major success. The Premier told the House the territory recorded more than 300,000 overnight visitors in 2024 — the highest since the 2017 hurricanes — and that day-trip arrivals between January and September 2025 rose by more than 50 percent compared with the same period the previous year.
Those figures, Dr Wheatley said, are good news for hotels, restaurants and small tourism operators. Pushing back against comments from Opposition Leader Myron Walwyn that the BVI is falling behind regional competitors in tourism development, the Premier said many of the world’s wealthiest travellers “can’t get enough of the BVI.” He told the House that millionaires and billionaires frequently rave about the destination, a point he said stands in sharp contrast to persistent negativity at home.
Dr Wheatley also revealed that a global travel publication recently ranked the Virgin Islands as the second-best place to visit in the Caribbean for 2026. The Premier defended the work of the government’s tourism team and praised Junior Minister for Culture and Tourism Luce Hodge-Smith, noting her background at the BVI Tourist Board and as Director of Culture.
He said she is well placed to help diversify the tourism product and strengthen links with cultural and creative industries. Dr Wheatley also reported positives from the financial services sector, saying the industry posted record revenues after fee adjustments and has shown resilience while meeting international regulatory expectations.
He told lawmakers the territory has achieved compliance with all 40 recommendations of the Financial Action Task Force, a milestone intended to bolster global confidence in the BVI’s oversight framework. Other encouraging signs cited included increased investment activity, several major tourism and mixed-use projects preparing to expand or break ground, and airlift improvements such as direct flights from Miami.
At the same time, the Premier acknowledged pressures like inflation and skills gaps in the labour market and urged a balanced view of the territory’s challenges and successes. Dr Wheatley signalled that the government will soon return to the House with reforms to the Investment Act and plans to strengthen the Investment Promotion Agency to better attract and facilitate development.
With the public phase of debate concluded, lawmakers moved to closed-door sessions to examine budget allocations intended to support economic activity, public services and long-term development across the Virgin Islands.
Primary source: BVI News