Revenue Leaves BVI Quickly, Premier Says
Premier Dr Natalio Wheatley warned that much of the British Virgin Islands' income flows out quickly because the territory imports most of what it consumes. He urged residents to strengthen local businesses, seize tourism opportunities and prepare for expected passenger growth tied to a runway extension.
Premier Dr Natalio Wheatley has warned that the British Virgin Islands loses a large share of its income almost as soon as it arrives, largely because the territory depends heavily on imports. Speaking at a recent Rotary Club event on community empowerment and economic development, he said tourism and financial services are the BVI’s two primary global revenue earners, but much of that money exits the local economy quickly. "Most persons in the world, small island developing states, are lucky if they have one global revenue earner.
We’re blessed to have two," Dr Wheatley said. "But those two revenue earners, as soon as the money comes in, generally, the money goes right back out nearly as quickly as it comes in. Because we import most of everything that we consume. So when you look at our economy, the money doesn’t stay here very long." The Premier used the gathering to urge residents to build stronger communities and empower local businesses to capture more of the value generated by tourism and financial services.
He pointed to entrepreneurs who have already capitalised on visitor spending and encouraged others to see opportunities in cruise and air arrivals rather than only challenges. "When you see all of the cruise passengers come in, some persons may choose to complain. Some persons may say cruise passengers don’t spend money.
Others will see the opportunities," he said. Dr Wheatley noted the territory currently handles roughly 300,000 air passengers and said a planned runway extension could at least double that figure, creating new opportunities for small businesses, tours, retail and hospitality services.
Looking ahead, the government plans to reintroduce the Investment Act in early 2026 to attract and support investors across sectors. Dr Wheatley said incentives will be necessary to encourage investment and that government should "get out of the way" where possible to let private enterprise create value. "Governments don’t create value.
Governments might get some taxes, some duties and some fees, but real value is created in the buying and the selling, which businesses and the consumers; those transactions that happen every day," he said. For residents, the Premier’s message was clear: diversify local supply chains, support homegrown businesses, invest in skills and services that capture tourist and financial-sector spending, and prepare to seize the growth that expanded air capacity could bring.
Primary source: BVI News