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Social Development
Offshore Banking
2012 International Narcotics Control Strategy Report. Volume II
Money Laundering and Financial Crimes
The British Virgin Islands (BVI) is a United Kingdom (UK) overseas territory with a population of approximately 22,000. The economy depends greatly on tourism and its offshore financial sector. BVI is a well-established financial center offering accounting; banking and legal services; captive insurance; company incorporations; mutual funds administration; trust formation; and shipping registration.
source: US Dept. of State.
MDGs
Summary of progress on the global MDG agenda. February 2008
According to the British Virgin Islands Millennium Development Goals: A Plan of Action for Localising and Achieving the Millennium Development Goals (MDGs). Like many other Caribbean and middle income countries, the BVI measures up quite well against several of the global MDG targets and indicators. Levels of poverty and unemployment are low. The most recent available data put the incidence of poverty among households at 16 per cent and the adult unemployment rate at 3.1 per cent. The territory has achieved universal access to primary and secondary education and in 2006, the government expanded access to tertiary education through a tuition fee waiver for BVIslanders attending the local community college. Literacy levels are high. There is a high level of female participation in the labour force and the labour market is very open to women in the service sector. The goal where the BVI shows the least progress is perhaps MDG 7, 'Ensure Environmental Sustainability' whereby development concerns continue to override environmental ones.
source: OECS
Country Poverty Assessment
The final report of the Poverty Assessment in the British Virgin Islands is one of a series of Country Poverty Assessments (CPAs) undertaken throughout the Caribbean since 1995. Its primary objectives are:
* To identify the extent, severity, characteristics and causes of poverty in the
BVI;
* To evaluate the effectiveness of current policies and programmes in terms of
their impact on the poor and vulnerable groups of the population; and
* To make recommendations for future policies and programmes to contribute to the
reduction of poverty on the island.
Economic Outlook
The outlook for the BVI over the next 3 to 5 years appears to comprise a levelling off in tourist arrivals and expenditures plus a broadening of the array of off-shore services. This first development may result in a slowing down in the demand for immigrant labour. The second development is likely to further enhance government revenues without creating significant new employment. It may be expected that the economy of the BVI will continue along the trend lines established in the 1990s if the Government can ensure OECD and US regulators that its offshore services meet new international requirements for reporting and transparency. Because these financial intermediation services can move quickly to new homes in other jurisdictions, the Government must take great care in this regard, especially as this sector contributes about 50% of total Government revenue.
Economic Structure
The provision of off-shore financial services in the BVI has been a world-class financial success. There are currently some 470,000 international business companies registered in the BVI. The BVI are expanding this sector by entering three new but complementary markets: mutual funds, insurance and yacht registration.
Tourism
The BVI tourism product is diverse, comprising sailing, cruise ship arrivals, scuba diving and high end resorts. Government officials indicate that yachting and cruise ship tourist arrivals may be peaking. Nevertheless, Government hopes to increase value added in the sector and to spread arrivals over a longer season, attract higher-spending visitors and encourage the development of smaller, boutique hotels. These actions are not expected to result in large increases in employment.
source: CDB
Social Development Report 2005/06
Statistics indicate that the overall poverty conditions of the BVI were relatively adequate, yet poverty among the immigrant population, single parent families and senior citizens is beginning to emerge. As an immediate concern, the government needs an adequate policy framework that focuses on the speicfic areas of poverty, as mentioned above.
In a Social Welfare Policy report,The Development Planning Unit of the government of BVI gives a comprehensive analysis of the social services provided for the less fortunate and senior members of the society. Social services for (Vulnerable groups) Women, Children and Youth, The Elderly and People with disability are particualrly addressed for policy reform by the government.
The first group assessed was the welfare of women, where the association called 'The Women Desk'(establihed by the national women's group) serves as part of the government machinery and works closely with NGO's, churches and other Support groups in order to maintain the development of women in the BVI. Implementation of a integrated approach among NGO's, stakeholders and all public and private institutions are stated by the governemnt as vital to the future development of women.
In approaching the needs for Children and Youth (following the 1990 World Summit for Children), the government of BVI has taken pervasive measures in:
- Reduction of infant and under five-child mortality rate.
- Reduction of maternal mortality rate by half.
- Reduction of severe and moderate malnutrition among under five children.
- Universal access to safe drinking water.
- Universal access to sanitary means of excreta disposal.
- Universal access to basic education and completion of primary education.
- Reduction of adult illiteracy rate.
- Improved protection of children in especially difficult circumstances.
Strategic policies recommended to help guide a positive direction for the full development of children and youth will be undertaken by the government, a few mentioned were;
- Put in place a National Youth Policy, which identify the needs of the youth and strategies on how to achieve their needs. This is in pursuit of optimum development in preparation for fulfillment of their role and function in the national community specifically and in society in general.
- Establish a National Youth Council as a focal point of central representation for individuals and groups. This will provide greater participation in decision making and national politics.
Social needs of the Elderly are also addressed by the government. Statistics indicate that the rate of life expectancy and entry of women in the labour force has been increasing, which means the expansion of social services including higher national insurance payments and special recreation should be targeted at an aging population.
With their Social Security insurance program, the government already provides financial security for insured elderly persons. However, social security was only established in 1980, and many elderly still suffer from from lack of benefits. Civil servants working for 25 consecutive years are entitled to recieve a monthly pension.Development strategies were henced designed to improve and review the Pension plan and legal framework to include persons who served but were never covered under the Pension Act.
Finally, the disabled group was shown to be 4.4% of the total population of BVI, moreover, only 41.4% of the active group (15-64 years) of disabled persons participated in formally employed positions. In order to tackle this situation, the BVI government has progames such as "Social Security Invalidity Benefits" designed to financially assist persons who has become permanently incapable of work and has become medically certified as being likely to remain incapacitated.