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BVI Resilience Fund will allow wealthy donors to get tax write-offs- Premier
Premier and Minister of Finance Dr the Honourable Natalio D. Wheatley (R7) made this disclosure while speaking on the VIP Let’s Talk radio show live-streamed on Facebook on March 28, 2023.
Dr Wheatley said he believes a date may have already been set for the official announcement and this will take place very shortly- probably within the next two months.
He said the initiative is being executed in partnership with members of the community and one of the persons assisting in moving it forward is Chairman of the Economic Advisory Council to the Premier, Mr Meade W. Malone.
Tax write-offs
“We have many wealthy people who live in the BVI and a lot of these wealthy persons in the United States of America are able to get tax write-offs when they make a charitable donation, but most of those charitable donations they don’t get the tax write-offs for in the Virgin Islands. So we’ve set up a fund that will allow them to get the tax [write-offs],” Dr Wheatley disclosed.
He added that very soon this move will allow some of the wealthy individuals residing in the VI to make charitable donations to develop areas such as recreational facilities and schools.
“And these are persons who, they have significant amounts of money…you just don’t know the type of persons and their net worth who actually live in the BVI, spend most of their time in the BVI. And if these persons were just to give charitable donations for tax write-offs here, significant…funds that can be used to help to build schools, to have educational programmes, recreational programmes, to help single mothers, social programmes to help strengthen the fabric of our society,” Dr Wheatley noted.
Funding needed for several projects
The Premier and Virgin Islands Party (VIP) Chairman also indicated that he has tasked the Recovery and Development Agency (RDA) with building a national museum, national library, national performing arts centre and/or national archives which will attract funding from donors.
Dr Wheatley said while some persons have reacted negatively, he believes that it is a positive move.
The BVI Resilience Fund, formerly known as the BVI Restoration Foundation while under the Virgin Islands Recovery and Development Agency (RDA), is a charitable nonprofit organisation designed to support the growth and development of the Virgin Islands through philanthropic contributions.
It is a legal entity that will allow nationals of the United States to give a charitable gift for the benefit and growth of the Virgin Islands.
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13 Responses to “BVI Resilience Fund will allow wealthy donors to get tax write-offs- Premier”
Sold us to a few wealthy aint this the sh** tax write off my @$% stop condoning slavery for your people
No we don’t have all the resources we need, no we don’t have all the monies to build, but we got people on our side who do. Stop allowing the Rich to use us and let’s start using them and their resources.
Government should make plans to ensure we have more than the people outside of the VI.
30,000 split, millions in taxes off each visitors head & every incorporation I believe. Why are people in such a small community struggling amongst this abundance in tax revenue?
Oh yea because those millions are going to the black hole called government and not to the people.
The tiny amount in grants blew people away, but how astounding if we realize grants could be regular, normalized and split evenly territory wide. It was tiny compared to what government bureaucracy blows away regularly.
People always ask where the tax is going... I say give it to us, but split it evenly. Our businesses and entrepreneurs should be at an advantage on the international stage due to a strongly supportive, in-touch, effective & efficient government.
The people who go away to study and gain high degrees need a reason to come back.
The people who are sent away should be mandated to come back, given a lump sum for completion of their studies specifically to at-least try their hand at business in their chosen field with a focus on outreach beyond the BVI.
Some countries mandate military service and no one is kicking up, we send students away on scholarships regularly and there should be a period for their return.
The current problem is there is no entrepreneurial support - or other besides a job in government -provided for them that is more substantial than the opportunities that exist abroad.
To recap, small population we have enough to live lavishly, we have enough to give ourselves an advantage from within to excel internationally, we have enough students sent away every year that innovation will thrive if they regularly return.
I dont want to hear we dont have enough that would be seeing the tree and missing the forest all around. Politicians will stare at the tree each day hoping a fruit falls down, each day until the forest catches fire and then talk about planting a forest.
We should be telling these people to go donate elsewhere because there are people who need it more. Seriously.