Hon Lorna G. Smith, OBE, (AL), Junior Minister for Financial Services and Economic Development, said amendments to the Merchant Shipping Bill will ensure the Virgin Islands (VI) retains its Category 1 status. Photo: YouTube

Hon Smith during her contribution to the debate on the Merchant Shipping Bill, 2025, at the Continuation of the Third Sitting of the Second Session of the Fifth House of Assembly, on March 31, 2025, recalled being stationed at the London Office in 2008, when that status was achieved. 

Cat 1 status

Hon Smith said attaining Category 1 status meant a lot for the VI. 

“It meant that the BVI which was known and is still known, as the Yachting Capital, not only in the Caribbean…[but] of the world could go further in terms of its development in that we could register bigger boats, we could register megayachts, we could register cargo vessels of any size and other vessels,” she said. 

The original bill was critical in the territory attaining Category 1 status and in terms of the economic impact on the territory. 

“This bill before us makes sure that we retain that status, that Category 1 status, that we build on it in some respects.”

Bill allows 24 more countries to register vessels in VI 

In the meantime, Hon Smith expressed her pleasure with Schedule 7 of the bill, which includes 24 more countries from which people can register their vessels. 

“If we are looking at being a shipping registry that is providing not just service but that is of benefit to the British Virgin Islands economy, we must be able to have persons owning ships from most countries.”

Hon Smith said while Russia could not be included at this time due to sanctions, the addition of the 24 new countries is welcomed.