Premier Andrew Fahie announced plans to develop an Invest and Stay program. This will be one of the innovative ways to attract more foreign investors to support the country's economic activity.

This initiative will have a positive impact on the country itself and its inhabitants, who will also be able to benefit from the opportunities provided.

“Your government is well aware that COVID-19 has created a lot of uncertainty about how global tourism will perform in the upcoming year. We know that many of our local tourism stakeholders are also trying to imagine how tourism will work under the New Regular in 2021. Your government has ensured that adequate measures will be implemented to address this concern,” Fahie said.

“We are also working out the details for an Invest-and-Stay programme to attract persons who would like to invest in specific areas of our economy. They would be allowed to live in the BVI but they will not be afforded the benefits that go with Belongership. However, they will be mandated to employ an agreed number of persons in the BVI based on the size of their investment,” he explained.

In addition, the BVI government is developing a program to stay on the islands. It will be aimed at those who work remotely in their countries so that there is no competition in the labor market for foreigners and local residents.

The Premier said: “Your government is developing the terms and conditions for a BVI In-Stay programme, which will allow persons to come to the BVI and stay for an extended period. The main target group are persons who are able to do remote working for jobs in their home countries."

“So, these individuals will not be competing in the local job market, but at the same time they would be renting accommodations, patronising our businesses, enjoying what the BVI tourist experience has to offer and contributing to economic activity,” he added.

Premier Fahie also said he is confident that the local business community is aware of how they should adapt their marketing strategies in the COVID-19 era so that they benefit from such initiatives once they are implemented.

Source: bvinews

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The British Virgin Islands Launches Invest and Stay Program