BVI, Caribbeanand International News

BVI Resilience Fund will allow wealthy donors to get tax write-offs- Premier

BVI Resilience Fund will allow wealthy donors to get tax write-offs- Premier

Government is set to make an official announcement regarding the re-introduction of the BVI Resilience Fund, which will allow wealthy persons to make valuable economic contributions to the development of the [British] Virgin Islands (VI) and qualify for tax write-offs.

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.
Premier and Minister of Finance Dr the Honourable Natalio D. Wheatley (R7) made the disclosure about the BVI Resilience Fund while speaking on the VIP Let’s Talk radio show live-streamed on Facebook on March 28, 2023.

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.

Related Articles

Paper straws found to contain long-lasting and potentially toxic chemicals - study
FTX's Bankman-Fried headed for jail after judge revokes bail
Blackrock gets half a trillion dollar deal to rebuild Ukraine
Israel: Unprecedented Civil Disobedience Looms as IDF Reservists Protest Judiciary Reform
America's First New Nuclear Reactor in Nearly Seven Years Begins Operations
Southeast Asia moves closer to economic unity with new regional payments system
Today Hunter Biden’s best friend and business associate, Devon Archer, testified that Joe Biden met in Georgetown with Russian Moscow Mayor's Wife Yelena Baturina who later paid Hunter Biden $3.5 million in so called “consulting fees”
Singapore Carries Out First Execution of a Woman in Two Decades Amid Capital Punishment Debate
Google testing journalism AI. We are doing it already 2 years, and without Google biased propoganda and manipulated censorship
Unlike illegal imigrants coming by boats - US Citizens Will Need Visa To Travel To Europe in 2024
Musk announces Twitter name and logo change to X.com
The politician and the journalist lost control and started fighting on live broadcast.
The future of sports
Unveiling the Black Hole: The Mysterious Fate of EU's Aid to Ukraine
Farewell to a Music Titan: Tony Bennett, Renowned Jazz and Pop Vocalist, Passes Away at 96
Alarming Behavior Among Florida's Sharks Raises Concerns Over Possible Cocaine Exposure
Transgender Exclusion in Miss Italy Stirs Controversy Amidst Changing Global Beauty Pageant Landscape
Joe Biden admitted, in his own words, that he delivered what he promised in exchange for the $10 million bribe he received from the Ukraine Oil Company.
TikTok Takes On Spotify And Apple, Launches Own Music Service
Global Trend: Using Anti-Fake News Laws as Censorship Tools - A Deep Dive into Tunisia's Scenario
Arresting Putin During South African Visit Would Equate to War Declaration, Asserts President Ramaphosa
Hacktivist Collective Anonymous Launches 'Project Disclosure' to Unearth Information on UFOs and ETIs
Typo sends millions of US military emails to Russian ally Mali
Server Arrested For Theft After Refusing To Pay A Table's $100 Restaurant Bill When They Dined & Dashed
The Changing Face of Europe: How Mass Migration is Reshaping the Political Landscape
China Urges EU to Clarify Strategic Partnership Amid Trade Tensions
Europe is boiling: Extreme Weather Conditions Prevail Across the Continent
The Last Pour: Anchor Brewing, America's Pioneer Craft Brewer, Closes After 127 Years
Democracy not: EU's Digital Commissioner Considers Shutting Down Social Media Platforms Amid Social Unrest
Sarah Silverman and Renowned Authors Lodge Copyright Infringement Case Against OpenAI and Meta
Italian Court's Controversial Ruling on Sexual Harassment Ignites Uproar
Why Do Tech Executives Support Kennedy Jr.?
The New York Times Announces Closure of its Sports Section in Favor of The Athletic
BBC Anchor Huw Edwards Hospitalized Amid Child Sex Abuse Allegations, Family Confirms
Florida Attorney General requests Meta CEO's testimony on company's platforms' alleged facilitation of illicit activities
The Distorted Mirror of actual approval ratings: Examining the True Threat to Democracy Beyond the Persona of Putin
40,000 child slaves in Congo are forced to work in cobalt mines so we can drive electric cars.
BBC Personalities Rebuke Accusations Amidst Scandal Involving Teen Exploitation
A Swift Disappointment: Why Is Taylor Swift Bypassing Canada on Her Global Tour?
Historic Moment: Edgars Rinkevics, EU's First Openly Gay Head of State, Takes Office as Latvia's President
Bye bye democracy, human rights, freedom: French Cops Can Now Secretly Activate Phone Cameras, Microphones And GPS To Spy On Citizens
The Poor Man With Money, Mark Zuckerberg, Unveils Twitter Replica with Heavy-Handed Censorship: A New Low in Innovation?
Unilever Plummets in a $2.5 Billion Free Fall, to begin with: A Reckoning for Misuse of Corporate Power Against National Interest
Beyond the Blame Game: The Need for Nuanced Perspectives on America's Complex Reality
Twitter Targets Meta: A Tangle of Trade Secrets and Copycat Culture
The Double-Edged Sword of AI: AI is linked to layoffs in industry that created it
US Sanctions on China's Chip Industry Backfire, Prompting Self-Inflicted Blowback
Meta Copy Twitter with New App, Threads
The New French Revolution
BlackRock Bitcoin ETF Application Refiled, Naming Coinbase as ‘Surveillance-Sharing’ Partner