BVI, Caribbeanand International News

BVI’s wealthy to be targeted in Resilience Fund scheme

BVI’s wealthy to be targeted in Resilience Fund scheme

As he moves to secure a fresh mandate from voters at the upcoming general elections, Premier Dr Natalio Wheatley has set his sights firmly on finding new and innovative ways of growing the territory’s revenue base.
One of the means of achieving this goal was through targeting a relatively untapped resource in the form of wealthy persons that live among residents in the territory, the Premier indicated.

Dr Wheatley explained that a Resilience Fund — a programme he said was set up in partnership with members of the community — is expected to be announced by his government within the next two months as a means of addressing that challenge.

“We have many wealthy people who live in the BVI,” Dr Wheatley explained last evening on the VIP Let’s talk radio programme. “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-off in the Virgin Islands.”

He continued: “Very soon, some of the wealthy individuals who reside in the Virgin Islands will be able to make charitable donations to things like our recreational facilities, things like our schools,” said the premier while noting Meade Malone as “one of the persons helping to move this forward”.

According to Dr Wheatley, many persons might be completely unaware of the type of wealthy persons that actually live and spend most of their time in the territory.

He suggested these wealthy persons can address challenges such as building schools, educational and recreational programmes, struggling single mothers and social programmes, which he argued can help to strengthen the fabric of the society.

What is the Resilience Fund?

But this is not the first time the Resilience Fund was being introduced. Originally conceptualised as the BVI Restoration Fund, former Premier Andrew Fahie explained back in 2020 that the initial fund was designed as an institution to provide disaster relief to the territory and to help repair and rebuild critical infrastructure after hurricanes Irma and Maria caused widespread damage.

However, that fund never got off the ground fully after it was first introduced in 2017 as the brainchild of Malone.

“For various reasons, the Fund never became operational,” Fahie told the House of Assembly back in June 2020, “and this may have contributed to the potential loss of interest, and consequently donations, as time lapsed.”

He continued: “I have always said that I do not believe in seeing good ideas being shelved no matter who were the originators of those ideas.”

Fahie related at the time that contributors were willing to support such a programme as long as they could see that the Fund is properly managed and that there is transparency and accountability. He described the revamped Fund initiative as “a grand opportunity for US contributors to partner with the Virgin Islands” and said the BVI looked forward to being a beneficiary of such donations.

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