Report Compares Gibraltar's Finance Centre Unfavourably With BVI's

by Philip Morton, Investors Offshore.com

31 March 2003

In an embittered article published last week, the Gibraltar-based Panorama news service held the British Virgin Islands (BVI) up as an example for the Rock's finance centre which, it suggested, is lagging behind its peers in a number of areas.

'The Gibraltar finance centre needs to examine itself, because while others do well, here we appear to be stuck and progress is minimal,' the report observed.

Drawing from BVI Chief Minister, Ralph T O'Neal's recent budget address, Panorama cited the example of the BVI captive insurance sector, which issued 50 new licences last year, bringing the total number of captives under active management within the territory to 282.

'We are so far behind that when we get one coming to Gibraltar we kick up a song and dance,' the online news service mused, adding:

'We have been talking in Gibraltar about the importance of the captive insurance sector for years. Others are also operating in the same regulatory environment as we are - they make spectacular progress. We just talk about it!'

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