House passes Customs Management & Duties Bill

The House of Assembly has passed the Customs Management and Duties (Amendment) Bill 2025, aimed at encouraging local ownership and longer vessel stays in the Virgin Islands’ marine sector.

Premier Dr Natalio Wheatley introduced the bill, explaining that it was crafted to “refine and modernise aspects” of the existing customs legislation in line with the needs of the BVI’s growing maritime economy. The bill seeks to extend duty-free periods for certain vessels and provide exemptions for locally owned boats registered under BVI companies.

“This legislative initiative focuses on key adjustments aimed at fostering a more competitive and supportive environment for Virgin Islands businesses operating within the maritime sphere,” Dr Wheatley stated.

A key provision in the bill allows vessels owned by BVI residents and registered abroad to remain in the territory for up to 180 days duty-free. This is a significant increase from previous thresholds, which, according to the Premier, discouraged long stays.

“Because these individuals, based on the value of the boat, would incur duty, it would discourage them from staying,” he explained. “We would ensure that the vessel would not become dutyable for a full six months.”

Debate on the bill raised concerns about whether enough was being done to incentivise local individual boat owners. Opposition legislator Ronnie Skelton questioned whether the legislation unfairly favoured BVI-registered companies over individual residents trying to enter the marine industry.