His Excellency Governor Daniel Pruce announced during his Speech from the Throne on Tuesday, January 7, that powers held by the Trade Commission will be transferred to the Minister of Trade, Premier Dr. the Hon. Natalio Wheatley and his ministry.
This move comes after Premier Wheatley assumed responsibility for the Ministry of Trade in October 2024, following the dismissal of Hon. Lorna Smith, Territorial At-Large Representative, from the position.
Governor Pruce said amendments will be made to the Virgin Islands Investment Act, 2021 and the Business Licensing Act, 2022 which will centralize trade authority within the Ministry of Trade. The governor explained that this strategic shift aims to align trade services more closely with the Virgin Islands’ broader economic development goals, fostering a cohesive and streamlined approach to investment and growth.
A key element of the amendments includes the introduction of a two-tier approval process for foreign investors, which will be seamlessly integrated into a one-stop service system.
Governor Pruce also announced a restructuring of the Residency by Investment Programme, which will be moved from the Investment Act to the Immigration and Passport Act.
Amendments to the Business Licensing Act, 2022, are also in the works to reduce bureaucratic hurdles, simplifying the licensing process for businesses.
The Governor underscored that these legislative reforms aim to position the Virgin Islands as a premier destination for investment and residency.