Financial Services – Citizenship For Sale
April 12, 2018
Financial Service providers on Nevis are being urged to work with the Nevis Island Administration (NIA) to help restore the Financial Services Sector to the level it operated at in the past.
The call came from Hon. Mark Brantley, Premier of Nevis and Minister of Finance, at an International Financial Services meeting with Service Providers on the island. The forum took place at the Paul’s Anglican Conference Hall on April 11, 2018.
“I’m concerned that the sector is not growing. The sector is stagnant and what we have seen in terms of government revenue is that we have plateaued at about $12 million and we have been there from time immemorial.
“Truth be told ladies and gentlemen, at $12 million per year, we are in the chitlin leagues. We are not even in the big leagues. We are not even in the medium leagues and for an industry which is over 30 years old, I think we have to do better. You have to do better; the government has to do better. Together, we have to determine what is the best strategy to ensure that we can once again, return to the days of growth in this particular sector,” he said.
Mr. Brantley noted that at one point the sector clearly experienced sharp growth but has plateaued at EC$12 million. Since then, no growth has been registered however, there been no significant drop off in terms of business.
He described the sector as a very important one to Nevis and reiterated the Nevis Island Administration’s continued commitment to its development as it firmly believes in the sector’s extreme importance to the economic development of the island.
Mr. Brantley also pointed to the challenges faced by the industry, some of which were beyond the Administration’s control. Nevertheless, they continued to take the steps necessary working with international partners to ensure the maintenance of a viable Financial Services Sector on Nevis.
The Finance Minister assured service providers that the meeting was called not to lecture them but to interact with them in an effort to enable the Administration to shape policies, look at its marketing efforts and to point the sector in a direction that would move it forward working hand in hand with active practitioners.
Also present at the forum was Mr. Colin Dore, Permanent Secretary in the Ministry of Finance.