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BVI percentage of GDP from tourism #228970
06/29/2020 01:21 PM
06/29/2020 01:21 PM
Joined: Aug 2000
Posts: 71,944
Central Florida!
Carol_Hill Offline OP
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Carol_Hill  Offline OP
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Link

Have no idea whether that percentage is correct for the BVI, but the numbers seem LOW for many of the places listed there in the Caribbean.


Carol Hill
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Re: BVI percentage of GDP from tourism [Re: Carol_Hill] #228972
06/29/2020 01:25 PM
06/29/2020 01:25 PM
Joined: Mar 2001
Posts: 1,193
Colorado and Sailing the World
Maria_and_Steve Offline
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Colorado and Sailing the World
SXM is 45%, if you Google it. I suspect the BVI number is severely under reported.

Re: BVI percentage of GDP from tourism [Re: Maria_and_Steve] #228976
06/29/2020 01:31 PM
06/29/2020 01:31 PM
Joined: Aug 2000
Posts: 71,944
Central Florida!
Carol_Hill Offline OP
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Google search says 52% for the BVI, so obviously the story is full of crap. And that SXM number is BS.


Carol Hill
Re: BVI percentage of GDP from tourism [Re: Carol_Hill] #228977
06/29/2020 01:40 PM
06/29/2020 01:40 PM
Joined: Nov 2000
Posts: 1,920
Cane Garden Bay, Tortola
JasonHelmbrecht Offline
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I have always heard it is less than the financial industry in the BVI so I'm not surprised by the 33% number. Those numbers should change over time as the financial industry is changing.

Re: BVI percentage of GDP from tourism [Re: Carol_Hill] #228979
06/29/2020 01:51 PM
06/29/2020 01:51 PM
Joined: Aug 2000
Posts: 71,944
Central Florida!
Carol_Hill Offline OP
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Carol_Hill  Offline OP
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I know the financial industry is big in the BVI, bigger than several other islands. Guess the story is the same as half of what is on the internet, wrong.


Carol Hill
Re: BVI percentage of GDP from tourism [Re: Carol_Hill] #228980
06/29/2020 01:54 PM
06/29/2020 01:54 PM
Joined: Nov 2000
Posts: 1,920
Cane Garden Bay, Tortola
JasonHelmbrecht Offline
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This doesn't give a number for tourism but does indicate the Financial industry is 51.4% of the Governments revenue.

Re: BVI percentage of GDP from tourism [Re: JasonHelmbrecht] #228982
06/29/2020 02:26 PM
06/29/2020 02:26 PM
Joined: May 2013
Posts: 49
Louisiana
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cajunscuba Offline
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Louisiana
Originally Posted by JasonHelmbrecht
This doesn't give a number for tourism but does indicate the Financial industry is 51.4% of the Governments revenue.


The page does say "In the British Virgin Islands, Tourism is the main source of income for the general society."

Re: BVI percentage of GDP from tourism [Re: cajunscuba] #229013
06/30/2020 10:37 AM
06/30/2020 10:37 AM
Joined: Jan 2005
Posts: 4,444
Adagio Villa, Mahoe Bay,Virgin...
gordaguy2 Offline
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That probably only means that the majority of the population is engaged in some aspect of tourism but that the income derived is less than FS

Re: BVI percentage of GDP from tourism [Re: Carol_Hill] #229095
07/01/2020 10:58 AM
07/01/2020 10:58 AM
Joined: Dec 2004
Posts: 537
road town
sleepychef Online content
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No it means the income derived from Tourisim is less for the Government {all the taxes and permits} nothing to do with the income generated for the territory , accommodation, restaurant, bars, provisions , entertainment

Re: BVI percentage of GDP from tourism [Re: sleepychef] #229150
07/01/2020 03:49 PM
07/01/2020 03:49 PM
Joined: Jan 2015
Posts: 244
California
Sunnykm Offline
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Originally Posted by sleepychef
No it means the income derived from Tourisim is less for the Government {all the taxes and permits} nothing to do with the income generated for the territory , accommodation, restaurant, bars, provisions , entertainment


I imagine the income to private businesses is over 80% tourism. There is probably a small cash flow between businesses (I provide the groceries to prepare dinner, you cook it for me) but the fresh cash is from visitors. Remember the government is taxing the income (payroll) of the residents so at a certain point there will be no cash amongst the private sector.

Re: BVI percentage of GDP from tourism [Re: Carol_Hill] #229158
07/01/2020 06:07 PM
07/01/2020 06:07 PM
Joined: Dec 2007
Posts: 2,006
Charlotte, NC
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NCSailor Offline
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My guess is the BVI government doesn't report these numbers because they can't figure them out.

Last edited by NCSailor; 07/01/2020 06:10 PM.
Re: BVI percentage of GDP from tourism [Re: Carol_Hill] #229159
07/01/2020 06:29 PM
07/01/2020 06:29 PM
Joined: Dec 2004
Posts: 537
road town
sleepychef Online content
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Quote "I imagine the income to private businesses is over 80% tourism. There is probably a small cash flow between businesses (I provide the groceries to prepare dinner, you cook it for me) but the fresh cash is from visitors. Remember the government is taxing the income (payroll) of the residents so at a certain point there will be no cash amongst the private sector."



In the outer islands more than 80% from tourism Anegada, Jost and VG to some extent we are stuck in limbo Tortola is moving slowly but at least its moving, hopefully they will set a date soon as there has been zero help from the government to small to medium businesses so far.

Re: BVI percentage of GDP from tourism [Re: Carol_Hill] #229163
07/01/2020 07:32 PM
07/01/2020 07:32 PM
Joined: Dec 2007
Posts: 2,006
Charlotte, NC
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NCSailor Offline
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Charlotte, NC
Peter,

After one of the past storms I think it was Earl - Potter sold certificates for future dining at a discount to fund rebuilding. I think he offered a 50% discount and a place on the wall of honer that never happened - big surprise!. Anyway, if you were to start something similar I would be the first to sign up.

Jim

Re: BVI percentage of GDP from tourism [Re: Carol_Hill] #229172
07/02/2020 01:28 AM
07/02/2020 01:28 AM
Joined: Mar 2008
Posts: 1,488
BVI
Zanshin Offline
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NCSailor - I still have a certificate from Potter's for meals/drinks, unused, for a couple of hundred. There was no significant discount, but I like the idea of "paying it forward" and at the time they needed the money to rebuild.

Re: BVI percentage of GDP from tourism [Re: Carol_Hill] #229173
07/02/2020 05:28 AM
07/02/2020 05:28 AM
Joined: Dec 2018
Posts: 604
Washington DC
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bailau Offline
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I would be in for that as well...among other things we sponsored a palm tree in White Bay at SDB after Irma in honor of one of our buddies who passed away 5 years ago. I thought that was a great idea is it didn't cost Jerry anything...

Would be glad to pay it forward in any way possible...


Re: BVI percentage of GDP from tourism [Re: Carol_Hill] #229176
07/02/2020 07:53 AM
07/02/2020 07:53 AM
Joined: Apr 2002
Posts: 5,530
GA/NC
GeorgeC1 Offline
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The very best thing we all can do is head down to the BVI as soon as it opens and spend money. I have trips planned in Nov, Dec, Apr and Jun. I just need the government to let me in!
George

Re: BVI percentage of GDP from tourism [Re: Carol_Hill] #229180
07/02/2020 08:31 AM
07/02/2020 08:31 AM
Joined: Sep 2006
Posts: 359
Kannapolis, NC
ndfaninnc Offline
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Cow Wreck did the same after IrmaMaria. I would jump in if Peter offered that.

Re: BVI percentage of GDP from tourism [Re: sleepychef] #229187
07/02/2020 10:16 AM
07/02/2020 10:16 AM
Joined: Jan 2005
Posts: 4,444
Adagio Villa, Mahoe Bay,Virgin...
gordaguy2 Offline
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We're still paying our staff even though we have no guests at the moment - the landscaping, pool maintenance, and upkeep of a villa is still necessary. I'm sure it is the same for most of the villas on Virgin Gorda so there is some money going into VG. Construction is also still taking place - its the taxi drivers, servers, and other service staff that are/will suffer.

Re: BVI percentage of GDP from tourism [Re: gordaguy2] #229237
07/03/2020 08:12 AM
07/03/2020 08:12 AM
Joined: Oct 2000
Posts: 3,932
South Sound Villa Virgin Gorda
tpcook Offline
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My iUSA ncome tax form for the villa will show a loss in the millions for this year. Somehow this negative balance needs to be recuperated. Not sure how long this will take.


tpcook
Re: BVI percentage of GDP from tourism [Re: Carol_Hill] #229239
07/03/2020 08:51 AM
07/03/2020 08:51 AM
Joined: Oct 2007
Posts: 218
Great Harbour, Jost Van Dykes
SusanZ Offline
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SusanZ  Offline
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Great Harbour, Jost Van Dykes
Do we really even know what the actual GDP of the BVI is? there is a payroll tax but no corporate income tax. In general it is fairly hard to find reliable economic data for non independent islands. I know I've put in an effort in the past to find good reliable economic data.


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