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Newsletter | Articles News in Brief BVI Clocks Up 11 per cent Growth in 2006 The British Virgin Islands posted growth of 11 per cent in 2006, registering GDP of US$992 million, Chief Minister Dr Orlando Smith announced in his fourth annual State of the Territory address. According to Dr Smith, tourism remains strong with an increase in the number of cruise visitors. In 2006 the average expenditure per visitor increased by 15 per cent, suggesting the BVI's strategy of focusing on high-end visitors is paying off. There has been substantial investment in infrastructure in the BVI and the minister added the government had established a fairer tax system, removing the 'ring-fencing' of local businesses and moving to a payroll tax system. He said: “Under the old system we all know some people did not pay taxes on their salaries and other benefits, nor did some companies pay taxes. Under the new payroll system, these taxes are now collected.” Dr Smith reported on the negotiations with the UK over a new constitution. He said: “We now have a new Constitution for the BVI that is the pride of our community and the envy of our region.” Key aspects of the new constitution include: A National Security Council to promote public safety A cabinet system to ensure the elected leaders of the territory can advance the public’s agenda A new distribution of power between the BVI and the UK that gives the BVI new authority to control its own destiny while maintaining the benefits that come from being an Overseas Territory of the UK Cayman Islands Stock Exchange Marks 10 Years of Growth The Cayman Islands Stock Exchange (CSX) has marked the 10th anniversary of its launch. At a celebration CSX chairman Anthony Travers said: “The rise of the CSX in the past 10 years is a significant accomplishment and one that demonstrates why the Cayman Islands continues to be a successful international financial services centre. The CSX exemplifies Cayman’s key attributes of high quality service, specialist knowledge, public-private partnership and an effective yet proportionate regulatory regime.” The CSX was originally set up to provide a listing facility for the Cayman Islands’ specialist products – mutual funds and specialist debt securities. Its capabilities now extend to sophisticated vehicles and structures, including derivative warrants, depositary receipts, Eurobonds, preferred shares and international equity. The CSX currently has more than 1,400 listings and a market capitalisation of more than $123 billion. In its first 10 years the CSX has achieved many milestones and recognitions: In 2006, surpassing more than 1,000 listings before the 10 year mark and double-digit listings growth each year since its inception In 2005, reaching break-even status a full two years before planned In 2004, being granted ‘recognised stock exchange’ status by the UK Inland Revenue In 2003, being admitted as an affiliate member of the International Organisation of Securities Commissions In 2001, being the first and still only offshore exchange to become a member of the Intermarket Surveillance Group In 1999, becoming the first offshore stock exchange to be registered with the London Stock Exchange