AGP Executive Report

Territorial Finance: Gov. Albert Bryan is proposing $250 million in gross-receipts-tax bonds to address overdue bills and financial pressures at the government, hospitals and public authorities. The plan would direct $85 million to hospitals, $80 million to public authorities and $70 million to government obligations; recipients would need five-year financial plans. Business Services: Impact PaySystem has begun offering payment processing in the U.S. Virgin Islands and Puerto Rico, with the British Virgin Islands next in its Caribbean expansion. Marine Economy: NOAA is proposing a 28.8% increase in St. Croix’s spiny lobster catch limit. Inter-island Trade: BVI Premier Natalio Wheatley criticized Gov. Bryan’s push to reopen charter-vessel fee talks, saying the dispute should stay within the territories’ bilateral framework.

Charter Fees: British Virgin Islands Premier Natalio Wheatley accused Gov. Albert Bryan Jr. of using pressure tactics to reopen negotiations over charter-vessel fees, and offered to host talks on Tortola rather than involve U.S. and British officials. USVI Finances: Bryan proposed $250 million in gross-receipts-tax bonds to cover hospital and public-authority funding, government back payments and capital needs. Beneficiaries would have to follow five-year financial plans; municipal finance analysts cautioned that borrowing for operating costs is usually a red flag. Business Expansion: Impact PaySystem has begun offering payment processing in the U.S. Virgin Islands and Puerto Rico, opening new options for local merchants and sales partners; the company says the British Virgin Islands are next.

Charter Fees: BVI Premier Natalio Wheatley accused Gov. Albert Bryan Jr. of using pressure tactics to reopen negotiations over charter-vessel fees, a dispute with potential implications for inter-island tourism and trade. Wheatley offered to host talks on Tortola. Government Finance: Bryan proposed a $250 million bond sale to address overdue bills and urgent needs at the government, hospitals and public utilities. Benefiting institutions would have to follow five-year financial plans. Business Services: Impact PaySystem has begun offering payment processing in the U.S. Virgin Islands and Puerto Rico, with the British Virgin Islands next in its Caribbean expansion. Fishing Industry: NOAA proposed increasing St. Croix’s spiny lobster catch limit by 28.8%, a change that could benefit local fishers if approved. Clean Energy: A new regional partnership plans to advance renewable energy, infrastructure resilience and workforce training across the U.S. Virgin Islands, Puerto Rico and the Caribbean.

Public Finance: Gov. Albert Bryan proposed $250 million in gross-receipts-tax bonds to address overdue bills and urgent needs, including $85 million for hospitals, $80 million for public authorities and $70 million for the central government. Beneficiaries would need five-year financial plans. Business Services: Impact PaySystem has begun offering payment processing in the U.S. Virgin Islands and Puerto Rico, with expansion to the British Virgin Islands planned next. Clean Energy: A new three-year partnership will support renewable energy, infrastructure resilience and workforce training across the territory and wider Caribbean. Fishing: NOAA proposed raising St. Croix’s spiny lobster catch limit by 28.8%, a potential boost for local fishers.

Banking: First BanCorp reported third-quarter net income of $96.1 million and 3.3% annualized loan growth. OFG Bancorp’s earnings per share rose 14.7% year over year, though both banks cited pressure from higher funding costs. Public Finance: Gov. Albert Bryan is proposing a $250 million gross-receipts-tax bond sale for overdue obligations and capital needs, including $85 million for hospitals, $80 million for public authorities and $70 million for the central government. Benefiting institutions would have to follow five-year financial plans. Payments: Impact PaySystem has expanded payment processing to the U.S. Virgin Islands and Puerto Rico, with the British Virgin Islands planned next. Clean Energy: A new regional partnership will pursue renewable energy, resilient infrastructure and workforce training projects across the USVI, Puerto Rico and the Caribbean. Fisheries: NOAA proposes a 28.8% increase in St. Croix’s spiny lobster catch limit.

Public Finance: Gov. Albert Bryan proposed a $250 million gross-receipts-tax bond sale to cover overdue bills and pressing needs for the government, hospitals and public authorities. The plan allocates $70 million to government obligations, $85 million to hospitals and $80 million to public authorities; beneficiaries would need five-year financial plans. Payment Services: Impact PaySystem has expanded processing services to the U.S. Virgin Islands and Puerto Rico, with the British Virgin Islands next. The company says the move creates opportunities for local merchants and sales partners. Workforce: USVI officials are working on a recruitment agreement with Ghana to bring teachers and nurses to the territory. The number of hires, pay and contract terms have yet to be announced; a formal agreement is expected in November. Clean Energy: A three-year partnership between two nonprofits will pursue renewable energy, resilient infrastructure and workforce training projects in the USVI and across the Caribbean. Fishing: NOAA proposes raising St. Croix’s annual spiny lobster catch limit by 28.8%, while slightly lowering the combined limit for St. Thomas and St. John. The changes are not final; public comments are due Nov. 16.

Payments: Impact PaySystem has begun serving merchants in the U.S. Virgin Islands and Puerto Rico, with the British Virgin Islands next in its Caribbean expansion. Clean Energy: A new three-year partnership aims to develop renewable energy, resilient infrastructure and workforce training across the USVI, Puerto Rico and the wider Caribbean. Refinery Watch: A proposal to restart St. Croix’s idle refinery has drawn scrutiny over the proponents’ business ties and the project’s finances. Fisheries: NOAA proposes raising St. Croix’s annual spiny lobster catch limit by 28.8%, to 176,760 pounds; public comments are due Nov. 16, and the limit is not yet in effect. Workforce: Ghanaian officials and the USVI government are developing a recruitment framework for nurses and teachers, with pay, eligibility and deployment details expected after a planned November agreement.

Clean Energy: IBTS and Green Solutions International signed a three-year agreement to pursue renewable energy, resilient infrastructure and workforce training across the U.S. Virgin Islands, Puerto Rico and the Caribbean. Refinery Questions: A bid to restart St. Croix’s idled refinery was brought to the White House, but an industry official questioned the proposal’s seriousness, and the business interests behind a related gas-discount venture remain unclear. Workforce: The USVI and Ghana are preparing an agreement to recruit Ghanaian teachers and nurses; pay, contract terms and hiring numbers have yet to be disclosed. Fishing Industry: NOAA proposed raising St. Croix’s annual spiny lobster catch limit by nearly 29%, while slightly lowering the St. Thomas–St. John limit. Public comments are due Nov. 16, and the changes are not yet in effect. Utility Costs: An analysis says the territory’s isolated island grids mean electricity will remain costly even with better management, underscoring the importance of reforms that improve affordability.

Workforce: U.S. Virgin Islands officials are negotiating with Ghana to recruit nurses and teachers. A formal agreement is expected in November, but pay, hiring terms and recruitment numbers have not been disclosed. Fishing: NOAA proposes raising St. Croix’s annual spiny lobster catch limit by 28.8% to 176,760 pounds, while leaving St. Thomas-St. John’s limit nearly unchanged. Comments are due Nov. 16; the limits are not yet in effect. Energy Costs: A utility reform briefing says WAPA’s roughly 43-cent-per-kilowatt-hour residential rate reflects both operating problems and the high cost of serving small, isolated island grids—an ongoing burden for businesses. St. Croix Refinery: A proposal to restart the shuttered refinery has drawn attention from the White House, but the people promoting it and links to a discounted-gas operation have raised questions about the project’s seriousness. No restart is confirmed. Tourism Investment: The new owner of Epstein’s former islands has proposed a 25-room resort, but permits remain pending.

Island Investment: Little and Great St. James, sold for $60 million in 2023, remain privately owned; plans for a 25-room resort are awaiting permits, while the owner is pursuing trespass cases against people filming on the islands. Workforce: The U.S. Virgin Islands and Ghana are developing a recruitment framework for nurses and teachers. Pay, contract terms and hiring numbers are still to be announced, with a formal agreement expected in November. Fishing Industry: NOAA proposes raising St. Croix’s annual spiny lobster catch limit by 28.8% to 176,760 pounds, while slightly lowering the combined St. Thomas and St. John limit. The changes are not in effect; comments are due Nov. 16. Business Costs: A utility briefing says USVI residential electricity rates near 43 cents per kilowatt-hour reflect the high costs of serving small, isolated island grids, even as it argues for better management and fairer pricing. Hospitality: IGY Marinas announced a new leisure club and event space at Yacht Haven Grande in St. Thomas.

Fisheries: NOAA proposes raising St. Croix’s annual spiny lobster catch limit by 28.8%, to 176,760 pounds, while slightly lowering the combined St. Thomas–St. John limit. The changes are not final; public comments are due Nov. 16. Workforce: The USVI and Ghana are preparing an agreement to recruit teachers and nurses for the territory. Pay, contract terms, recruitment numbers and timing have yet to be announced. Tourism Investment: Yacht Haven Grande in St. Thomas has opened a new racquet and pool club and expanded its Harbor360 event space, adding amenities and venue capacity at the marina. Energy Costs: A policy briefing says USVI residential electricity rates near 43 cents per kilowatt-hour reflect the high costs of operating small, isolated island grids, while arguing that utility reform could improve affordability. Marine Industry: A federal grant round awarded $35.18 million to 45 shipyards, including yards in the USVI, for equipment and capacity upgrades.

Workforce: The U.S. Virgin Islands and Ghana are preparing a recruitment agreement to bring Ghanaian nurses and teachers to the territory. Pay, eligibility, contract terms and deployment dates remain undecided ahead of a planned November signing. Fisheries: NOAA proposes raising St. Croix’s annual spiny lobster catch limit by 28.8%, while slightly lowering the combined St. Thomas-St. John limit. The proposal is open for public comment through Nov. 16 and is not yet in effect. Tourism Investment: IGY Marinas opened the Coral Cove Racquet and Pool Club at Yacht Haven Grande in St. Thomas, alongside expanded event space aimed at residents and visitors. Marine Industry: A federal shipyard grant round awarded $35.18 million to 45 yards across 24 states and the U.S. Virgin Islands, supporting equipment investments to expand capacity. Business Costs: An analysis of the territory’s roughly 43-cent-per-kilowatt-hour electricity rates says island geography limits how far costs can fall, even with utility reforms.

Workforce: USVI officials discussed a recruitment framework with Ghana to bring nurses and teachers to the territory. A formal memorandum is expected in November, but hiring numbers, pay and contract terms have not been disclosed. Tourism Investment: IGY Marinas opened Coral Cove Racquet and Pool Club at Yacht Haven Grande in St. Thomas, alongside an expanded Harbor360 event space. Marine Industry: The federal Maritime Administration awarded $35.18 million in shipyard grants across 24 states and the USVI; the territory’s share was not specified. Travel & Culture: Breeze Airways’ expanded routes include Tampa–St. Thomas service, while Jamaican film Stew Peas is set to open in St. Thomas and St. Croix on October 29. Tax Climate: The EU kept the USVI on its list of non-cooperative tax jurisdictions.

Marine Industry: A $35.18 million federal shipyard grant round included the U.S. Virgin Islands, though the report did not specify a local award. Tourism Investment: IGY Marinas opened a racquet and pool club at Yacht Haven Grande in St. Thomas and expanded its Harbor360 event space, adding visitor amenities and event capacity. Charter Trade: BVI Premier Natalio Wheatley defended higher fees for commercial charters after USVI operators warned that reduced access to BVI waters could hurt business. He said recreational crossings without charter activity are exempt. Tax Compliance: The EU kept the U.S. Virgin Islands on its tax blacklist in its latest update, a designation that remains relevant to the territory’s international business standing. Caribbean Screen Business: Jamaican thriller Stew Peas begins a regional theatrical rollout on Oct. 29, with screenings planned in St. Thomas and St. Croix.

Tourism Investment: IGY Marinas opened Coral Cove Racquet and Pool Club at Yacht Haven Grande in St. Thomas, alongside a 2,100-square-meter event space at Harbor360, expanding the marina’s leisure and hospitality offerings. Air Connectivity: Breeze Airways is adding a Tampa–St. Thomas route, strengthening domestic links to the territory as it expands its wider network. Marine Business: BVI Premier Natalio Wheatley defended higher charter fees after USVI operators raised concerns about losing access to BVI waters, saying the charges apply to commercial activity by all foreign vessels. Shipyard Funding: The U.S. Maritime Administration awarded $35.18 million to 45 shipyards, including yards in the U.S. Virgin Islands, to support equipment upgrades and expand capacity.

Estate Watch: U.S. Virgin Islands probate filings show Jeffrey Epstein’s estate has fallen from an estimated $578 million to $655 million at his death to roughly $107 million to $131 million by mid-2026, after victim payouts, property sales, taxes and legal costs. Tourism Investment: IGY Marinas opened a racquet and pool club at Yacht Haven Grande in St. Thomas, alongside a newly expanded event venue aimed at residents and visitors. Shipyard Funding: A federal grant round totaling $35.18 million included shipyards in the U.S. Virgin Islands, part of a nationwide push to expand repair and construction capacity; local award details were not provided. Business Climate: The EU kept the U.S. Virgin Islands on its tax non-cooperation blacklist, an ongoing reputational and compliance concern for the territory. Travel Technology: The iPhone 18 Pro will be eSIM-only in the U.S. Virgin Islands, meaning travelers with the device cannot use a local physical SIM card.