The British Virgin Islands are situated 90 miles East of Puerto Rico and are one of the most prosperous economies in the Caribbean.
The financial services sector accounts for more than 50% of GDP and tourism makes up a further 21%.
The islands have been British since 1672 and have a constitutional democracy with a ministerial government. They are an internally self-governed territory with the Governor appointed by the Crown. Its law is based on English Common Law with local modifications. The stability and legal structure of the territory make this a safe destination for investors.
The population of the British Virgin Islands was recently recorded at 23,000 and growing as its economy continues to thrive. Its capital is Road Town (Tortola Island), its primary language is English and its currency is the US dollar.
The British Virgin Islands are well connected with regular flights from Puerto Rico to the USA and via neighbouring islands to Europe.
The Offshore Sector
The British Virgin Islands are considered amongst the top locations in offshore finance destinations and is the largest jurisdiction for “Offshore” companies in the world with over 500,000. The BVI has attracted its business through the implementation of the new BVI Business Companies Act, 2004 (superceding the highly successful IBC Act of the 1980’s) and the Mutual Funds Act, 1996.
The advantages of using the BVI as a fund’s jurisdiction include stable legal structure, no taxation on worldwide profits, confidentiality of directors and shareholders, low government license fees and the use of corporate directors.
The British Virgin Islands have become a key player in today’s offshore investing environment due to its first class legal structure, safe investing destination and business friendly approach.
