The British Virgin Islands (BVI) are a group of islands located about sixty miles due east of Puerto Rico. The principal islands are Tortola and Virgin Gorda. Road Town is the capital city and financial centre of the BVI, located on the island of Tortola.
Since the mid 1980s, the British Virgin Islands has developed into one of the most prominent international finance centres. As a British Overseas Territory with a long history of political stability, the BVI offers all the security traditionally associated with the British flag. The territory is responsible for its own internal self-government, and is governed by a democratically elected Premier. The United Kingdom remains responsible for external affairs, defence, internal security and the administration of the public service and the courts. The local currency of the BVI is the United States Dollar. There are no exchange controls and no restrictions on movement of currency.
The BVI has rapidly become the premier offshore corporate domicile with more than 1,000,000 Business Companies (BCs) registered since 1984. Some of the key advantages for this success include:
- Political and economic stability and a growth-oriented local Government.
- English legal system (final right of appeal to the Privy Council in London).
- Modern banking, company, mutual fund, insurance and trust laws.
- Innovative, flexible, user-friendly legislation with minimal regulations.
- No corporate taxes.
- No wealth, capital gains, death duties or estate taxes.
- Asset security and the freedom to transfer and merge assets.
- Protection of wealth benefits, inheritance wishes and trust interests.
- First rate efficient and effective communication facilities.
The Financial
Services Commission is the regulatory agency within the BVI. While the Commission possesses authority appropriate to its primary function of regulatory oversight, it has always been receptive to the needs and concerns of the financial community, and provides an efficient and responsive service to that community. The BVI private sector includes five of the top six accounting firms, and several of Europe's leading private banks and trust companies -- all of whom have established offices in the BVI.
It is with the private sector's development, supported by the policies to encourage growth by BVI Government, that the BVI has become much more than a single product jurisdiction, (ie: more than just the BC). The BVI International Finance Centre was established in 2002 as part of the Government’s commitment to support the financial services industry. The Centre plays a pivotal role in the marketing of the BVI as a leading financial centre and in the promotion of the BVI’s financial products whilst giving a global voice to the BVI financial sector.
Today the BVI is used as a true financial centre with international banking, commercial and financial services available. A clear example of the growth of the centre is the continuing expansion of the mutual funds services industry in the BVI. The BVI is now the global leader in the registration of offshore mutual funds with more than 3,000 mutual funds currently registered in the BVI with a total of over US$100 billion under management. |
