|
British Virgin Islands Basic
facts 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.
 back top
|
