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General Information on BVI
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All about the British Virgin Islands (BVI) Geography
Situated
in the Caribbean, about 60 miles east of (or half an hour flight from) Puerto Rico, the British
Virgin
Islands (BVI) are in the same time zone as New York (or maximum 1 hour apart in wintertime. Some 18,000
people live on the 40 islands. The principal island is Tortola, and the capital is Road Town.
Political
System
Since 1672 the BVI has been a Dependent Territory
of the United Kingdom, with a democratic system of government. The BVI is an internally self-governing
dependency with a ministerial system of Government adopted in 1967. The Governor is appointed by London
and presides over the Executive Council consisting of the elected Chief Minister, the Attorney General,
and three ministers. The country's Legislative Council is formed by 13 elected representatives of the
people.
The Economy
The
BVI is the fastest growing offshore business center in the Caribbean. With British law and flag, using
US legal tender, a stable political environment, no currency exchange regulations and the lowest crime
rate in this part of the world, they are a very attractive offshore location for foreign investors.
An important pillar of the economy is the booming offshore trust and company formation and management
industry.
Tourism is the largest employer
and generates much of the activity in other parts of the economy. The islands offer some of the most
breathtaking natural scenery in the Caribbean with superb sailing waters and many of the world’s most
exciting diving sites.
The
Financial Sector
Since 1984, over 425,000 International
Business Companies (IBCs) have been registered in the BVI, which now ranks among the largest offshore
centers in the world. Since 1993 the Legislators have developed new products like the Insurance Act,
1994 and the Mutual Funds Act 1996, in order to maintain and further the success of the jurisdiction.
Many international firms and private investors have taken advantage of the islands' attractive economic
climate and their well-developed telecommunication infrastructure, making it easily accessible from
any place in the world.
In the BVI, no taxes are levied on the interest
of foreign income earned by non-resident companies and IBCs. In addition, for IBCs there are no taxes
in the BVI on capital, capital gains, capital transfers, accumulated wealth or gifts, nor are there
succession duties, inheritance taxes or value added tax.
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