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Offshore Banking In The British Virgin Islands |
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Written by OffshoreWorld
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Monday, 03 August 2009 |
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Information On The Offshore Banking System In The British Virgin Islands With Links
Country name: British Virgin Islands
Geographic location: The British Virgin Islands are made up over 50 islands, only 16 of which are occupied. These islands cover 54 sq. miles of land forming the Leeward Islands in the eastern Caribbean, 62 miles east of Puerto Rico. They adjoin the U.S. Virgin Islands.
Official language: English
Languages commonly spoken in offshore banks: English is the language of choice when participating in financial matters.
Population: 24,000
GDP per capita: $38,500
Currency: U.S dollar
Summary: Minimal trust maintenance fees and low corporate taxes offer business offered to business owner makes investing in the British Virgin Islands extremely attractive. This in turn has made offshore investing one of the "mainstays" of the local economy, providing over half of the governments revenue.
Infrastructure and economy: One of the factors critical to the BVI's success is the state-of-the-art telecommunications provided by the U.K. Cable and Wireless. After three hurricanes passed over the area in 1996, electricity had been restored with 24 hours, proving the area's ability to respond to natural disasters.
Tourism combined with a very favorable business climate for offshore investors, supports most of the British Virgin Island's economy.
Legal system: Being a British Overseas Territory offers a stable political environment associated with the British flag. with the political stability associated with the British flag.
The Islands are self-governing, and have a democratically elected Legislative and Executive Council. Democratic elections are held at least once every four years. BVI Law is based on the British Legal System and English Common Law. The court system is made up of a Magistrates Court, a High Court and a Circuit Court of Appeal of the Eastern Caribbean Supreme Court While a final appeal can be made to the Privy Council in England.
Did you know?: The British Virgin Islands has a government that has implemented legislation that is flexible, user-friendly and has a minimum of regulations. They do not tax wealth, capital gains or estates.
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