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The British Virgin Islands (BVI) is a
British overseas territory in the Caribbean east of Puerto Rico. These islands are part of the Virgin Islands
archipelago, but are distinguished as British islands from the adjacent
American territory islands. The main
British Virgin Islands include Tortola, Virgin Gorda, Anegada and Jost Van
Dyke. Around fifteen of the islands are inhabited and the largest island,
Tortola, is about 20kim (approx. 12 miles) long and 5km (approx. 3 miles) wide.
The total population of the islands is around 22,000, with 18,000 living on
Tortola. Most of the islands are volcanic in origin and have a hilly and rugged
terrain. You are guaranteed tropical climate with temperatures varying very
little throughout the year. Like the rest of the Caribbean, it is subject to
the same hurricane threats in the area.
The British Virgin Islands’ economy rests
on tourism and financial services.
Politically, because tourism employs a greater number, it is the more
important of the two. However, economically, financial services are by far
more favorable. Nearly 50% of the government’s revenue comes directly form
license fees for offshore companies, and considerable further sums are raised
directly or indirectly from payroll taxes relating to salaries paid within the
trust industry sector (which tend to be higher than those of the tourism
sector).
The population consists of a mixture of
British, Spanish, Dutch, Amerindian and Caribbean racial types; in the last
twenty years immigrants in search of work from other parts of the Caribbean
have more than doubled the population. Some relatively minor tensions exist
between the newcomers and the 'belongers' who see their relaxed lifestyle threatened. Proposals for tough new immigration laws are controversial. Visas are given for up to a six-month stay
provided that there is a return or onward ticket and evidence of sufficient
funds.
Tourism accounts for roughly 45% of the
national income. The islands are a popular destination for U.S. citizens with
over 400,000 tourists visiting annually. Tourists frequent the numerous white
sand beaches, visit The Baths on Virgin Gorda, snorkel the coral reefs near
Anegada, or experience the well-known bars of Jost Van Dyke. These islands are
also known as some of the world’s greatest sailing destinations.
Over 40% of the world’s offshore companies
were formed in the British Virgin Islands. The adoption of a comprehensive
insurance law in late 1994, which provides a blanket of confidentiality with
regulated statutory gateways for investigation of criminal offenses, made the
British Virgin Islands even more attractive for international business and
investment. There is no doubt that the British Virgin Islands are an attractive
offshore destination, offering stability, high levels of privacy, good
reputation, and flexible legislation.
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