For the sixth year in a row the British Virgin Islands has been named the most important offshore financial services jurisdiction by OIL’s annual offshore 2020 report. Since the study only began in 2010 this means that the BVI has maintained the top spot since inception.
The report is based on the views of three hundred and twenty industry leaders in the field of global financial services and explores key trends and issues facing the industry.
The BVI was commended on its focus of value as opposed to volume and is cited as being well positioned to serve more sophisticated clients. It was also praised for its ease of doing business, speed and efficiency, legal and commercial certainty and robust regulatory standards.
The BVI has welcomed this report in particular because it challenges the common perception that the BVI is used primarily for tax reasons. Of the survey forty percent choose the BVI for its asset protection and wealth management, twenty percent for its special purpose vehicles with only twelve percent of individuals and eight percent of companies stating that they choose the BVI for tax planning purposes.
If you would like to learn more as to the advantages a BVI incorporation could offer your business please do not hesitate to contact us.