With its stable political climate, strong legal framework, and business-friendly tax policies, the British Virgin Islands (BVI) has long been recognised as a leading financial hub. As a British Overseas Territory, the BVI has built a solid reputation for attracting global business, particularly in offshore finance, asset management, and corporate services. Its comprehensive range of financial services—such as investment funds, trusts, insurance, and banking—makes it an appealing choice for businesses and high-net-worth individuals seeking security, confidentiality, and flexibility in their financial dealings
Strategically located in the Caribbean, the BVI also benefits from its proximity to major international markets and easy access to global airports. The territory’s modern infrastructure, including its port facilities and international connections, further enhances its appeal for global business.
In this exclusive Q&A, The European sits down with [Elise Donovan], the CEO of BVI Finance, to discuss how the BVI is supporting emerging sectors and why it remains the natural choice for those seeking a safe and efficient jurisdiction to manage international business and assets
The European: Can you explain the primary role of BVI Finance in promoting the British Virgin Islands as a leading financial centre?
Elise Donovan: BVI Finance works to establish the British Virgin Islands (BVI) as the leading international financial centre. Our primary aim is to champion the BVI’s financial sector, promoting its varied services and reinforcing our standing as a reputable financial hub for international business, synonymous with quality and integrity. We promote the jurisdiction’s adherence to international regulations that underpin the BVI’s conducive business climate, while facilitating collaborative efforts among local stakeholders. Additionally, we participate in global conferences and events to highlight the jurisdiction’s strengths, fostering crucial relationships for our ongoing prosperity and commitment to transparency and compliance.
What makes the British Virgin Islands such an attractive destination for international businesses and investors?
The BVI offers a comprehensive service proposition for global businesses at all lifecycle stages, from formation to dissolution. With over 360,000 active companies, the BVI provides a streamlined business setup and operational process, enhanced by digital solutions like the VIRRGIN registry. The jurisdiction’s versatility caters to various purposes, from holding assets to estate planning. We also offer tax neutrality to avoid double taxation, attracting international businesses while adhering to global tax regulations. Our legal and regulatory frameworks ensure transparency and stability, aligning with international standards. This commitment positions the BVI as a trusted and premier jurisdiction for businesses and cross-border investments.
How has the BVI contributed to the global fintech landscape, and what are some recent initiatives in this area?
The BVI has significantly influenced the global fintech landscape, particularly in the booming digital assets sector. Our commitment is evident with the introduction of the Virtual Assets Service Providers (VASP) Act in 2022, which provides a regulatory framework for digital asset services. This initiative builds upon the BVI Fintech Sandbox launched in 2020. Moreover, the BVI boasts a growing pool of sector experts, enhancing its capacity to support the next generation of global businesses. The Financial Services Commission is also proactively reviewing and approving applications from digital asset providers, further cementing our position as a supportive hub for fintech.
Can you discuss the impact of the BVI’s regulatory framework on its financial services industry, particularly in terms of compliance and transparency?
The BVI’s financial services industry thrives on our regulatory framework that emphasises compliance and transparency. This success is underpinned by a robust legal system, comprehensive legislation, and a forward-looking regulatory framework. These elements ensure stability and transparency, making the BVI an attractive destination for international businesses. We are dedicated to maintaining the highest international standards, adapting our regulations to meet current and future challenges, thereby instilling confidence in businesses operating within the BVI. Significant strides continue to be made in line with the National Action Plan, which further enhances our compliance with global standards and addresses the Caribbean Financial Action Task Force Mutual Evaluation Report’s recommendations.
What are some of the major achievements and milestones the BVI has celebrated in recent years?
The BVI celebrates its consistent dedication to updating its legal framework to meet evolving regulatory standards, such as introducing the BVI Business Companies Act 2004 to replace the IBC Act, with further amendments in recent years enhancing anti-money laundering measures. We also expanded our commercial legal system, including the establishment of the Commercial Court in 2009 and the International Arbitration Centre in 2014, ensuring adherence to international standards and the capacity to resolve international disputes efficiently. These developments are significant milestones as the BVI continues to demonstrate its commitment to international standards.
Elise Donovan is the CEO of BVI Finance and has extensive experience across Asia, North America, the Caribbean, and Africa. She has been instrumental in expanding the BVI’s financial services presence globally, particularly in the Asia Pacific region, through relationship building and hosting forums on the BVI’s financial services.
Elise has held several key roles, including Director and Asia Pacific Representative at BVI House Asia, EU/UK Representative and Director of the BVI London Office, and positions with the BVI Financial Services Commission and the BVI International Finance Centre. She was also part of the BVI’s Tax Information Exchange Agreement Negotiating Team, working with countries including China, the UK, and Australia.
Further information
bvifinance.vg
