Many people wouldn’t need any further reasons beyond the warm Caribbean climate, a clear blue sea, and golden sandy beaches. Others would most certainly be enticed by the tax neutrality of the British Virgin Islands. Individuals pay no tax on their income and no stamp duty when investing in property. For numerous ambitious individuals looking to live and work abroad, this was a good enough reason - half of the workers in BVI are of foreign descent.

The tax neutrality of the British Virgin Islands also impacts businesses with both domestic and offshore companies not paying any corporation tax. BVI’s business-mindedness finds reflection in the administrative simplicity and a minimal regulatory burden, making it easy and affordable to establish and operate a company. Long-lasting political stability and a sound growing economy further adds to the list of reasons to do business in the British Virgin Islands.

Of BVI’s sources of income, financial services are by far the biggest one, bringing in over 50% of the country’s GDP. This is not a surprise, given the absence of capital gain, gift, and inheritance taxes, as well as the estate duty. Contrary to the popular stereotypes of an offshore jurisdiction, however, the British Virgin Islands possess a strong regulatory framework, which adheres to the stringent international business standards.

Key Facts

Location

Caribbean

Population

0.03 million

Neighboring countries

Dominican Republic, St.Kitts and Nevis (maritime borders)

Average temperature (summer)

82°F(28°C)

Average temperature (winter)

77°F(25°C)

Languages

English

Form of government

Constitutional Monarchy (British Overseas Territory)

Corporate tax rate

0%

Currency

United States dollar

GDP

$1 billion

GDP growth

3.20%

Inflation

1.10%

Unemployment rate

8.70%

Average salary

$35,000

Key industries

Financial Services, Tourism, Agriculture

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