GENERAL

Status: British Dependent Territory
Location: Comprised of 36 islands in the Caribbean sea (16 inhabited); located 80km east of Puerto Rico, adjacent to the US Virgin Islands. Major islands are Tortola, Anegada and Virgin Gorda.
Area in total: 153km2
Tortola: 54km2
Anegada: 39km2
Virgin Gorda: 21km2
Capital: Road Town, Tortola
Population: 19,107 (Estimate 1997)
Business language: English
Currency: US Dollar (US$)
Time zone: GMT -4
Business hours: Mon-Fri 9am to 5pm
Climate: Subtropical
Average temperatures:
Summer: 26ºc - 31ºc
Winter: 22ºc - 28ºc

IMPORTANT CONTACTS

Department of Information and Public Relations
Office of the Chief Miniser
Central Admin. Building
33 Admin. Drive
Road Town, Tortola
British Virgin Islands
Tel: + 1 284 494 2052
email: gismail@caribsurf.com

The BVI Hotel and Commerce Association
PO Box 376
Road Town, Tortola
British Virgin Islands
Tel: + 1 284 494 3514

EXPAT EMPLOYMENT DETAILS

Work permit required. Citizens of the British Commonwealth do not require visas.

COMMUNICATIONS

Regular air and sea, international and regional passenger and cargo services. Digital national and international telecommunications services.

Full international direct dialling, fax and data services, including international database access and private leased circuits. Inbound 800 numbers accessible from the US, Canada and the rest of the Caribbean can be provided. Fibre optics link to Bermuda.

POLITICAL AND ECONOMIC STABILITY

The British Virgin Islands have been a self administered entity since 1956. To preserve its close economic ties with the US Virgin Islands, the group did not join the 1958-1962 West Indies Federation of British Islands. In 1967, a new constitution provided for a ministerial system of government headed by a Chief Minister. The Island group remains under British control today. Tourism has been the major component of the economy in the past, but it is now being overtaken by the international business sector. The international business sector contributes US$63,000 per annum to Government revenue. The Government is stable and its policies are supportive of international business.

KEY ACTIVITIES

Over 290,000 registered IBCs as well as commercial banking, merchant banking, shipping registration, trusts, insurance, captive insurance, mutual funds, multi-jurisdiction services.

ADVANTAGES OF BVI

  • US$ currency.
  • Competitive fees.
  • Flexible and accommodating products.
  • Security of assets.
  • Legal system based on English Common Law.
  • Excellent transport and communications infrastructure.
  • Politically and financially stable.
  • Excellent professional and administrative support services.
  • No currency restrictions or exchange controls.
  • Relatively small size helps individualised service and speed.

The content of this factfile is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances

This factfile also appears in the 'International Offshore and Financial Centres Handbook 1999/2000'. For further information about this highly informative guide to offshore centres, or to order your copy, please phone +44 (0) 207 820 7733 or send an email to iofch@mondaq.com