BVI Recognized As Top Offshore Jurisdiction
For the sixth consecutive year, the British Virgin Islands (BVI) has been named the most important offshore financial services jurisdiction by OIL’s annual Offshore 2020 report.
The report is based on the opinions of 300 global financial services industry professionals and explores key trends and issues facing the industry.
Martin Crawford, the CEO of OIL’s parent company, Vistra Group, viewed BVI as being in pole position when compared to other offshore jurisdictions and as the most popular offshore location for both companies and individuals in China. With its focus on adding value, rather than just volume, Mr Crawford concluded that BVI is well positioned to serve more sophisticated clients.
The report also highlighted BVI’s ease of doing business, speed and efficiency, legal and commercial certainty, and robust regulatory standards.
Richard Hall, a Partner at Conyers Dill & Pearman, said: “Looking ahead we expect to see the use of BVI structures increase, with BVI companies increasingly used as listing vehicles. The BVI experience is seamless and in many cases those who have for whatever reason chosen to use other weaker jurisdictions have returned to use BVI structures because it is the best in the market.”
The Director of BVI House Asia, Elise Donovan, said: “This is clear recognition of the depth and breadth of our offering and, most importantly, this report challenges the common perception that the BVI is being used for tax driven purposes.”
According to the report, around 40 percent chose BVI for asset protection, investment holdings, and wealth management, 20 percent chose BVI for special purpose vehicles and listing vehicles for initial public offerings, and 12 percent of individual and 8 percent of companies chose the jurisdiction for tax planning purposes.
