British Virgin Islands Business, Taxation and Offshore Information
The British Virgin Islands is an English-speaking dependent territory of the United Kingdom, lying to the east of Puerto Rico in the Caribbean Sea. The BVI is politically stable; under the 1967 constitution, the Governor represents the Queen and heads the executive council. There is a 13-member elected legislative council.
The population is approximately 35,000 (2017 estimate). About 75% of the people are black Caribbean, the remainder being split between Hispanic, other white, Native American and mixed. There is minor tension between the settled population and recently-arrived Caribbean economic migrants. The economy is highly dependent on tourism, though financial services is also important. In 2004 the Government abolished income tax for companies and individuals, replacing it with a ‘payroll tax’, shared between companies and employees.More »